CIBC Asset Management Inc Raises Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

CIBC Asset Management Inc grew its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 155,934 shares of the business services provider’s stock after acquiring an additional 2,787 shares during the period. CIBC Asset Management Inc’s holdings in Automatic Data Processing were worth $45,647,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Creative Planning grew its holdings in Automatic Data Processing by 2.8% during the 3rd quarter. Creative Planning now owns 127,582 shares of the business services provider’s stock valued at $35,306,000 after purchasing an additional 3,456 shares in the last quarter. Stratos Investment Management LLC grew its holdings in Automatic Data Processing by 4.0% during the 3rd quarter. Stratos Investment Management LLC now owns 1,671 shares of the business services provider’s stock valued at $463,000 after purchasing an additional 64 shares in the last quarter. Moss Adams Wealth Advisors LLC acquired a new stake in Automatic Data Processing during the 3rd quarter valued at $217,000. Blue Trust Inc. grew its holdings in Automatic Data Processing by 46.8% during the 3rd quarter. Blue Trust Inc. now owns 6,927 shares of the business services provider’s stock valued at $1,917,000 after purchasing an additional 2,207 shares in the last quarter. Finally, Capital Investment Advisors LLC grew its holdings in Automatic Data Processing by 4.2% during the 3rd quarter. Capital Investment Advisors LLC now owns 8,600 shares of the business services provider’s stock valued at $2,380,000 after purchasing an additional 349 shares in the last quarter. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Insider Activity at Automatic Data Processing

In other Automatic Data Processing news, VP Brian L. Michaud sold 362 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $293.83, for a total value of $106,366.46. Following the completion of the sale, the vice president now owns 13,706 shares in the company, valued at $4,027,233.98. This represents a 2.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Maria Black sold 721 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $291.59, for a total transaction of $210,236.39. Following the transaction, the chief executive officer now owns 68,856 shares in the company, valued at approximately $20,077,721.04. This trade represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,478 shares of company stock worth $1,617,241. 0.21% of the stock is owned by corporate insiders.

Analyst Ratings Changes

ADP has been the subject of several recent analyst reports. UBS Group raised their price objective on shares of Automatic Data Processing from $270.00 to $295.00 and gave the stock a “neutral” rating in a report on Tuesday, October 22nd. Royal Bank of Canada restated a “sector perform” rating and issued a $315.00 price target on shares of Automatic Data Processing in a research report on Thursday, January 30th. Barclays raised their price target on shares of Automatic Data Processing from $325.00 to $350.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Mizuho raised their price target on shares of Automatic Data Processing from $281.00 to $310.00 and gave the stock an “outperform” rating in a research report on Monday, November 4th. Finally, StockNews.com downgraded shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Wednesday, February 5th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $293.55.

Automatic Data Processing Stock Down 0.7 %

ADP stock opened at $308.15 on Monday. Automatic Data Processing, Inc. has a 52 week low of $231.27 and a 52 week high of $311.67. The company has a market capitalization of $125.56 billion, a price-to-earnings ratio of 32.13, a price-to-earnings-growth ratio of 3.60 and a beta of 0.79. The firm’s 50-day moving average is $297.56 and its two-hundred day moving average is $288.77. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.59.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings data on Wednesday, January 29th. The business services provider reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.30 by $0.05. Automatic Data Processing had a net margin of 19.76% and a return on equity of 80.86%. On average, analysts forecast that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a $1.54 dividend. The ex-dividend date is Friday, March 14th. This represents a $6.16 annualized dividend and a dividend yield of 2.00%. Automatic Data Processing’s dividend payout ratio (DPR) is presently 64.23%.

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.