Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Bought by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC boosted its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 5.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,570 shares of the business services provider’s stock after acquiring an additional 226 shares during the period. Miracle Mile Advisors LLC’s holdings in Automatic Data Processing were worth $1,396,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its holdings in shares of Automatic Data Processing by 92.1% during the fourth quarter. Brighton Jones LLC now owns 10,026 shares of the business services provider’s stock worth $2,935,000 after buying an additional 4,808 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Automatic Data Processing during the fourth quarter worth about $128,000. Stephens Inc. AR grew its holdings in shares of Automatic Data Processing by 0.4% during the fourth quarter. Stephens Inc. AR now owns 26,983 shares of the business services provider’s stock worth $7,899,000 after buying an additional 103 shares in the last quarter. Kestra Private Wealth Services LLC grew its holdings in shares of Automatic Data Processing by 7.3% during the fourth quarter. Kestra Private Wealth Services LLC now owns 29,378 shares of the business services provider’s stock worth $8,600,000 after buying an additional 1,992 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. purchased a new stake in shares of Automatic Data Processing during the fourth quarter worth about $394,000. Institutional investors and hedge funds own 80.03% of the company’s stock.

Insider Activity

In other news, VP Brian L. Michaud sold 1,500 shares of the company’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $305.38, for a total value of $458,070.00. Following the completion of the transaction, the vice president now directly owns 12,073 shares in the company, valued at approximately $3,686,852.74. This represents a 11.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Christopher D’ambrosio sold 478 shares of the company’s stock in a transaction on Thursday, April 10th. The shares were sold at an average price of $293.14, for a total transaction of $140,120.92. Following the completion of the transaction, the vice president now owns 7,364 shares of the company’s stock, valued at $2,158,682.96. This trade represents a 6.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

Automatic Data Processing Price Performance

Automatic Data Processing stock opened at $318.57 on Tuesday. Automatic Data Processing, Inc. has a 52-week low of $231.27 and a 52-week high of $329.93. The firm has a fifty day moving average of $306.18 and a 200-day moving average of $302.73. The firm has a market capitalization of $129.31 billion, a P/E ratio of 33.22, a PEG ratio of 3.62 and a beta of 0.79. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.59.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.97 by $0.09. Automatic Data Processing had a net margin of 19.76% and a return on equity of 80.86%. The company had revenue of $5.55 billion during the quarter, compared to analyst estimates of $5.49 billion. During the same quarter in the prior year, the business earned $2.88 earnings per share. The business’s quarterly revenue was up 5.7% compared to the same quarter last year. As a group, analysts predict that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be given a $1.54 dividend. This represents a $6.16 annualized dividend and a dividend yield of 1.93%. The ex-dividend date of this dividend is Friday, June 13th. Automatic Data Processing’s payout ratio is currently 63.05%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on ADP shares. Stifel Nicolaus lifted their price target on shares of Automatic Data Processing to $305.00 and gave the stock a “buy” rating in a report on Friday, May 2nd. TD Securities upped their price target on shares of Automatic Data Processing from $298.00 to $321.00 and gave the stock a “hold” rating in a research report on Wednesday, May 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $315.00 price target on shares of Automatic Data Processing in a research report on Thursday, June 5th. Finally, UBS Group upped their price target on shares of Automatic Data Processing from $318.00 to $324.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $305.64.

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.