Cornerstone Wealth Management LLC Has $905,000 Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

Cornerstone Wealth Management LLC grew its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 3.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,091 shares of the business services provider’s stock after acquiring an additional 102 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Automatic Data Processing were worth $905,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Itau Unibanco Holding S.A. acquired a new position in Automatic Data Processing during the third quarter worth about $26,000. Dunhill Financial LLC increased its stake in shares of Automatic Data Processing by 346.5% in the third quarter. Dunhill Financial LLC now owns 106 shares of the business services provider’s stock valued at $29,000 after buying an additional 149 shares during the period. Hexagon Capital Partners LLC increased its stake in shares of Automatic Data Processing by 78.5% in the third quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider’s stock valued at $32,000 after buying an additional 51 shares during the period. Capital Performance Advisors LLP acquired a new position in shares of Automatic Data Processing in the third quarter valued at approximately $35,000. Finally, Sugar Maple Asset Management LLC acquired a new position in shares of Automatic Data Processing in the fourth quarter valued at approximately $37,000. Institutional investors and hedge funds own 80.03% of the company’s stock.

Insiders Place Their Bets

In related news, VP Sreenivasa Kutam sold 38,975 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $300.00, for a total value of $11,692,500.00. Following the completion of the sale, the vice president now directly owns 32,604 shares of the company’s stock, valued at approximately $9,781,200. This represents a 54.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP David Foskett sold 1,067 shares of the firm’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $286.15, for a total value of $305,322.05. Following the sale, the vice president now directly owns 6,140 shares of the company’s stock, valued at approximately $1,756,961. This represents a 14.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,129 shares of company stock worth $12,604,872. Corporate insiders own 0.21% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ADP. Barclays upped their price objective on Automatic Data Processing from $310.00 to $325.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. Jefferies Financial Group upped their price objective on Automatic Data Processing from $260.00 to $290.00 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. StockNews.com raised Automatic Data Processing from a “hold” rating to a “buy” rating in a research note on Sunday, January 19th. UBS Group increased their target price on shares of Automatic Data Processing from $270.00 to $295.00 and gave the company a “neutral” rating in a research report on Tuesday, October 22nd. Finally, Royal Bank of Canada increased their target price on shares of Automatic Data Processing from $267.00 to $315.00 and gave the company a “sector perform” rating in a research report on Thursday, October 31st. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $289.91.

Automatic Data Processing Price Performance

Automatic Data Processing stock opened at $297.10 on Friday. The stock has a market capitalization of $121.06 billion, a price-to-earnings ratio of 31.71, a PEG ratio of 3.45 and a beta of 0.79. Automatic Data Processing, Inc. has a 52-week low of $231.27 and a 52-week high of $309.63. The stock’s 50 day moving average price is $297.14 and its two-hundred day moving average price is $281.66. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.01 and a current ratio of 1.01.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.21 by $0.12. The firm had revenue of $4.83 billion for 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 company’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period in the prior year, the business earned $2.08 EPS. On average, equities analysts predict that Automatic Data Processing, Inc. will post 9.94 earnings per share for the current year.

Automatic Data Processing Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a dividend of $1.54 per share. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date is Friday, March 14th. Automatic Data Processing’s payout ratio is 65.74%.

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.