Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc boosted its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 16.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 153,147 shares of the business services provider’s stock after buying an additional 21,663 shares during the quarter. CIBC Asset Management Inc’s holdings in Automatic Data Processing were worth $42,380,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in ADP. Kiely Wealth Advisory Group Inc. bought a new position in shares of Automatic Data Processing during the second quarter worth about $27,000. Hexagon Capital Partners LLC increased 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 period. Crewe Advisors LLC acquired a new position in shares of Automatic Data Processing during the first quarter worth approximately $33,000. Capital Performance Advisors LLP bought a new position in shares of Automatic Data Processing in the third quarter worth $35,000. Finally, Pathway Financial Advisers LLC acquired a new position in Automatic Data Processing during the 1st quarter valued at about $36,000. Institutional investors and hedge funds own 80.03% of the company’s stock.

Insiders Place Their Bets

In other Automatic Data Processing news, VP Sreenivasa Kutam sold 38,975 shares of Automatic Data Processing stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $300.00, for a total transaction of $11,692,500.00. Following the sale, the vice president now owns 32,604 shares in the company, valued at $9,781,200. The trade was a 54.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP David Kwon sold 846 shares of the stock in a transaction 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 represents a 7.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 97,792 shares of company stock worth $27,691,708 in the last ninety days. Insiders own 0.21% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. upped their target price 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. Bank of America lifted their target price on Automatic Data Processing from $250.00 to $267.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Jefferies Financial Group upped their price target on shares of Automatic Data Processing from $260.00 to $290.00 and gave the company a “hold” rating in a report on Tuesday, October 22nd. Barclays lifted their price objective on shares of Automatic Data Processing from $310.00 to $325.00 and gave the stock an “overweight” rating in a research note on Monday, November 4th. Finally, Citigroup increased their target price on shares of Automatic Data Processing from $260.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, September 25th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Automatic Data Processing has a consensus rating of “Hold” and a consensus target price of $289.91.

Automatic Data Processing Stock Down 1.8 %

Automatic Data Processing stock opened at $301.99 on Friday. The firm has a market cap of $123.05 billion, a price-to-earnings ratio of 32.23, a P/E/G ratio of 3.58 and a beta of 0.79. The firm has a fifty day moving average price of $286.03 and a two-hundred day moving average price of $263.23. Automatic Data Processing, Inc. has a fifty-two week low of $227.12 and a fifty-two week high of $309.37. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.01 and a quick ratio of 1.01.

Automatic Data Processing (NASDAQ:ADP) last announced its earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.12. Automatic Data Processing had a return on equity of 82.36% and a net margin of 19.72%. The firm had revenue of $4.83 billion during the quarter, compared to the consensus estimate of $4.77 billion. During the same quarter in the prior year, the company earned $2.08 EPS. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. As a group, analysts forecast that Automatic Data Processing, Inc. will post 9.94 earnings per share for the current year.

Automatic Data Processing Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be issued a $1.54 dividend. The ex-dividend date of this dividend is Friday, December 13th. This is an increase from Automatic Data Processing’s previous quarterly dividend of $1.40. This represents a $6.16 dividend on an annualized basis and a yield of 2.04%. Automatic Data Processing’s dividend payout ratio is 59.77%.

Automatic Data Processing Profile

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.