Lorne Steinberg Wealth Management Inc. lifted its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) by 56.3% in the third quarter, Holdings Channel.com reports. The institutional investor owned 27,155 shares of the business services provider’s stock after purchasing an additional 9,786 shares during the quarter. Lorne Steinberg Wealth Management Inc.’s holdings in Automatic Data Processing were worth $7,008,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently bought and sold shares of the business. BlackRock Inc. bought a new position in Automatic Data Processing in the second quarter worth about $8,097,229,000. Bank of America Corp DE acquired a new position in Automatic Data Processing in the second quarter valued at approximately $1,231,175,000. Deutsche Bank AG bought a new position in shares of Automatic Data Processing during the second quarter valued at approximately $994,937,000. Bank of New York Mellon Corp bought a new position in shares of Automatic Data Processing during the second quarter valued at approximately $725,513,000. Finally, Legal & General Group Plc bought a new position in shares of Automatic Data Processing during the second quarter valued at approximately $562,425,000. Institutional investors and hedge funds own 80.03% of the company’s stock.
Wall Street Analyst Weigh In
Several analysts recently issued reports on ADP shares. Morgan Stanley raised their price target on Automatic Data Processing from $240.00 to $286.00 and gave the stock an “equal weight” rating in a report on Thursday, July 30th. Wells Fargo & Company upped their price objective on Automatic Data Processing from $248.00 to $283.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 30th. UBS Group increased their target price on Automatic Data Processing from $260.00 to $270.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 22nd. TD Cowen increased their target price on Automatic Data Processing from $216.00 to $223.00 and gave the stock a “hold” rating in a research report on Monday, July 6th. Finally, BMO Capital Markets raised their target price on Automatic Data Processing from $248.00 to $305.00 and gave the company a “market perform” rating in a research note on Wednesday, July 29th. Three research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $276.36.
Get Our Latest Research Report on Automatic Data Processing
Automatic Data Processing Trading Down 1.2%
Automatic Data Processing stock opened at $304.16 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.82. The firm has a 50-day moving average price of $275.45 and a two-hundred day moving average price of $245.48. The firm has a market capitalization of $120.52 billion, a price-to-earnings ratio of 27.80, a PEG ratio of 2.75 and a beta of 0.83. Automatic Data Processing, Inc. has a 52-week low of $188.16 and a 52-week high of $309.40.
Automatic Data Processing (NASDAQ:ADP – Get Free Report) last posted its earnings results on Wednesday, July 29th. The business services provider reported $2.64 EPS for the quarter, topping the consensus estimate of $2.59 by $0.05. Automatic Data Processing had a net margin of 20.11% and a return on equity of 71.34%. The firm had revenue of $5.47 billion during the quarter, compared to analysts’ expectations of $5.44 billion. During the same quarter in the prior year, the firm earned $2.26 EPS. Automatic Data Processing’s quarterly revenue was up 6.8% on a year-over-year basis. Automatic Data Processing has set its FY 2027 guidance at 12.120-12.340 EPS. Sell-side analysts expect that Automatic Data Processing, Inc. will post 12.27 earnings per share for the current year.
Automatic Data Processing Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Friday, September 11th were given a dividend of $1.70 per share. The ex-dividend date was Friday, September 11th. This represents a $6.80 annualized dividend and a dividend yield of 2.2%. Automatic Data Processing’s payout ratio is currently 62.16%.
Insiders Place Their Bets
In related news, VP David Kwon sold 2,414 shares of the stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $265.62, for a total value of $641,206.68. Following the completion of the transaction, the vice president directly owned 9,660 shares of the company’s stock, valued at $2,565,889.20. This represents a 19.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Joseph Desilva sold 631 shares of the stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $282.87, for a total value of $178,490.97. Following the completion of the transaction, the vice president directly owned 18,824 shares of the company’s stock, valued at $5,324,744.88. This trade represents a 3.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 33,773 shares of company stock valued at $9,450,629. Corporate insiders own 0.15% of the company’s stock.
Automatic Data Processing Profile
Automatic Data Processing, Inc (NASDAQ: ADP) is a global provider of human capital management and business outsourcing solutions. The company helps employers manage payroll, human resources, workforce administration, benefits, tax compliance, time and attendance, talent management, and related employment processes.
ADP offers cloud-based platforms and services designed for businesses of various sizes, from small enterprises to large organizations. Its portfolio includes payroll processing, human resources management, employee benefits administration, retirement services, workforce management, data analytics, and professional employer organization services through ADP TotalSource.
Founded in 1949, ADP serves businesses in the United States and international markets.
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