Heritage Wealth Management Inc. Purchases New Shares in Automatic Data Processing, Inc. (NASDAQ:ADP)

Heritage Wealth Management Inc. purchased a new stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 3,285 shares of the business services provider’s stock, valued at approximately $774,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Kiely Wealth Advisory Group Inc. purchased a new stake in Automatic Data Processing during the 2nd quarter valued at $27,000. Keener Financial Planning LLC grew its position in Automatic Data Processing by 230.3% in the 1st quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 76 shares during the last quarter. Crewe Advisors LLC bought a new position in Automatic Data Processing in the 1st quarter valued at $33,000. Pathway Financial Advisers LLC bought a new position in Automatic Data Processing in the 1st quarter valued at $36,000. Finally, Pineridge Advisors LLC bought a new position in Automatic Data Processing in the 4th quarter valued at $39,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Insider Activity at Automatic Data Processing

In other Automatic Data Processing news, VP David Kwon sold 846 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.60, for a total value 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 at this link. In other Automatic Data Processing news, VP David Kwon sold 846 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.60, for a total value 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 at this link. Also, VP Don Mcguire sold 3,179 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $274.38, for a total value of $872,254.02. Following the completion of the transaction, the vice president now owns 41,696 shares of the company’s stock, valued at $11,440,548.48. The disclosure for this sale can be found here. Insiders have sold a total of 58,817 shares of company stock valued at $15,999,208 over the last quarter. 0.26% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on ADP. Stifel Nicolaus upped their price objective on Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. StockNews.com downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Thursday, September 19th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $267.00 price objective on shares of Automatic Data Processing in a research report on Thursday, August 1st. Citigroup upped their price objective on Automatic Data Processing from $260.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, September 25th. Finally, JPMorgan Chase & Co. increased their price target on Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 20th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $267.83.

Automatic Data Processing Price Performance

Shares of ADP stock opened at $280.08 on Wednesday. Automatic Data Processing, Inc. has a 1-year low of $205.53 and a 1-year high of $281.54. The stock’s 50-day moving average is $268.86 and its 200 day moving average is $253.22. The company has a market cap of $114.63 billion, a P/E ratio of 31.26, a PEG ratio of 3.02 and a beta of 0.79. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.01 and a quick ratio of 1.01.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, July 31st. The business services provider reported $2.09 earnings per share 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 company had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.74 billion. During the same quarter last year, the company earned $1.89 earnings per share. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. Research analysts predict 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 disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date of this dividend was Friday, September 13th. Automatic Data Processing’s payout ratio is currently 62.50%.

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.