Canopy Partners LLC Acquires 1,308 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Canopy Partners LLC raised its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 18.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,385 shares of the business services provider’s stock after purchasing an additional 1,308 shares during the period. Automatic Data Processing accounts for 0.9% of Canopy Partners LLC’s investment portfolio, making the stock its 23rd biggest position. Canopy Partners LLC’s holdings in Automatic Data Processing were worth $2,455,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Automatic Data Processing by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 40,731,270 shares of the business services provider’s stock worth $11,923,265,000 after purchasing an additional 277,324 shares in the last quarter. Geode Capital Management LLC boosted its stake in Automatic Data Processing by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 10,583,607 shares of the business services provider’s stock worth $3,098,305,000 after buying an additional 65,965 shares in the last quarter. Invesco Ltd. grew its position in Automatic Data Processing by 6.0% during the fourth quarter. Invesco Ltd. now owns 3,886,552 shares of the business services provider’s stock valued at $1,137,710,000 after acquiring an additional 219,032 shares during the last quarter. Amundi lifted its holdings in shares of Automatic Data Processing by 16.8% in the 4th quarter. Amundi now owns 3,120,039 shares of the business services provider’s stock worth $910,972,000 after acquiring an additional 449,431 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Automatic Data Processing by 3.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,321,849 shares of the business services provider’s stock worth $679,675,000 after purchasing an additional 69,042 shares during the last quarter. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Insider Transactions at Automatic Data Processing

In related news, VP David Foskett sold 1,067 shares of the firm’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $286.15, for a total value of $305,322.05. Following the completion of the transaction, the vice president now directly owns 6,140 shares of the company’s stock, valued at approximately $1,756,961. This trade represents a 14.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Jonathan S. Lehberger sold 2,324 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $303.30, for a total transaction of $704,869.20. Following the completion of the sale, the vice president now owns 3,063 shares of the company’s stock, valued at $929,007.90. This trade represents a 43.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,364 shares of company stock valued at $1,613,094 over the last quarter. 0.21% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on ADP shares. 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 report on Monday, February 3rd. Jefferies Financial Group upped their target price on Automatic Data Processing from $290.00 to $305.00 and gave the company a “hold” rating in a report on Thursday, January 30th. StockNews.com cut shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Wednesday, February 5th. Royal Bank of Canada restated a “sector perform” rating and issued a $315.00 price objective on shares of Automatic Data Processing in a report on Thursday, January 30th. Finally, UBS Group upped their price target on Automatic Data Processing from $318.00 to $324.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Automatic Data Processing currently has a consensus rating of “Hold” and a consensus price target of $302.30.

Automatic Data Processing Price Performance

Shares of NASDAQ:ADP opened at $286.13 on Monday. The firm’s 50 day moving average price is $304.41 and its 200-day moving average price is $297.30. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $116.59 billion, a PE ratio of 29.84, a price-to-earnings-growth ratio of 3.62 and a beta of 0.74. Automatic Data Processing, Inc. has a twelve month low of $231.27 and a twelve month high of $322.84.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings results on Wednesday, January 29th. The business services provider reported $2.35 earnings per share 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%. Equities research analysts expect that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were given a $1.54 dividend. This represents a $6.16 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date was Friday, March 14th. Automatic Data Processing’s payout ratio is 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.