Legacy Financial Advisors Inc. Increases Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Legacy Financial Advisors Inc. increased its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.3% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,471 shares of the business services provider’s stock after buying an additional 43 shares during the period. Legacy Financial Advisors Inc.’s holdings in Automatic Data Processing were worth $828,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in Automatic Data Processing by 0.4% during the first quarter. Vanguard Group Inc. now owns 39,769,440 shares of the business services provider’s stock worth $9,932,020,000 after buying an additional 173,298 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Automatic Data Processing by 4.8% in the fourth quarter. Wellington Management Group LLP now owns 5,492,425 shares of the business services provider’s stock valued at $1,279,570,000 after buying an additional 249,566 shares during the last quarter. Capital Research Global Investors lifted its stake in shares of Automatic Data Processing by 2.3% during the first quarter. Capital Research Global Investors now owns 3,625,186 shares of the business services provider’s stock valued at $905,354,000 after buying an additional 81,869 shares during the period. Nordea Investment Management AB lifted its stake in shares of Automatic Data Processing by 27.7% during the first quarter. Nordea Investment Management AB now owns 2,715,382 shares of the business services provider’s stock valued at $678,601,000 after buying an additional 589,831 shares during the period. Finally, Ninety One UK Ltd boosted its position in Automatic Data Processing by 0.4% during the second quarter. Ninety One UK Ltd now owns 2,556,377 shares of the business services provider’s stock worth $610,182,000 after acquiring an additional 9,464 shares during the last quarter. 80.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ADP has been the subject of several analyst reports. Bank of America boosted their price target on Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Stifel Nicolaus raised their price target on Automatic Data Processing from $271.00 to $287.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $267.00 price objective on shares of Automatic Data Processing in a research note on Thursday, August 1st. Jefferies Financial Group raised their target price on shares of Automatic Data Processing from $250.00 to $260.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Finally, StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Thursday. 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 company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $265.36.

Automatic Data Processing Stock Performance

NASDAQ:ADP opened at $276.41 on Friday. The firm’s fifty day simple moving average is $264.76 and its 200 day simple moving average is $251.51. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.66. Automatic Data Processing, Inc. has a twelve month low of $205.53 and a twelve month high of $281.54. The firm has a market capitalization of $113.13 billion, a price-to-earnings ratio of 30.85, a PEG ratio of 3.02 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, July 31st. The business services provider reported $2.09 earnings per share for the quarter, topping the consensus estimate of $2.06 by $0.03. The company had revenue of $4.80 billion during the quarter, compared to the consensus estimate of $4.74 billion. Automatic Data Processing had a return on equity of 89.20% and a net margin of 19.54%. The company’s revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.89 earnings per share. As a group, equities 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 company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $1.40 per share. The ex-dividend date is Friday, September 13th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.03%. Automatic Data Processing’s payout ratio is currently 62.50%.

Insider Activity

In other Automatic Data Processing news, Director Carlos A. Rodriguez sold 9,203 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $269.45, for a total value of $2,479,748.35. Following the completion of the transaction, the director now directly owns 36,741 shares of the company’s stock, valued at approximately $9,899,862.45. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Automatic Data Processing news, VP David Kwon sold 846 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $270.60, for a total value of $228,927.60. Following the transaction, the vice president now directly owns 10,410 shares of the company’s stock, valued at approximately $2,816,946. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Carlos A. Rodriguez sold 9,203 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the sale, the director now directly owns 36,741 shares of the company’s stock, valued at approximately $9,899,862.45. The disclosure for this sale can be found here. Over the last three months, insiders sold 58,817 shares of company stock worth $15,999,208. 0.26% of the stock is currently owned by company insiders.

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.