Ieq Capital LLC Acquires 2,278 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Ieq Capital LLC grew its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 10.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 23,897 shares of the business services provider’s stock after purchasing an additional 2,278 shares during the period. Ieq Capital LLC’s holdings in Automatic Data Processing were worth $5,704,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of ADP. Brighton Jones LLC lifted its holdings in Automatic Data Processing by 3.3% in the 2nd quarter. Brighton Jones LLC now owns 8,026 shares of the business services provider’s stock worth $1,916,000 after buying an additional 255 shares during the period. Intech Investment Management LLC lifted its position in Automatic Data Processing by 53.4% during the 2nd quarter. Intech Investment Management LLC now owns 61,137 shares of the business services provider’s stock valued at $14,593,000 after acquiring an additional 21,279 shares during the period. MQS Management LLC bought a new stake in shares of Automatic Data Processing in the 2nd quarter worth approximately $296,000. XTX Topco Ltd purchased a new stake in shares of Automatic Data Processing in the second quarter worth $1,032,000. Finally, Garner Asset Management Corp raised its holdings in Automatic Data Processing by 15.6% in the second quarter. Garner Asset Management Corp now owns 3,963 shares of the business services provider’s stock worth $946,000 after buying an additional 536 shares during the last quarter. 80.03% of the stock is currently owned by institutional investors.

Automatic Data Processing Trading Down 0.5 %

Shares of ADP stock opened at $276.41 on Friday. Automatic Data Processing, Inc. has a fifty-two week low of $205.53 and a fifty-two week high of $281.54. The firm has a market capitalization of $113.13 billion, a P/E ratio of 30.85, a PEG ratio of 3.02 and a beta of 0.79. The stock’s fifty day moving average is $264.76 and its two-hundred day moving average is $251.51. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.01 and a current ratio of 1.01.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results on Wednesday, July 31st. The business services provider reported $2.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.06 by $0.03. Automatic Data Processing had a return on equity of 89.20% and a net margin of 19.54%. The business had revenue of $4.80 billion during the quarter, compared to analyst estimates of $4.74 billion. During the same period in the prior year, the business earned $1.89 earnings per share. The business’s revenue was up 7.2% compared to the same quarter last year. Research analysts expect that Automatic Data Processing, Inc. will post 10.04 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a dividend of $1.40 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $5.60 annualized dividend and a dividend yield of 2.03%. Automatic Data Processing’s dividend payout ratio is presently 62.50%.

Insider Activity

In related news, VP David Kwon sold 846 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $270.60, for a total transaction of $228,927.60. Following the completion of the sale, the vice president now directly owns 10,410 shares in the company, valued at $2,816,946. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Automatic Data Processing news, VP David Kwon sold 846 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $270.60, for a total transaction of $228,927.60. Following the completion of the sale, the vice president now owns 10,410 shares of the company’s stock, valued at $2,816,946. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Don Mcguire sold 3,179 shares of Automatic Data Processing stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total value of $872,254.02. Following the completion of the sale, the vice president now owns 41,696 shares in the company, valued at approximately $11,440,548.48. The disclosure for this sale can be found here. In the last quarter, insiders have sold 58,817 shares of company stock valued at $15,999,208. 0.26% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Jefferies Financial Group boosted their price objective on shares of Automatic Data Processing from $250.00 to $260.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $267.00 price target on shares of Automatic Data Processing in a report on Thursday, August 1st. StockNews.com downgraded shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday. Barclays lifted their price objective on Automatic Data Processing from $282.00 to $310.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 20th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $265.36.

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.