Zurcher Kantonalbank Zurich Cantonalbank Has $68.17 Million Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Zurcher Kantonalbank Zurich Cantonalbank trimmed its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.2% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 246,347 shares of the business services provider’s stock after selling 524 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned 0.06% of Automatic Data Processing worth $68,172,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of ADP. Kiely Wealth Advisory Group Inc. acquired a new position in shares of Automatic Data Processing during the second quarter worth about $27,000. Hexagon Capital Partners LLC boosted its position in Automatic Data Processing by 78.5% during the 3rd quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider’s stock worth $32,000 after acquiring an additional 51 shares during the last quarter. Capital Performance Advisors LLP bought a new position in shares of Automatic Data Processing during the 3rd quarter worth approximately $35,000. Pathway Financial Advisers LLC acquired a new stake in shares of Automatic Data Processing in the first quarter valued at approximately $36,000. Finally, MFA Wealth Advisors LLC bought a new stake in shares of Automatic Data Processing in the second quarter worth $40,000. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Automatic Data Processing Stock Down 0.3 %

Shares of ADP opened at $306.92 on Thursday. The firm has a market cap of $125.06 billion, a P/E ratio of 32.76, a price-to-earnings-growth ratio of 3.55 and a beta of 0.79. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.01 and a current ratio of 1.01. Automatic Data Processing, Inc. has a 52 week low of $227.12 and a 52 week high of $309.63. The firm’s 50-day simple moving average is $291.26 and its 200 day simple moving average is $267.31.

Automatic Data Processing (NASDAQ:ADP) last posted its earnings results on Wednesday, October 30th. The business services provider reported $2.33 EPS for the quarter, beating the consensus estimate of $2.21 by $0.12. The company had revenue of $4.83 billion for the quarter, compared to the consensus estimate of $4.77 billion. Automatic Data Processing had a return on equity of 82.36% and a net margin of 19.72%. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.08 earnings per share. On average, analysts forecast that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Automatic Data Processing Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be given a $1.54 dividend. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date is Friday, December 13th. This is a boost from Automatic Data Processing’s previous quarterly dividend of $1.40. Automatic Data Processing’s payout ratio is presently 59.77%.

Insider Activity

In other Automatic Data Processing news, VP Don Mcguire sold 3,179 shares of Automatic Data Processing stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $274.38, for a total value of $872,254.02. Following the completion of the transaction, the vice president now directly owns 41,696 shares of the company’s stock, valued at $11,440,548.48. The trade was a 7.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Sreenivasa Kutam sold 38,975 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $300.00, for a total value of $11,692,500.00. Following the sale, the vice president now owns 32,604 shares of the company’s stock, valued at approximately $9,781,200. The trade was a 54.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 70,504 shares of company stock valued at $20,298,056. 0.21% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

ADP has been the topic of several analyst reports. Bank of America boosted their price target on shares of Automatic Data Processing from $250.00 to $267.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. increased their price target on Automatic Data Processing from $250.00 to $285.00 and gave the company an “underweight” rating in a research report on Tuesday, August 20th. Jefferies Financial Group boosted their price target on Automatic Data Processing from $260.00 to $290.00 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. Citigroup increased their price objective on Automatic Data Processing from $260.00 to $295.00 and gave the company a “neutral” rating in a report on Wednesday, September 25th. Finally, Mizuho boosted their target price on shares of Automatic Data Processing from $281.00 to $310.00 and gave the stock an “outperform” rating in a report on Monday, November 4th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Automatic Data Processing presently has a consensus rating of “Hold” and a consensus price target of $289.91.

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.