Beacon Pointe Advisors LLC Takes $16.70 Million Position in Automatic Data Processing, Inc. $ADP

Beacon Pointe Advisors LLC purchased a new position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 74,583 shares of the business services provider's stock, valued at approximately $16,703,000.

A number of other hedge funds have also bought and sold shares of the company. Imprint Wealth LLC acquired a new position in shares of Automatic Data Processing in the 3rd quarter worth approximately $25,000. Cornerstone Financial Management LLC bought a new stake in shares of Automatic Data Processing in the 4th quarter valued at approximately $26,000. Bard Associates Inc. acquired a new stake in shares of Automatic Data Processing during the 4th quarter valued at approximately $28,000. Whipplewood Advisors LLC raised its position in shares of Automatic Data Processing by 2,740.0% during the 1st quarter. Whipplewood Advisors LLC now owns 142 shares of the business services provider's stock valued at $29,000 after acquiring an additional 137 shares in the last quarter. Finally, Prosperity Bancshares Inc bought a new position in Automatic Data Processing during the fourth quarter worth $33,000. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Automatic Data Processing Stock Performance

ADP opened at $287.48 on Friday. The business has a 50 day moving average price of $256.03 and a two-hundred day moving average price of $227.97. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market capitalization of $114.20 billion, a price-to-earnings ratio of 26.28 and a beta of 0.81. Automatic Data Processing, Inc. has a 1-year low of $188.16 and a 1-year high of $305.31.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The business services provider reported $2.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.59 by $0.05. Automatic Data Processing had a return on equity of 71.34% and a net margin of 20.11%.The company had revenue of $5.47 billion for the quarter, compared to analysts' expectations of $5.44 billion. During the same period last year, the firm earned $2.26 EPS. The firm's revenue for the quarter was up 6.8% on a year-over-year basis. Automatic Data Processing has set its FY 2027 guidance at 12.120-12.340 EPS. Research analysts predict that Automatic Data Processing, Inc. will post 12.26 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a 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%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Cantor Fitzgerald lifted their price objective on shares of Automatic Data Processing from $295.00 to $310.00 and gave the stock an "overweight" rating in a report on Monday, August 3rd. Wells Fargo & Company increased their target price on shares of Automatic Data Processing from $248.00 to $283.00 and gave the stock an "equal weight" rating in a report on Thursday, July 30th. Morgan Stanley raised their price target on shares of Automatic Data Processing from $240.00 to $286.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 30th. 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. Finally, UBS Group increased their price objective on shares of Automatic Data Processing from $260.00 to $270.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 22nd. Three research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $273.50.

Insider Transactions at Automatic Data Processing

In other news, VP Brian L. Michaud sold 120 shares of the firm's stock in a transaction dated 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 owned 18,442 shares in the company, valued at approximately $5,158,227.40. This trade represents a 0.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP David Kwon sold 2,414 shares of Automatic Data Processing stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $265.62, for a total transaction of $641,206.68. Following the completion of the transaction, the vice president directly owned 9,660 shares in the company, valued at $2,565,889.20. This represents a 19.99% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 3,332 shares of company stock worth $898,211. 0.20% of the stock is owned by corporate insiders.

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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