Sagespring Wealth Partners LLC Purchases 875 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Sagespring Wealth Partners LLC grew its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 13.3% in the first quarter, according to its most recent filing with the SEC. The fund owned 7,476 shares of the business services provider’s stock after acquiring an additional 875 shares during the quarter. Sagespring Wealth Partners LLC’s holdings in Automatic Data Processing were worth $2,284,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC increased its position in shares of Automatic Data Processing by 34,655.1% during the 1st quarter. GAMMA Investing LLC now owns 2,901,007 shares of the business services provider’s stock valued at $886,345,000 after purchasing an additional 2,892,660 shares during the last quarter. Norges Bank purchased a new position in Automatic Data Processing during the fourth quarter worth $455,993,000. Winslow Capital Management LLC purchased a new position in Automatic Data Processing during the fourth quarter worth $396,714,000. Capital Research Global Investors increased its position in Automatic Data Processing by 26.9% during the fourth quarter. Capital Research Global Investors now owns 6,136,763 shares of the business services provider’s stock valued at $1,796,415,000 after acquiring an additional 1,299,390 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Automatic Data Processing in the fourth quarter valued at $342,942,000. 80.03% of the stock is currently owned by institutional investors.

Automatic Data Processing Price Performance

ADP opened at $307.91 on Tuesday. The company has a market capitalization of $124.99 billion, a price-to-earnings ratio of 32.11, a PEG ratio of 3.62 and a beta of 0.79. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.59. Automatic Data Processing, Inc. has a 12-month low of $231.27 and a 12-month high of $329.93. The business’s fifty day simple moving average is $308.69 and its 200-day simple moving average is $302.86.

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

Automatic Data Processing Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be issued a dividend of $1.54 per share. This represents a $6.16 annualized dividend and a yield of 2.00%. The ex-dividend date of this dividend is Friday, June 13th. Automatic Data Processing’s payout ratio is 63.05%.

Insider Buying and Selling

In other Automatic Data Processing news, VP Christopher D’ambrosio sold 478 shares of Automatic Data Processing stock in a transaction dated Thursday, April 10th. The stock was sold at an average price of $293.14, for a total value of $140,120.92. Following the transaction, the vice president now owns 7,364 shares in the company, valued at $2,158,682.96. The trade was a 6.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Brian L. Michaud sold 1,500 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $305.38, for a total transaction of $458,070.00. Following the sale, the vice president now directly owns 12,073 shares of the company’s stock, valued at approximately $3,686,852.74. The trade was a 11.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Mizuho lifted their price target on shares of Automatic Data Processing from $321.00 to $332.00 and gave the stock an “outperform” rating in a research note on Friday. Stifel Nicolaus boosted 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 reaffirmed a “sector perform” rating and set a $315.00 target price on shares of Automatic Data Processing in a research note on Thursday, June 5th. TD Securities raised their price target on Automatic Data Processing from $298.00 to $321.00 and gave the stock a “hold” rating in a research note on Wednesday, May 21st. Finally, UBS Group dropped their price objective on Automatic Data Processing from $323.00 to $315.00 and set a “neutral” rating for the company in a report on Friday. One research analyst has rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $306.82.

Automatic Data Processing Company 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.