Pegasus Asset Management Inc. Acquires 99 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Pegasus Asset Management Inc. raised its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.1% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 9,079 shares of the business services provider’s stock after acquiring an additional 99 shares during the period. Automatic Data Processing comprises about 1.1% of Pegasus Asset Management Inc.’s portfolio, making the stock its 29th largest holding. Pegasus Asset Management Inc.’s holdings in Automatic Data Processing were worth $2,774,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Main Street Group LTD raised its holdings in Automatic Data Processing by 50.7% during the 4th quarter. Main Street Group LTD now owns 113 shares of the business services provider’s stock valued at $33,000 after buying an additional 38 shares during the last quarter. Abound Wealth Management raised its stake in shares of Automatic Data Processing by 58.1% during the first quarter. Abound Wealth Management now owns 117 shares of the business services provider’s stock valued at $36,000 after acquiring an additional 43 shares during the last quarter. Cyrus J. Lawrence LLC boosted its holdings in shares of Automatic Data Processing by 121.8% during the fourth quarter. Cyrus J. Lawrence LLC now owns 122 shares of the business services provider’s stock worth $35,000 after purchasing an additional 67 shares during the period. Banque de Luxembourg S.A. purchased a new stake in shares of Automatic Data Processing during the fourth quarter worth about $37,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Automatic Data Processing in the fourth quarter worth about $37,000. 80.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on ADP shares. Stifel Nicolaus upped their price target on Automatic Data Processing to $305.00 and gave the company a “buy” rating in a research report on Friday, May 2nd. Mizuho raised their price target on Automatic Data Processing from $321.00 to $332.00 and gave the stock an “outperform” rating in a research note on Friday, June 13th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $315.00 price target on shares of Automatic Data Processing in a report on Thursday, June 5th. UBS Group decreased their price objective on shares of Automatic Data Processing from $323.00 to $315.00 and set a “neutral” rating for the company in a report on Friday, June 13th. Finally, TD Securities raised their target price 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. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Automatic Data Processing currently has a consensus rating of “Hold” and an average price target of $307.08.

Automatic Data Processing Stock Performance

Shares of ADP stock opened at $307.62 on Wednesday. The company’s fifty day moving average price is $308.94 and its 200-day moving average price is $302.89. The stock has a market cap of $124.87 billion, a PE ratio of 31.49, a price-to-earnings-growth ratio of 3.20 and a beta of 0.79. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.51. Automatic Data Processing, Inc. has a 12 month low of $231.27 and a 12 month high of $329.93.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 EPS for the quarter, topping the consensus estimate of $2.97 by $0.09. The business had revenue of $5.55 billion for the quarter, compared to analyst estimates of $5.49 billion. Automatic Data Processing had a net margin of 19.79% and a return on equity of 77.33%. Automatic Data Processing’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.88 earnings per share. On average, equities analysts expect that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be paid a $1.54 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.16 annualized dividend and a dividend yield of 2.00%. Automatic Data Processing’s payout ratio is currently 63.05%.

Insider Buying and Selling at Automatic Data Processing

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

Automatic Data Processing Company 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.