Automatic Data Processing, Inc. $ADP Shares Purchased by GRIMES & Co WEALTH MANAGEMENT LLC

GRIMES & Co WEALTH MANAGEMENT LLC increased its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 49.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 46,999 shares of the business services provider’s stock after purchasing an additional 15,564 shares during the period. GRIMES & Co WEALTH MANAGEMENT LLC’s holdings in Automatic Data Processing were worth $12,129,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ADP. BlackRock Inc. acquired a new position in shares of Automatic Data Processing in the second quarter valued at about $8,097,229,000. Bank of America Corp DE purchased a new position in shares of Automatic Data Processing in the second quarter worth about $1,231,175,000. Deutsche Bank AG acquired a new stake in shares of Automatic Data Processing during the second quarter worth about $994,937,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Automatic Data Processing by 3.1% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,251,447 shares of the business services provider’s stock worth $952,112,000 after purchasing an additional 129,376 shares during the period. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Automatic Data Processing during the second quarter worth about $725,513,000. Institutional investors and hedge funds own 80.03% of the company’s stock.

Insider Buying and Selling at Automatic Data Processing

In related news, CEO Maria Black sold 29,810 shares of the company’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $280.91, for a total transaction of $8,373,927.10. Following the completion of the transaction, the chief executive officer owned 80,624 shares in the company, valued at $22,648,087.84. This represents a 26.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP David Kwon sold 798 shares of the stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $280.00, for a total value of $223,440.00. Following the transaction, the vice president directly owned 13,193 shares of the company’s stock, valued at $3,694,040. The trade was a 5.70% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 34,286 shares of company stock valued at $9,669,082. Corporate insiders own 0.15% of the company’s stock.

Automatic Data Processing Price Performance

Automatic Data Processing stock opened at $298.78 on Tuesday. The stock has a market capitalization of $118.39 billion, a P/E ratio of 24.92, a P/E/G ratio of 2.58 and a beta of 0.83. The company’s fifty day moving average price is $277.61 and its 200 day moving average price is $241.03. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.05 and a current ratio of 1.03. Automatic Data Processing, Inc. has a 1 year low of $188.16 and a 1 year high of $309.40.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, October 28th. The business services provider reported $2.82 earnings per share for the quarter, topping analysts’ consensus estimates of $2.77 by $0.05. The company had revenue of $5.49 billion during the quarter, compared to analysts’ expectations of $5.48 billion. Automatic Data Processing had a net margin of 20.33% and a return on equity of 77.01%. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period in the prior year, the business posted $2.49 earnings per share. As a group, equities research analysts anticipate that Automatic Data Processing, Inc. will post 12.36 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Friday, September 11th were paid a dividend of $1.70 per share. The ex-dividend date of this dividend was Friday, September 11th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.3%. Automatic Data Processing’s payout ratio is currently 60.28%.

Wall Street Analyst Weigh In

Several brokerages have commented on ADP. Guggenheim restated a “buy” rating and set a $340.00 price objective on shares of Automatic Data Processing in a research note on Thursday, October 29th. Jefferies Financial Group upped their price objective on shares of Automatic Data Processing from $225.00 to $250.00 and gave the company an “underperform” rating in a report on Wednesday, October 28th. TD Cowen increased their price objective on shares of Automatic Data Processing from $216.00 to $223.00 and gave the stock a “hold” rating in a research note on Monday, July 6th. BMO Capital Markets raised their target price on shares of Automatic Data Processing from $248.00 to $305.00 and gave the stock a “market perform” rating in a report on Wednesday, July 29th. Finally, Wells Fargo & Company boosted their target price on shares of Automatic Data Processing from $248.00 to $283.00 and gave the company an “equal weight” rating in a research report on Thursday, July 30th. Three research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $285.00.

Automatic Data Processing Profile

Automatic Data Processing, Inc (NASDAQ: ADP) is a global provider of human capital management and business outsourcing solutions. The company helps employers manage payroll, human resources, workforce administration, benefits, tax compliance, time and attendance, talent management, and related employment processes.

ADP offers cloud-based platforms and services designed for businesses of various sizes, from small enterprises to large organizations. Its portfolio includes payroll processing, human resources management, employee benefits administration, retirement services, workforce management, data analytics, and professional employer organization services through ADP TotalSource.

Founded in 1949, ADP serves businesses in the United States and international markets.