Park State Asset Management Buys New Stake in Automatic Data Processing, Inc. $ADP

Park State Asset Management purchased a new position in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 5,207 shares of the business services provider's stock, valued at approximately $1,166,000. Automatic Data Processing makes up 1.1% of Park State Asset Management's investment portfolio, making the stock its 18th largest holding.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Horizon Investments LLC increased its holdings in shares of Automatic Data Processing by 34.1% during the fourth quarter. Horizon Investments LLC now owns 26,144 shares of the business services provider's stock worth $6,725,000 after buying an additional 6,655 shares in the last quarter. Compass Capital Management Inc. raised its stake in shares of Automatic Data Processing by 3.0% in the fourth quarter. Compass Capital Management Inc. now owns 203,710 shares of the business services provider's stock valued at $52,400,000 after acquiring an additional 5,899 shares during the last quarter. DNB Asset Management AS boosted its holdings in shares of Automatic Data Processing by 11.1% in the 4th quarter. DNB Asset Management AS now owns 152,697 shares of the business services provider's stock worth $39,278,000 after acquiring an additional 15,287 shares in the last quarter. Fulton Bank N.A. boosted its holdings in shares of Automatic Data Processing by 192.0% in the 2nd quarter. Fulton Bank N.A. now owns 7,165 shares of the business services provider's stock worth $1,605,000 after acquiring an additional 4,711 shares in the last quarter. Finally, Leonteq Securities AG bought a new stake in Automatic Data Processing during the 4th quarter worth approximately $3,054,000. Institutional investors own 80.03% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ADP shares. Guggenheim raised their price target on Automatic Data Processing from $270.00 to $300.00 and gave the company a "buy" rating in a report on Thursday, July 30th. BMO Capital Markets boosted their price objective on Automatic Data Processing from $248.00 to $305.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 29th. UBS Group increased their target price on Automatic Data Processing from $260.00 to $270.00 and gave the stock a "neutral" rating in a report on Wednesday, July 22nd. Robert W. Baird lowered their target price on Automatic Data Processing from $300.00 to $270.00 in a research note on Thursday, April 30th. Finally, Jefferies Financial Group cut their price target on Automatic Data Processing from $230.00 to $190.00 in a report on Thursday, April 30th. Three research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $273.50.

Automatic Data Processing Stock Performance

ADP stock opened at $269.31 on Wednesday. The company has a 50 day moving average price of $246.58 and a 200 day moving average price of $225.48. Automatic Data Processing, Inc. has a fifty-two week low of $188.16 and a fifty-two week high of $310.08. 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 stock has a market capitalization of $106.99 billion, a PE ratio of 24.62 and a beta of 0.81.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The business services provider reported $2.64 EPS for the quarter, beating analysts' consensus estimates of $2.59 by $0.05. The firm had revenue of $5.47 billion for 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 quarterly revenue was up 6.8% compared to the same quarter last year. During the same period last year, the company earned $2.26 EPS. Automatic Data Processing has set its FY 2027 guidance at 12.120-12.340 EPS. Analysts forecast that Automatic Data Processing, Inc. will post 12.26 EPS for the current year.

Automatic Data Processing Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, September 11th. Automatic Data Processing's dividend payout ratio is 62.16%.

Insider Transactions at Automatic Data Processing

In related news, VP David Kwon sold 2,414 shares of Automatic Data Processing stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $265.62, for a total value of $641,206.68. Following the completion of the sale, the vice president directly owned 9,660 shares in the company, valued at $2,565,889.20. This trade represents a 19.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.20% of the stock is currently owned by corporate insiders.

About Automatic Data Processing

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.

Want to see what other hedge funds are holding ADP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source