Automatic Data Processing, Inc. $ADP Shares Sold by Eastern Bank

Key Points

• Eastern Bank reduced its ADP stake by 15.4% in the second quarter, selling 11,676 shares and retaining 64,006 shares valued at approximately $14.3 million. Institutional investors collectively own 80.03% of ADP.
• Analysts remain broadly neutral, with an average “Hold” rating and a consensus price target of $273.50 after several firms raised their targets.
• ADP exceeded quarterly expectations, reporting $2.64 in adjusted EPS and $5.47 billion in revenue, up 6.8% year over year; shares opened at $269.78, while an ADP vice president also sold shares under a pre-arranged trading plan.

Eastern Bank trimmed its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 15.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 64,006 shares of the business services provider's stock after selling 11,676 shares during the period. Eastern Bank's holdings in Automatic Data Processing were worth $14,334,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. State Street Corp boosted its holdings in Automatic Data Processing by 0.7% in the 4th quarter. State Street Corp now owns 18,940,841 shares of the business services provider's stock worth $4,903,769,000 after acquiring an additional 133,039 shares during the period. Geode Capital Management LLC raised its stake in shares of Automatic Data Processing by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 11,576,572 shares of the business services provider's stock valued at $2,977,777,000 after purchasing an additional 136,876 shares during the period. Capital Research Global Investors lifted its position in shares of Automatic Data Processing by 4.6% during the fourth quarter. Capital Research Global Investors now owns 8,393,607 shares of the business services provider's stock worth $2,159,088,000 after purchasing an additional 372,413 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Automatic Data Processing by 8.0% in the fourth quarter. Wellington Management Group LLP now owns 7,374,504 shares of the business services provider's stock valued at $1,896,944,000 after purchasing an additional 544,210 shares during the period. Finally, Cardano Risk Management B.V. boosted its stake in shares of Automatic Data Processing by 950.1% in the fourth quarter. Cardano Risk Management B.V. now owns 3,563,180 shares of the business services provider's stock valued at $916,557,000 after purchasing an additional 3,223,855 shares during the period. Institutional investors and hedge funds own 80.03% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ADP shares. Weiss Ratings raised shares of Automatic Data Processing from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, July 21st. 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. Wells Fargo & Company lifted their target price on Automatic Data Processing from $248.00 to $283.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 30th. Stifel Nicolaus increased their price target on Automatic Data Processing from $260.00 to $285.00 and gave the company a "hold" rating in a report on Thursday, July 30th. Finally, Morgan Stanley upped their target price on Automatic Data Processing from $240.00 to $286.00 and gave the company an "equal weight" rating in a research report on Thursday, July 30th. Three investment 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's stock. Based on data from MarketBeat.com, Automatic Data Processing presently has an average rating of "Hold" and an average target price of $273.50.

Insider Activity at Automatic Data Processing

In related news, VP David Kwon sold 2,414 shares of the business's stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $265.62, for a total transaction of $641,206.68. Following the completion of the sale, the vice president 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 Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.20% of the company's stock.

Automatic Data Processing Stock Up 1.2%

Shares of Automatic Data Processing stock opened at $269.78 on Tuesday. The business has a 50-day moving average price of $236.77 and a 200 day moving average price of $224.42. Automatic Data Processing, Inc. has a fifty-two week low of $188.16 and a fifty-two week high of $310.08. The firm has a market cap of $107.84 billion, a P/E ratio of 24.66 and a beta of 0.81. The company has a quick ratio of 1.04, a current ratio of 1.05 and a debt-to-equity ratio of 0.82.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last issued 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. The company had revenue of $5.47 billion during 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 revenue was up 6.8% on a year-over-year basis. During the same quarter last year, the firm earned $2.26 EPS. Automatic Data Processing has set its FY 2027 guidance at 12.120-12.340 EPS. On average, sell-side analysts forecast that Automatic Data Processing, Inc. will post 12.28 earnings per share for the current fiscal year.

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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