Carderock Capital Management Inc. lowered its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) by 31.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,646 shares of the business services provider’s stock after selling 10,727 shares during the quarter. Carderock Capital Management Inc.’s holdings in Automatic Data Processing were worth $5,296,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also modified their holdings of the company. CoreCap Advisors LLC boosted its stake in shares of Automatic Data Processing by 21.9% in the 2nd quarter. CoreCap Advisors LLC now owns 2,652 shares of the business services provider’s stock valued at $594,000 after buying an additional 477 shares during the period. Howard Financial Services LTD. acquired a new stake in Automatic Data Processing in the second quarter valued at approximately $262,000. jvl associates llc purchased a new position in Automatic Data Processing in the second quarter worth approximately $263,000. Bangor Savings Bank lifted its stake in Automatic Data Processing by 4.3% in the second quarter. Bangor Savings Bank now owns 4,407 shares of the business services provider’s stock worth $987,000 after acquiring an additional 180 shares during the last quarter. Finally, Somerset Trust Co grew its holdings in Automatic Data Processing by 1.4% during the 2nd quarter. Somerset Trust Co now owns 20,143 shares of the business services provider’s stock worth $4,511,000 after acquiring an additional 274 shares in the last quarter. 80.03% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In other Automatic Data Processing news, VP David Kwon sold 2,414 shares of the business’s 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 sale, the vice president owned 9,660 shares in the company, valued at approximately $2,565,889.20. The trade was a 19.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.20% of the stock is currently owned by company insiders.
Automatic Data Processing Price Performance
Automatic Data Processing (NASDAQ:ADP – Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The business services provider reported $2.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.05. The company had revenue of $5.47 billion for the quarter, compared to analyst estimates of $5.44 billion. Automatic Data Processing had a return on equity of 71.34% and a net margin of 20.11%.The business’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter last year, the company posted $2.26 earnings per share. Automatic Data Processing has set its FY 2027 guidance at 12.120-12.340 EPS. As a group, sell-side analysts anticipate that Automatic Data Processing, Inc. will post 12.3 EPS for the current year.
Analyst Upgrades and Downgrades
A number of equities research analysts have commented on ADP shares. UBS Group raised their price objective on shares of Automatic Data Processing from $260.00 to $270.00 and gave the company a “neutral” rating in a report on Wednesday, July 22nd. BMO Capital Markets increased their target price on Automatic Data Processing from $248.00 to $305.00 and gave the company a “market perform” rating in a report on Wednesday, July 29th. Citigroup raised their price target on Automatic Data Processing from $230.00 to $287.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. Stifel Nicolaus upped their price objective on Automatic Data Processing from $260.00 to $285.00 and gave the stock a “hold” rating in a research report on Thursday, July 30th. Finally, Argus dropped their price objective on Automatic Data Processing from $300.00 to $240.00 and set a “buy” rating on the stock in a report on Tuesday, May 5th. Three equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $273.50.
View Our Latest Report on Automatic Data Processing
Automatic Data Processing Company Profile
Automatic Data Processing, Inc (ADP) is a global provider of cloud-based human capital management (HCM) and payroll solutions. Founded in 1949 and headquartered in Roseland, New Jersey, ADP began as a payroll processing company and has evolved into a diversified provider of workforce management, HR, benefits administration, tax and compliance services, and analytics for employers of all sizes.
ADP’s product portfolio includes payroll processing and tax filing, time and attendance systems, benefits administration, talent management, and HR outsourcing.
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