HighTower Advisors LLC cut its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) by 0.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 265,046 shares of the business services provider’s stock after selling 2,385 shares during the quarter. HighTower Advisors LLC owned 0.07% of Automatic Data Processing worth $59,357,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in the stock. Groupe la Francaise lifted its position in shares of Automatic Data Processing by 19.0% during the 2nd quarter. Groupe la Francaise now owns 27,077 shares of the business services provider’s stock valued at $6,064,000 after acquiring an additional 4,315 shares during the period. California State Teachers Retirement System increased its position in shares of Automatic Data Processing by 22,166.8% in the second quarter. California State Teachers Retirement System now owns 140,971,822 shares of the business services provider’s stock worth $31,570,640,000 after purchasing an additional 140,338,719 shares during the period. Tanager Wealth Management LLP bought a new position in shares of Automatic Data Processing in the second quarter worth $209,000. Greenland Capital Management LP acquired a new position in Automatic Data Processing in the second quarter valued at about $1,542,000. Finally, Ameritas Advisory Services LLC acquired a new position in Automatic Data Processing in the second quarter valued at about $435,000. 80.03% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
ADP has been the topic of a number of analyst reports. Wells Fargo & Company increased their price objective on shares of 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. BMO Capital Markets upped their price target on shares of Automatic Data Processing from $248.00 to $305.00 and gave the stock a “market perform” rating in a report on Wednesday, July 29th. Stifel Nicolaus increased their price target on shares of Automatic Data Processing from $260.00 to $285.00 and gave the stock a “hold” rating in a research report on Thursday, July 30th. Morgan Stanley lifted their price objective on shares of Automatic Data Processing from $240.00 to $286.00 and gave the company an “equal weight” rating in a research note on Thursday, July 30th. Finally, Guggenheim boosted their price objective on shares of Automatic Data Processing from $270.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Three analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Automatic Data Processing currently has an average rating of “Hold” and a consensus price target of $273.50.
Automatic Data Processing Price Performance
ADP stock opened at $277.62 on Tuesday. The stock has a market capitalization of $110.29 billion, a P/E ratio of 25.38, a price-to-earnings-growth ratio of 2.52 and a beta of 0.82. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.82. Automatic Data Processing, Inc. has a 12 month low of $188.16 and a 12 month high of $302.68. The firm has a 50-day moving average price of $263.42 and a 200-day moving average price of $230.79.
Automatic Data Processing (NASDAQ:ADP – Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The business services provider reported $2.64 earnings per share for the quarter, beating analysts’ consensus estimates of $2.59 by $0.05. The company had revenue of $5.47 billion for the quarter, compared to the consensus estimate of $5.44 billion. Automatic Data Processing had a net margin of 20.11% and a return on equity of 71.34%. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period last year, the company posted $2.26 EPS. Automatic Data Processing has set its FY 2027 guidance at 12.120-12.340 EPS. As a group, equities research analysts anticipate that Automatic Data Processing, Inc. will post 12.26 EPS for the current fiscal year.
Automatic Data Processing Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, September 11th. Automatic Data Processing’s payout ratio is presently 62.16%.
Insider Activity at Automatic Data Processing
In other news, VP Brian Michaud sold 120 shares of the company’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $279.70, for a total transaction of $33,564.00. Following the completion of the transaction, the vice president directly owned 18,442 shares in the company, valued at approximately $5,158,227.40. This represents a 0.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 on Thursday, September 3rd. The shares were 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 owned 18,824 shares of the company’s stock, valued at $5,324,744.88. The trade was a 3.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 33,773 shares of company stock worth $9,450,629. Corporate insiders own 0.20% of the company’s stock.
Automatic Data Processing 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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