Axxcess Wealth Management LLC Purchases 1,658 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Axxcess Wealth Management LLC grew its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 4.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 40,549 shares of the business services provider’s stock after buying an additional 1,658 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Automatic Data Processing were worth $9,447,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. OFI Invest Asset Management purchased a new stake in Automatic Data Processing during the third quarter worth $25,000. Fortitude Family Office LLC acquired a new stake in Automatic Data Processing in the 4th quarter valued at $35,000. Raleigh Capital Management Inc. increased its holdings in Automatic Data Processing by 106.0% in the 3rd quarter. Raleigh Capital Management Inc. now owns 173 shares of the business services provider’s stock worth $42,000 after acquiring an additional 89 shares in the last quarter. Evolution Advisers Inc. purchased a new position in Automatic Data Processing during the fourth quarter valued at $41,000. Finally, Bfsg LLC acquired a new stake in shares of Automatic Data Processing in the fourth quarter valued at about $42,000. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Automatic Data Processing Stock Performance

ADP traded down $0.14 during trading on Friday, hitting $241.89. The stock had a trading volume of 1,491,532 shares, compared to its average volume of 1,451,137. Automatic Data Processing, Inc. has a twelve month low of $205.53 and a twelve month high of $256.84. The firm has a market capitalization of $99.37 billion, a P/E ratio of 27.00, a PEG ratio of 2.27 and a beta of 0.78. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.01 and a current ratio of 1.01. The company’s 50-day moving average price is $245.63 and its 200 day moving average price is $239.08.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results on Wednesday, May 1st. The business services provider reported $2.88 earnings per share for the quarter, beating analysts’ consensus estimates of $2.79 by $0.09. Automatic Data Processing had a return on equity of 93.09% and a net margin of 19.56%. The firm had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.22 billion. During the same period in the previous year, the business earned $2.52 earnings per share. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. On average, equities research analysts forecast that Automatic Data Processing, Inc. will post 9.15 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, June 14th. Automatic Data Processing’s dividend payout ratio (DPR) is presently 62.50%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on ADP shares. JPMorgan Chase & Co. decreased their price target on shares of Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating on the stock in a research note on Thursday. Mizuho raised their price target on shares of Automatic Data Processing from $265.00 to $272.00 and gave the stock a “buy” rating in a report on Monday, March 11th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $267.00 price objective on shares of Automatic Data Processing in a report on Thursday, February 1st. Evercore ISI raised their target price on Automatic Data Processing from $227.00 to $235.00 and gave the stock an “underperform” rating in a research note on Tuesday, March 26th. Finally, Barclays upped their price target on Automatic Data Processing from $280.00 to $282.00 and gave the company an “overweight” rating in a research note on Thursday. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $255.42.

Insider Buying and Selling

In other Automatic Data Processing news, VP Joseph Desilva sold 1,904 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $255.00, for a total transaction of $485,520.00. Following the sale, the vice president now owns 17,179 shares in the company, valued at approximately $4,380,645. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, VP Joseph Desilva sold 1,904 shares of the company’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $255.00, for a total transaction of $485,520.00. Following the completion of the transaction, the vice president now owns 17,179 shares of the company’s stock, valued at approximately $4,380,645. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP David Kwon sold 863 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $250.00, for a total transaction of $215,750.00. Following the completion of the sale, the vice president now directly owns 8,285 shares in the company, valued at $2,071,250. The disclosure for this sale can be found here. Insiders have sold 3,829 shares of company stock worth $965,274 in the last three months. Corporate insiders own 0.26% 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.