Oppenheimer Asset Management Inc. Has $3.49 Million Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Oppenheimer Asset Management Inc. trimmed its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,436 shares of the business services provider’s stock after selling 110 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Automatic Data Processing were worth $3,494,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Brighton Jones LLC lifted its holdings in shares of Automatic Data Processing by 92.1% in the fourth quarter. Brighton Jones LLC now owns 10,026 shares of the business services provider’s stock worth $2,935,000 after acquiring an additional 4,808 shares during the last quarter. Bank Pictet & Cie Europe AG acquired a new position in Automatic Data Processing during the 4th quarter worth approximately $957,000. Illinois Municipal Retirement Fund lifted its stake in Automatic Data Processing by 44.6% in the 4th quarter. Illinois Municipal Retirement Fund now owns 17,176 shares of the business services provider’s stock valued at $5,028,000 after purchasing an additional 5,299 shares during the last quarter. Lake Street Advisors Group LLC lifted its stake in Automatic Data Processing by 2.0% in the 4th quarter. Lake Street Advisors Group LLC now owns 10,498 shares of the business services provider’s stock valued at $3,089,000 after purchasing an additional 210 shares during the last quarter. Finally, National Pension Service boosted its position in Automatic Data Processing by 22.4% in the fourth quarter. National Pension Service now owns 924,489 shares of the business services provider’s stock valued at $270,626,000 after buying an additional 168,972 shares in the last quarter. 80.03% of the stock is owned by institutional investors.

Insider Transactions at Automatic Data Processing

In related news, VP Brian L. Michaud sold 1,500 shares of the business’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $305.38, for a total transaction of $458,070.00. Following the transaction, the vice president now owns 12,073 shares in the company, valued at $3,686,852.74. The trade was a 11.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Christopher D’ambrosio sold 478 shares of the firm’s stock in a transaction on Thursday, April 10th. The stock was sold at an average price of $293.14, for a total transaction of $140,120.92. Following the completion of the sale, the vice president now owns 7,364 shares of the company’s stock, valued at $2,158,682.96. The trade was a 6.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Mizuho upped their price target on shares of Automatic Data Processing from $321.00 to $332.00 and gave the stock an “outperform” rating in a report on Friday, June 13th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $315.00 target price on shares of Automatic Data Processing in a report on Thursday, June 5th. TD Securities increased their target price on Automatic Data Processing from $298.00 to $321.00 and gave the company a “hold” rating in a research report on Wednesday, May 21st. Stifel Nicolaus boosted their price target on Automatic Data Processing to $305.00 and gave the stock a “buy” rating in a report on Friday, May 2nd. Finally, Morgan Stanley upped their price objective on Automatic Data Processing from $305.00 to $310.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 17th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $307.08.

Automatic Data Processing Stock Performance

Shares of ADP stock opened at $298.19 on Thursday. The stock has a market capitalization of $121.04 billion, a PE ratio of 30.52, a PEG ratio of 3.23 and a beta of 0.79. The business’s 50 day simple moving average is $310.13 and its 200 day simple moving average is $303.01. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.02 and a quick ratio of 1.02. Automatic Data Processing, Inc. has a one year low of $231.27 and a one year high of $329.93.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 EPS for the quarter, beating analysts’ consensus estimates of $2.97 by $0.09. Automatic Data Processing had a net margin of 19.79% and a return on equity of 77.33%. The company had revenue of $5.55 billion for the quarter, compared to analyst estimates of $5.49 billion. During the same period in the prior year, the firm posted $2.88 EPS. The company’s quarterly revenue was up 5.7% on a year-over-year basis. As a group, research analysts forecast that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Automatic Data Processing Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a dividend of $1.54 per share. The ex-dividend date is Friday, June 13th. This represents a $6.16 dividend on an annualized basis and a yield of 2.07%. Automatic Data Processing’s payout ratio is currently 63.05%.

Automatic Data Processing Company 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.