Cushing Capital Partners LLC Takes Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Cushing Capital Partners LLC acquired a new position in Automatic Data Processing, Inc. (NASDAQ:ADP) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 3,186 shares of the business services provider’s stock, valued at approximately $978,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Toronto Dominion Bank boosted its holdings in Automatic Data Processing by 10.2% in the fourth quarter. Toronto Dominion Bank now owns 236,707 shares of the business services provider’s stock worth $69,290,000 after acquiring an additional 21,910 shares in the last quarter. Proficio Capital Partners LLC raised its position in shares of Automatic Data Processing by 42.8% in the 4th quarter. Proficio Capital Partners LLC now owns 3,725 shares of the business services provider’s stock valued at $1,090,000 after purchasing an additional 1,117 shares during the last quarter. Napatree Capital LLC boosted its stake in Automatic Data Processing by 2.7% in the 4th quarter. Napatree Capital LLC now owns 3,199 shares of the business services provider’s stock worth $936,000 after purchasing an additional 84 shares in the last quarter. Venturi Wealth Management LLC grew its position in Automatic Data Processing by 16.1% during the 4th quarter. Venturi Wealth Management LLC now owns 7,890 shares of the business services provider’s stock worth $2,310,000 after purchasing an additional 1,092 shares during the last quarter. Finally, Brighton Jones LLC grew its position in Automatic Data Processing by 92.1% during the 4th quarter. Brighton Jones LLC now owns 10,026 shares of the business services provider’s stock worth $2,935,000 after purchasing an additional 4,808 shares during the last quarter. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Stock Performance

NASDAQ ADP opened at $307.62 on Wednesday. The firm has a market capitalization of $124.87 billion, a P/E ratio of 31.49, a PEG ratio of 3.20 and a beta of 0.79. The stock has a 50-day simple moving average of $308.94 and a two-hundred day simple moving average of $302.89. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.02. Automatic Data Processing, Inc. has a fifty-two week low of $231.27 and a fifty-two week high of $329.93.

Automatic Data Processing (NASDAQ:ADP) last posted its earnings results on Wednesday, April 30th. The business services provider reported $3.06 EPS for the quarter, topping the consensus estimate of $2.97 by $0.09. The firm had revenue of $5.55 billion for the quarter, compared to analyst estimates of $5.49 billion. Automatic Data Processing had a return on equity of 77.33% and a net margin of 19.79%. Automatic Data Processing’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period last year, the company earned $2.88 earnings per share. On average, equities analysts forecast that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Automatic Data Processing Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders 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 dividend yield of 2.00%. The ex-dividend date is Friday, June 13th. Automatic Data Processing’s dividend payout ratio (DPR) is 63.05%.

Analyst Ratings Changes

A number of research analysts have issued reports on ADP shares. Stifel Nicolaus raised their price target on shares of Automatic Data Processing to $305.00 and gave the stock a “buy” rating in a report on Friday, May 2nd. UBS Group reduced their target price on Automatic Data Processing from $323.00 to $315.00 and set a “neutral” rating for the company in a research note on Friday, June 13th. Mizuho lifted their price target on Automatic Data Processing from $321.00 to $332.00 and gave the stock an “outperform” rating in a research report on Friday, June 13th. TD Securities boosted their price target on Automatic Data Processing from $298.00 to $321.00 and gave the company a “hold” rating in a research note on Wednesday, May 21st. Finally, 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, June 5th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $307.08.

Insider Activity

In other news, VP Christopher D’ambrosio sold 478 shares of the company’s stock in a transaction that occurred on Thursday, April 10th. The stock was sold at an average price of $293.14, for a total transaction of $140,120.92. Following the completion of the transaction, the vice president now directly owns 7,364 shares of the company’s stock, valued at $2,158,682.96. This represents a 6.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Brian L. Michaud sold 1,500 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $305.38, for a total value of $458,070.00. Following the transaction, the vice president now owns 12,073 shares in the company, valued at $3,686,852.74. This trade represents a 11.05% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

About Automatic Data Processing

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.