Parr Mcknight Wealth Management Group LLC Acquires Shares of 17,032 Automatic Data Processing, Inc. (NASDAQ:ADP)

Parr Mcknight Wealth Management Group LLC acquired a new position in Automatic Data Processing, Inc. (NASDAQ:ADP) during the fourth quarter, Holdings Channel.com reports. The firm acquired 17,032 shares of the business services provider’s stock, valued at approximately $4,986,000.

Other institutional investors have also recently made changes to their positions in the company. Public Employees Retirement System of Ohio purchased a new position in shares of Automatic Data Processing during the 4th quarter valued at approximately $52,493,000. Pacific Point Advisors LLC acquired a new stake in Automatic Data Processing during the fourth quarter valued at $1,348,000. Fourth Dimension Wealth LLC purchased a new position in Automatic Data Processing in the fourth quarter valued at $38,000. Vise Technologies Inc. raised its position in shares of Automatic Data Processing by 71.9% in the fourth quarter. Vise Technologies Inc. now owns 6,401 shares of the business services provider’s stock worth $1,874,000 after acquiring an additional 2,677 shares during the period. Finally, Connecticut Wealth Management LLC raised its position in shares of Automatic Data Processing by 11.8% in the fourth quarter. Connecticut Wealth Management LLC now owns 7,721 shares of the business services provider’s stock worth $2,260,000 after acquiring an additional 816 shares during the period. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Stock Down 0.3%

NASDAQ ADP opened at $321.65 on Friday. The business has a fifty day moving average price of $300.63 and a 200 day moving average price of $300.90. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.00 and a current ratio of 1.00. The company has a market cap of $130.57 billion, a P/E ratio of 33.54, a P/E/G ratio of 3.62 and a beta of 0.76. Automatic Data Processing, Inc. has a one year low of $231.27 and a one year high of $323.66.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, April 30th. The business services provider reported $3.06 EPS for the quarter, beating analysts’ consensus estimates of $2.97 by $0.09. The business had revenue of $5.55 billion during the quarter, compared to analysts’ expectations of $5.49 billion. Automatic Data Processing had a net margin of 19.76% and a return on equity of 80.86%. The company’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same period in the prior year, the business earned $2.88 earnings per share. Research analysts anticipate that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a $1.54 dividend. This represents a $6.16 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend is Friday, June 13th. Automatic Data Processing’s dividend payout ratio (DPR) is 63.05%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ADP. Stifel Nicolaus raised their target price on Automatic Data Processing to $305.00 and gave the company a “buy” rating in a research report on Friday, May 2nd. Royal Bank of Canada reissued a “sector perform” rating and issued a $315.00 price objective on shares of Automatic Data Processing in a report on Thursday, May 1st. Wall Street Zen downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Wednesday, February 5th. TD Securities increased their target price on Automatic Data Processing from $298.00 to $321.00 and gave the company a “hold” rating in a research report on Wednesday. Finally, Jefferies Financial Group boosted their price target on shares of Automatic Data Processing from $290.00 to $305.00 and gave the stock a “hold” rating in a report on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, Automatic Data Processing has a consensus rating of “Hold” and an average price target of $305.64.

Insiders Place Their Bets

In other Automatic Data Processing news, VP Christopher D’ambrosio sold 473 shares of the company’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $306.20, for a total value of $144,832.60. Following the completion of the sale, the vice president now directly owns 7,244 shares in the company, valued at $2,218,112.80. This represents a 6.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Brian L. Michaud sold 1,500 shares of the firm’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $305.38, for a total value of $458,070.00. Following the completion of the sale, the vice president now directly owns 12,073 shares of the company’s stock, valued at $3,686,852.74. This trade represents a 11.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,451 shares of company stock valued at $743,024 in the last ninety days. 0.21% of the stock is currently owned by corporate insiders.

Automatic Data Processing Profile

Automatic Data Processing, Inc provides cloud-based human capital management solutions worldwide. It operates in two segments, Employer Services and Professional Employer Organization (PEO). The Employer Services segment offers strategic, cloud-based platforms, and human resources (HR) outsourcing solutions.