Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Bought by Wedmont Private Capital

11 Oct 2024, 05:42 by Amy Steele · The Cerbat Gem

Wedmont Private Capital lifted its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) by 6.6% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 3,747 shares of the business services provider’s stock after acquiring an additional 231 shares during the quarter. Wedmont Private Capital’s holdings in Automatic Data Processing were worth $1,057,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brevan Howard Capital Management LP purchased a new stake in shares of Automatic Data Processing in the fourth quarter worth approximately $1,590,000. Bradley Foster & Sargent Inc. CT boosted its stake in shares of Automatic Data Processing by 2.9% during the 4th quarter. Bradley Foster & Sargent Inc. CT now owns 160,785 shares of the business services provider’s stock valued at $37,458,000 after buying an additional 4,604 shares during the period. Georgetown University grew its holdings in shares of Automatic Data Processing by 0.5% during the 4th quarter. Georgetown University now owns 24,894 shares of the business services provider’s stock valued at $5,800,000 after acquiring an additional 128 shares in the last quarter. Profund Advisors LLC increased its stake in shares of Automatic Data Processing by 21.2% in the fourth quarter. Profund Advisors LLC now owns 37,385 shares of the business services provider’s stock worth $8,710,000 after acquiring an additional 6,552 shares during the last quarter. Finally, Pettyjohn Wood & White Inc. raised its holdings in shares of Automatic Data Processing by 27.8% during the fourth quarter. Pettyjohn Wood & White Inc. now owns 8,648 shares of the business services provider’s stock worth $2,015,000 after acquiring an additional 1,880 shares in the last quarter. 80.03% of the stock is currently owned by institutional investors.

Automatic Data Processing Stock Performance

Shares of Automatic Data Processing stock opened at $286.91 on Friday. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a 50 day simple moving average of $272.54 and a 200 day simple moving average of $254.80. Automatic Data Processing, Inc. has a fifty-two week low of $205.53 and a fifty-two week high of $288.30. The firm has a market cap of $117.43 billion, a P/E ratio of 32.02, a P/E/G ratio of 3.02 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP – Get Free Report) last released its earnings results on Wednesday, July 31st. The business services provider reported $2.09 EPS for the quarter, beating the consensus estimate of $2.06 by $0.03. Automatic Data Processing had a return on equity of 89.20% and a net margin of 19.54%. The company had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.74 billion. During the same period last year, the firm earned $1.89 EPS. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. Sell-side analysts predict that Automatic Data Processing, Inc. will post 10.04 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were given a dividend of $1.40 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $5.60 dividend on an annualized basis and a yield of 1.95%. Automatic Data Processing’s payout ratio is presently 62.50%.

Wall Street Analyst Weigh In

ADP has been the subject of several recent research reports. Stifel Nicolaus boosted their price target on Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Bank of America increased 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 note on Thursday, August 1st. Barclays lifted their price objective on shares of Automatic Data Processing from $282.00 to $310.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Jefferies Financial Group upped their price objective on shares of Automatic Data Processing from $250.00 to $260.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Finally, JPMorgan Chase & Co. raised their target price on Automatic Data Processing from $250.00 to $285.00 and gave the company an “underweight” rating in a report on Tuesday, August 20th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $267.83.

Read Our Latest Stock Analysis on ADP

Insider Activity

In other Automatic Data Processing news, Director Carlos A. Rodriguez sold 9,203 shares of the company’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the completion of the sale, the director now owns 36,741 shares in the company, valued at approximately $9,899,862.45. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Carlos A. Rodriguez sold 9,203 shares of the company’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $269.45, for a total value of $2,479,748.35. Following the completion of the sale, the director now directly owns 36,741 shares of the company’s stock, valued at $9,899,862.45. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP David Kwon sold 846 shares of Automatic Data Processing stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $270.60, for a total transaction of $228,927.60. Following the transaction, the vice president now directly owns 10,410 shares in the company, valued at $2,816,946. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 58,817 shares of company stock valued at $15,999,208. 0.26% of the stock is currently owned by insiders.

About Automatic Data Processing

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