Fairfield Financial Advisors LTD Has $7.01 Million Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

31 Oct 2024, 17:00 by Danessa Lincoln · The Markets Daily

Fairfield Financial Advisors LTD reduced its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) by 2.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 25,346 shares of the business services provider’s stock after selling 585 shares during the quarter. Automatic Data Processing makes up approximately 2.4% of Fairfield Financial Advisors LTD’s portfolio, making the stock its 13th largest position. Fairfield Financial Advisors LTD’s holdings in Automatic Data Processing were worth $7,014,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. BlueSpruce Investments LP acquired a new stake in Automatic Data Processing in the 1st quarter worth approximately $365,757,000. International Assets Investment Management LLC lifted its stake in shares of Automatic Data Processing by 28,478.6% in the third quarter. International Assets Investment Management LLC now owns 1,194,587 shares of the business services provider’s stock worth $3,305,780,000 after buying an additional 1,190,407 shares during the last quarter. Nordea Investment Management AB boosted its holdings in shares of Automatic Data Processing by 27.7% during the 1st quarter. Nordea Investment Management AB now owns 2,715,382 shares of the business services provider’s stock worth $678,601,000 after buying an additional 589,831 shares during the period. Jacobs Levy Equity Management Inc. grew its stake in Automatic Data Processing by 238.1% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 784,003 shares of the business services provider’s stock valued at $195,797,000 after buying an additional 552,096 shares during the last quarter. Finally, Mackenzie Financial Corp grew its stake in Automatic Data Processing by 242.4% in the 2nd quarter. Mackenzie Financial Corp now owns 644,135 shares of the business services provider’s stock valued at $153,749,000 after buying an additional 456,027 shares during the last quarter. 80.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Automatic Data Processing news, VP David Kwon sold 846 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.60, for a total transaction of $228,927.60. Following the completion of the sale, the vice president now directly owns 10,410 shares of the company’s stock, valued at approximately $2,816,946. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, VP David Kwon sold 846 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $270.60, for a total value of $228,927.60. Following the transaction, the vice president now directly owns 10,410 shares in the company, valued at $2,816,946. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Michael A. Bonarti sold 26,442 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $270.96, for a total value of $7,164,724.32. Following the completion of the sale, the vice president now owns 88,426 shares of the company’s stock, valued at $23,959,908.96. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 58,817 shares of company stock worth $15,999,208 in the last quarter. 0.26% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on ADP shares. Bank of America upped their price target on shares of Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Jefferies Financial Group raised their target price on Automatic Data Processing from $260.00 to $290.00 and gave the company a “hold” rating in a report on Tuesday, October 22nd. Royal Bank of Canada reiterated a “sector perform” rating and set a $267.00 price target on shares of Automatic Data Processing in a report on Thursday, August 1st. Barclays raised their price objective on shares of Automatic Data Processing from $282.00 to $310.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. Finally, UBS Group increased their price target on shares of Automatic Data Processing from $270.00 to $295.00 and gave the company a “neutral” rating in a report on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Automatic Data Processing presently has a consensus rating of “Hold” and a consensus target price of $277.64.

Get Our Latest Research Report on Automatic Data Processing

Automatic Data Processing Price Performance

ADP traded down $1.51 during midday trading on Thursday, reaching $291.27. 340,159 shares of the company’s stock were exchanged, compared to its average volume of 1,626,599. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.66. The business has a 50-day simple moving average of $280.80 and a two-hundred day simple moving average of $259.38. The firm has a market capitalization of $119.21 billion, a price-to-earnings ratio of 32.42, a price-to-earnings-growth ratio of 3.13 and a beta of 0.79. Automatic Data Processing, Inc. has a one year low of $205.53 and a one year high of $294.18.

Automatic Data Processing (NASDAQ:ADP – Get Free Report) last posted its earnings results on Wednesday, October 30th. The business services provider reported $2.33 EPS for the quarter, topping the consensus estimate of $2.20 by $0.13. Automatic Data Processing had a return on equity of 89.20% and a net margin of 19.54%. The business had revenue of $4.83 billion during the quarter, compared to the consensus estimate of $4.77 billion. During the same quarter last year, the company earned $2.08 EPS. Automatic Data Processing’s revenue was up 7.1% on a year-over-year basis. As a group, research analysts predict that Automatic Data Processing, Inc. will post 10.04 EPS for the current year.

Automatic Data Processing Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were issued a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 1.92%. The ex-dividend date was Friday, September 13th. Automatic Data Processing’s payout ratio is 62.50%.

Automatic Data Processing Profile

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