Intact Investment Management Inc. Increases Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

by · The Cerbat Gem

Intact Investment Management Inc. grew its stake in Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) by 13.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,480 shares of the business services provider’s stock after buying an additional 4,180 shares during the period. Intact Investment Management Inc.’s holdings in Automatic Data Processing were worth $9,818,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Kiely Wealth Advisory Group Inc. purchased a new position in shares of Automatic Data Processing during the 2nd quarter valued at about $27,000. Keener Financial Planning LLC raised its stake in shares of Automatic Data Processing by 230.3% during the first quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider’s stock worth $28,000 after acquiring an additional 76 shares in the last quarter. Hexagon Capital Partners LLC lifted its holdings in shares of Automatic Data Processing by 78.5% in the 3rd quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider’s stock worth $32,000 after acquiring an additional 51 shares during the last quarter. Crewe Advisors LLC purchased a new stake in shares of Automatic Data Processing in the 1st quarter valued at $33,000. Finally, Pathway Financial Advisers LLC bought a new position in shares of Automatic Data Processing during the 1st quarter valued at $36,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Price Performance

ADP stock opened at $288.18 on Monday. The firm has a 50-day moving average of $281.57 and a 200 day moving average of $260.13. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market cap of $117.53 billion, a P/E ratio of 30.76, a PEG ratio of 3.32 and a beta of 0.78. Automatic Data Processing, Inc. has a 1 year low of $211.52 and a 1 year high of $294.18.

Automatic Data Processing (NASDAQ:ADP – Get Free Report) last released its earnings results on Wednesday, October 30th. The business services provider reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $2.21 by $0.12. The company had revenue of $4.83 billion during the quarter, compared to analysts’ expectations of $4.77 billion. Automatic Data Processing had a return on equity of 82.36% and a net margin of 19.72%. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.08 EPS. On average, sell-side analysts forecast that Automatic Data Processing, Inc. will post 9.97 EPS for the current year.

Automatic Data Processing Dividend Announcement

The firm also recently declared 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 was Friday, September 13th. This represents a $5.60 annualized dividend and a dividend yield of 1.94%. Automatic Data Processing’s payout ratio is 59.77%.

Insider Activity at Automatic Data Processing

In other Automatic Data Processing news, VP David Kwon sold 846 shares of the firm’s stock in a transaction that occurred on 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 transaction, the vice president now owns 10,410 shares of the company’s stock, valued at approximately $2,816,946. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related 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 transaction, the director now owns 36,741 shares in the company, valued at $9,899,862.45. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 sale, the vice president now owns 10,410 shares of the company’s stock, valued at approximately $2,816,946. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 58,817 shares of company stock valued at $15,999,208 in the last three months. Company insiders own 0.21% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ADP. TD Cowen boosted their price target on shares of Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a research note on Friday. JPMorgan Chase & Co. boosted their target price on Automatic Data Processing from $250.00 to $285.00 and gave the company an “underweight” rating in a research note on Tuesday, August 20th. Barclays raised their price target on Automatic Data Processing from $310.00 to $325.00 and gave the stock an “overweight” rating in a research report on Monday. StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday, September 19th. Finally, Royal Bank of Canada raised their price target on shares of Automatic Data Processing from $267.00 to $315.00 and gave the stock a “sector perform” rating in a report on Thursday. Two analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Automatic Data Processing presently has a consensus rating of “Hold” and an average price target of $286.45.

Check Out Our Latest Stock Report on Automatic Data Processing

About Automatic Data Processing

(Free Report)

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.

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