Wealthfront Inc. increased its position in Automatic Data Processing (NASDAQ:ADP) by 8.0% in the 4th quarter, Holdings Channel reports. The firm owned 12,837 shares of the business services provider’s stock after buying an additional 954 shares during the period. Wealthfront Inc.’s holdings in Automatic Data Processing were worth $1,504,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Legacy Advisors LLC purchased a new stake in Automatic Data Processing during the 4th quarter valued at approximately $103,000. Calton & Associates Inc. purchased a new stake in Automatic Data Processing during the 4th quarter valued at approximately $118,000. Acrospire Investment Management LLC purchased a new stake in Automatic Data Processing during the 2nd quarter valued at approximately $102,000. Wealthcare Advisory Partners LLC purchased a new stake in Automatic Data Processing during the 3rd quarter valued at approximately $114,000. Finally, Cerebellum GP LLC purchased a new stake in Automatic Data Processing during the 4th quarter valued at approximately $129,000. 78.84% of the stock is owned by hedge funds and other institutional investors.
Several analysts have commented on the company. Barclays upped their price objective on Automatic Data Processing from $121.00 to $128.00 and gave the company an “equal weight” rating in a research note on Thursday, February 1st. Stifel Nicolaus increased their target price on Automatic Data Processing from $113.00 to $133.00 and gave the stock a “hold” rating in a research note on Thursday, February 1st. Zacks Investment Research raised Automatic Data Processing from a “hold” rating to a “buy” rating and set a $136.00 target price for the company in a research note on Tuesday, January 23rd. BidaskClub raised Automatic Data Processing from a “sell” rating to a “hold” rating in a research note on Wednesday, January 24th. Finally, Royal Bank of Canada reissued a “neutral” rating on shares of Automatic Data Processing in a research note on Thursday, February 1st. Eleven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $118.43.
Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings results on Wednesday, January 31st. The business services provider reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.10. The business had revenue of $3.24 billion for the quarter, compared to analysts’ expectations of $3.18 billion. Automatic Data Processing had a return on equity of 43.28% and a net margin of 13.47%. The company’s revenue was up 8.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.87 EPS. research analysts anticipate that Automatic Data Processing will post 4.17 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Sunday, April 1st. Investors of record on Friday, March 9th will be issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date of this dividend is Thursday, March 8th. Automatic Data Processing’s dividend payout ratio is currently 65.45%.
In related news, CEO Carlos A. Rodriguez sold 95,756 shares of the company’s stock in a transaction that occurred on Thursday, January 4th. The stock was sold at an average price of $118.09, for a total value of $11,307,826.04. Following the sale, the chief executive officer now owns 124,722 shares in the company, valued at approximately $14,728,420.98. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Stuart Sackman sold 238 shares of the company’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $121.65, for a total value of $28,952.70. Following the completion of the sale, the vice president now owns 18,676 shares in the company, valued at approximately $2,271,935.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 219,666 shares of company stock worth $25,650,681. Insiders own 0.25% of the company’s stock.
COPYRIGHT VIOLATION NOTICE: “Wealthfront Inc. Boosts Stake in Automatic Data Processing (ADP)” was first posted by StockNewsTimes and is owned by of StockNewsTimes. If you are accessing this piece of content on another domain, it was illegally stolen and republished in violation of U.S. and international trademark and copyright law. The legal version of this piece of content can be viewed at https://stocknewstimes.com/2018/02/21/wealthfront-inc-boosts-stake-in-automatic-data-processing-adp.html.
About Automatic Data Processing
Automatic Data Processing, Inc (ADP) is a provider of human capital management (HCM) solutions to employers, offering solutions to businesses of various sizes. The Company also provides business process outsourcing solutions. Its segments include Employer Services and Professional Employer Organization (PEO) Services.
Want to see what other hedge funds are holding ADP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Automatic Data Processing (NASDAQ:ADP).
Receive News & Ratings for Automatic Data Processing Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Automatic Data Processing and related companies with MarketBeat.com's FREE daily email newsletter.