Financial Gravity Companies Inc. Invests $56,000 in Automatic Data Processing (ADP) Stock

Financial Gravity Companies Inc. acquired a new stake in Automatic Data Processing (NASDAQ:ADP) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 393 shares of the business services provider’s stock, valued at approximately $56,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Automatic Data Processing by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 36,946,069 shares of the business services provider’s stock worth $5,566,295,000 after acquiring an additional 425,007 shares during the period. Vanguard Group Inc grew its holdings in Automatic Data Processing by 1.2% during the 3rd quarter. Vanguard Group Inc now owns 36,946,069 shares of the business services provider’s stock worth $5,566,295,000 after acquiring an additional 425,007 shares during the period. Bank of New York Mellon Corp grew its holdings in Automatic Data Processing by 1.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 9,605,668 shares of the business services provider’s stock worth $1,447,190,000 after acquiring an additional 121,162 shares during the period. JPMorgan Chase & Co. grew its holdings in Automatic Data Processing by 213.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 8,639,847 shares of the business services provider’s stock worth $1,301,682,000 after acquiring an additional 5,880,242 shares during the period. Finally, Deutsche Bank AG grew its holdings in Automatic Data Processing by 36.3% during the 3rd quarter. Deutsche Bank AG now owns 2,546,248 shares of the business services provider’s stock worth $383,612,000 after acquiring an additional 678,657 shares during the period. Institutional investors and hedge funds own 83.57% of the company’s stock.

In related news, CEO Carlos A. Rodriguez sold 24,791 shares of the firm’s stock in a transaction dated Wednesday, January 9th. The shares were sold at an average price of $131.47, for a total value of $3,259,272.77. Following the transaction, the chief executive officer now owns 130,281 shares of the company’s stock, valued at approximately $17,128,043.07. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Carlos A. Rodriguez sold 62,228 shares of the firm’s stock in a transaction dated Friday, November 16th. The shares were sold at an average price of $145.59, for a total transaction of $9,059,774.52. Following the completion of the transaction, the chief executive officer now directly owns 137,177 shares in the company, valued at approximately $19,971,599.43. The disclosure for this sale can be found here. In the last ninety days, insiders sold 144,269 shares of company stock worth $20,430,618. 0.33% of the stock is owned by insiders.

A number of brokerages have weighed in on ADP. Zacks Investment Research downgraded Automatic Data Processing from a “buy” rating to a “sell” rating in a report on Wednesday, January 2nd. Barclays began coverage on Automatic Data Processing in a research note on Wednesday, November 14th. They issued an “overweight” rating and a $168.00 target price for the company. BMO Capital Markets reduced their target price on Automatic Data Processing from $155.00 to $150.00 and set a “market perform” rating for the company in a research note on Thursday, November 1st. Citigroup raised their target price on Automatic Data Processing from $137.00 to $147.00 and gave the company a “neutral” rating in a research note on Thursday, November 1st. Finally, Jefferies Financial Group raised their target price on Automatic Data Processing to $167.00 and gave the company a “hold” rating in a research note on Thursday, November 1st. Eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Automatic Data Processing currently has an average rating of “Buy” and an average price target of $151.87.

Shares of ADP opened at $149.50 on Wednesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market capitalization of $63.95 billion, a PE ratio of 34.37, a PEG ratio of 2.14 and a beta of 0.91. Automatic Data Processing has a one year low of $109.14 and a one year high of $153.51.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, January 30th. The business services provider reported $1.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.18 by $0.16. The company had revenue of $3.51 billion during the quarter, compared to the consensus estimate of $3.43 billion. Automatic Data Processing had a return on equity of 51.92% and a net margin of 13.12%. The firm’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period last year, the business posted $1.03 EPS. On average, sell-side analysts forecast that Automatic Data Processing will post 5.37 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 8th will be given a $0.79 dividend. The ex-dividend date of this dividend is Thursday, March 7th. This represents a $3.16 annualized dividend and a yield of 2.11%. Automatic Data Processing’s payout ratio is 72.64%.

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Automatic Data Processing Company Profile

Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.

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Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

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