Canopy Partners LLC Raises Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

Canopy Partners LLC increased its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 18.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,385 shares of the business services provider’s stock after purchasing an additional 1,308 shares during the period. Automatic Data Processing accounts for 0.9% of Canopy Partners LLC’s investment portfolio, making the stock its 23rd biggest position. Canopy Partners LLC’s holdings in Automatic Data Processing were worth $2,455,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Kovitz Investment Group Partners LLC raised its holdings in shares of Automatic Data Processing by 33.9% in the 3rd quarter. Kovitz Investment Group Partners LLC now owns 36,558 shares of the business services provider’s stock worth $10,117,000 after purchasing an additional 9,248 shares during the period. EP Wealth Advisors LLC lifted its holdings in shares of Automatic Data Processing by 3.7% during the 3rd quarter. EP Wealth Advisors LLC now owns 20,134 shares of the business services provider’s stock valued at $5,572,000 after acquiring an additional 726 shares in the last quarter. XTX Topco Ltd boosted its position in Automatic Data Processing by 24.5% during the 3rd quarter. XTX Topco Ltd now owns 5,383 shares of the business services provider’s stock worth $1,490,000 after purchasing an additional 1,058 shares during the period. World Investment Advisors LLC increased its holdings in Automatic Data Processing by 1,277.2% in the 3rd quarter. World Investment Advisors LLC now owns 83,843 shares of the business services provider’s stock valued at $23,202,000 after purchasing an additional 77,755 shares in the last quarter. Finally, Orion Portfolio Solutions LLC raised its position in Automatic Data Processing by 1.1% in the third quarter. Orion Portfolio Solutions LLC now owns 13,606 shares of the business services provider’s stock valued at $3,765,000 after purchasing an additional 149 shares during the period. 80.03% of the stock is owned by institutional investors and hedge funds.

Automatic Data Processing Trading Down 6.3 %

Shares of ADP stock opened at $286.13 on Monday. Automatic Data Processing, Inc. has a fifty-two week low of $231.27 and a fifty-two week high of $322.84. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $116.59 billion, a P/E ratio of 29.84, a P/E/G ratio of 3.62 and a beta of 0.74. The stock has a 50-day simple moving average of $304.41 and a 200 day simple moving average of $297.30.

Automatic Data Processing (NASDAQ:ADP) last released its earnings results on Wednesday, January 29th. The business services provider reported $2.35 EPS for the quarter, beating the consensus estimate of $2.30 by $0.05. Automatic Data Processing had a net margin of 19.76% and a return on equity of 80.86%. On average, sell-side analysts expect that Automatic Data Processing, Inc. will post 9.93 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, April 1st. Shareholders of record on Friday, March 14th were issued a dividend of $1.54 per share. The ex-dividend date was Friday, March 14th. This represents a $6.16 annualized dividend and a yield of 2.15%. Automatic Data Processing’s payout ratio is presently 64.23%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ADP shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $315.00 price target on shares of Automatic Data Processing in a report on Thursday, January 30th. UBS Group boosted their price target on Automatic Data Processing from $318.00 to $324.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 4th. Jefferies Financial Group upped their target price on Automatic Data Processing from $290.00 to $305.00 and gave the company a “hold” rating in a research report on Thursday, January 30th. StockNews.com downgraded shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Wednesday, February 5th. Finally, Barclays upped their price target on shares of Automatic Data Processing from $325.00 to $350.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $302.30.

Insiders Place Their Bets

In other Automatic Data Processing news, VP Jonathan S. Lehberger sold 2,324 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $303.30, for a total value of $704,869.20. Following the completion of the sale, the vice president now owns 3,063 shares of the company’s stock, valued at $929,007.90. The trade was a 43.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP David Foskett sold 1,067 shares of Automatic Data Processing stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $286.15, for a total transaction of $305,322.05. Following the completion of the transaction, the vice president now directly owns 6,140 shares in the company, valued at approximately $1,756,961. This represents a 14.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,364 shares of company stock worth $1,613,094 over the last ninety days. 0.21% 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.