Parallel Advisors LLC Purchases 216 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Parallel Advisors LLC boosted its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 2.7% during the second quarter, HoldingsChannel.com reports. The fund owned 8,071 shares of the business services provider’s stock after buying an additional 216 shares during the quarter. Parallel Advisors LLC’s holdings in Automatic Data Processing were worth $1,927,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Schmidt P J Investment Management Inc. grew its position in shares of Automatic Data Processing by 0.4% in the 2nd quarter. Schmidt P J Investment Management Inc. now owns 9,645 shares of the business services provider’s stock worth $2,302,000 after buying an additional 40 shares during the last quarter. Confluence Wealth Services Inc. grew its position in shares of Automatic Data Processing by 5.0% in the 2nd quarter. Confluence Wealth Services Inc. now owns 863 shares of the business services provider’s stock worth $206,000 after buying an additional 41 shares during the last quarter. Prestige Wealth Management Group LLC grew its position in shares of Automatic Data Processing by 0.8% in the 1st quarter. Prestige Wealth Management Group LLC now owns 5,581 shares of the business services provider’s stock worth $1,402,000 after buying an additional 43 shares during the last quarter. Patron Partners LLC lifted its stake in shares of Automatic Data Processing by 1.6% in the 1st quarter. Patron Partners LLC now owns 2,733 shares of the business services provider’s stock valued at $683,000 after purchasing an additional 44 shares during the period. Finally, Checchi Capital Advisers LLC lifted its stake in shares of Automatic Data Processing by 0.8% in the 2nd quarter. Checchi Capital Advisers LLC now owns 5,432 shares of the business services provider’s stock valued at $1,297,000 after purchasing an additional 45 shares during the period. 80.03% of the stock is owned by institutional investors.

Insider Transactions at Automatic Data Processing

In related news, Director Carlos A. Rodriguez sold 9,203 shares of Automatic Data Processing stock in a transaction on Friday, September 6th. The stock was sold at an average price of $269.45, for a total value of $2,479,748.35. Following the completion of the sale, the director now owns 36,741 shares of the company’s stock, valued at $9,899,862.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Carlos A. Rodriguez sold 9,203 shares of Automatic Data Processing stock in a transaction on Friday, September 6th. The stock was sold at an average price of $269.45, for a total value of $2,479,748.35. Following the completion of the sale, the director now owns 36,741 shares of the company’s stock, valued at $9,899,862.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP David Kwon sold 846 shares of Automatic Data Processing stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $270.60, for a total value of $228,927.60. Following the completion of the sale, the vice president now directly owns 10,410 shares of the company’s stock, valued at approximately $2,816,946. The disclosure for this sale can be found here. Insiders sold 58,817 shares of company stock worth $15,999,208 over the last quarter. 0.26% of the stock is currently owned by insiders.

Automatic Data Processing Stock Down 0.3 %

ADP stock opened at $277.51 on Monday. Automatic Data Processing, Inc. has a 1-year low of $205.53 and a 1-year high of $279.58. The business has a fifty day moving average price of $260.52 and a 200-day moving average price of $250.53. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.01 and a quick ratio of 1.01. The stock has a market capitalization of $113.17 billion, a P/E ratio of 30.97, a P/E/G ratio of 3.02 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results on Wednesday, July 31st. The business services provider reported $2.09 earnings per share for the quarter, topping the consensus estimate of $2.06 by $0.03. Automatic Data Processing had a return on equity of 89.20% and a net margin of 19.54%. The firm had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.74 billion. During the same quarter in the previous year, the business earned $1.89 earnings per share. The company’s revenue was up 7.2% on a year-over-year basis. Equities analysts forecast that Automatic Data Processing, Inc. will post 10.04 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend is Friday, September 13th. Automatic Data Processing’s dividend payout ratio is currently 62.50%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ADP. Royal Bank of Canada restated a “sector perform” rating and issued a $267.00 target price on shares of Automatic Data Processing in a research note on Thursday, August 1st. Barclays raised their target price on Automatic Data Processing from $282.00 to $310.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. StockNews.com upgraded Automatic Data Processing from a “hold” rating to a “buy” rating in a research note on Monday, September 9th. Bank of America raised their target price on Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Finally, Jefferies Financial Group lifted their price objective on Automatic Data Processing from $250.00 to $260.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $265.36.

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.