Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Purchased by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC raised its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 16.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,251 shares of the business services provider’s stock after acquiring an additional 316 shares during the period. Miracle Mile Advisors LLC’s holdings in Automatic Data Processing were worth $623,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. Ossiam lifted its stake in Automatic Data Processing by 7.9% in the fourth quarter. Ossiam now owns 7,826 shares of the business services provider’s stock valued at $1,823,000 after buying an additional 570 shares during the last quarter. Cresset Asset Management LLC raised its position in Automatic Data Processing by 2.8% in the 4th quarter. Cresset Asset Management LLC now owns 65,331 shares of the business services provider’s stock valued at $15,302,000 after purchasing an additional 1,787 shares during the last quarter. Icon Wealth Advisors LLC purchased a new stake in Automatic Data Processing in the 4th quarter valued at $2,290,000. BOKF NA boosted its stake in Automatic Data Processing by 1.8% during the 4th quarter. BOKF NA now owns 30,087 shares of the business services provider’s stock worth $7,009,000 after purchasing an additional 533 shares during the period. Finally, Putnam Investments LLC grew its position in Automatic Data Processing by 13.4% during the 4th quarter. Putnam Investments LLC now owns 204,810 shares of the business services provider’s stock worth $47,715,000 after purchasing an additional 24,145 shares during the last quarter. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Insider Buying and Selling at Automatic Data Processing

In other news, VP Don Mcguire sold 3,179 shares of the stock in a transaction that occurred 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 sale, the vice president now directly owns 41,696 shares in the company, valued at $11,440,548.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Don Mcguire sold 3,179 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $274.38, for a total value of $872,254.02. Following the sale, the vice president now directly owns 41,696 shares in the company, valued at $11,440,548.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Maria Black sold 19,147 shares of Automatic Data Processing stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $274.38, for a total value of $5,253,553.86. Following the sale, the chief executive officer now owns 92,807 shares of the company’s stock, valued at approximately $25,464,384.66. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 58,817 shares of company stock worth $15,999,208. 0.26% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ADP. Bank of America increased their target price on shares of Automatic Data Processing from $250.00 to $267.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. StockNews.com lowered Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday, September 19th. Jefferies Financial Group upped their price target on Automatic Data Processing from $250.00 to $260.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Royal Bank of Canada reiterated 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. Finally, JPMorgan Chase & Co. upped 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 report on Tuesday, August 20th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Automatic Data Processing presently has a consensus rating of “Hold” and an average price target of $267.83.

Automatic Data Processing Price Performance

ADP stock opened at $285.42 on Wednesday. The firm has a 50 day moving average of $271.48 and a 200-day moving average of $254.30. The company has a market cap of $116.82 billion, a price-to-earnings ratio of 31.85, a PEG ratio of 3.02 and a beta of 0.79. 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 12-month low of $205.53 and a 12-month high of $286.30.

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 (EPS) for the quarter, topping the consensus estimate of $2.06 by $0.03. The firm had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.74 billion. Automatic Data Processing had a return on equity of 89.20% and a net margin of 19.54%. Automatic Data Processing’s revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.89 earnings per share. As a group, equities analysts expect that Automatic Data Processing, Inc. will post 10.04 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were paid a $1.40 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $5.60 dividend on an annualized basis and a yield of 1.96%. Automatic Data Processing’s payout ratio is 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.