Pinnacle West Asset Management Inc. Takes Position in Automatic Data Processing, Inc. $ADP

Pinnacle West Asset Management Inc. acquired a new stake in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,990 shares of the business services provider's stock, valued at approximately $1,118,000.

A number of other hedge funds also recently added to or reduced their stakes in ADP. SBI Securities Co. Ltd. grew its holdings in Automatic Data Processing by 2.4% during the 4th quarter. SBI Securities Co. Ltd. now owns 1,895 shares of the business services provider's stock worth $488,000 after acquiring an additional 45 shares in the last quarter. Nordwand Advisors LLC raised its holdings in shares of Automatic Data Processing by 1.5% in the 4th quarter. Nordwand Advisors LLC now owns 3,205 shares of the business services provider's stock valued at $824,000 after purchasing an additional 47 shares in the last quarter. Cary Street Partners Investment Advisory LLC lifted its position in shares of Automatic Data Processing by 1.7% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 2,784 shares of the business services provider's stock worth $716,000 after purchasing an additional 47 shares during the period. Guardian Partners Inc. lifted its position in shares of Automatic Data Processing by 0.9% in the 1st quarter. Guardian Partners Inc. now owns 5,127 shares of the business services provider's stock worth $1,044,000 after purchasing an additional 47 shares during the period. Finally, Reston Wealth Management LLC boosted its stake in shares of Automatic Data Processing by 5.8% during the fourth quarter. Reston Wealth Management LLC now owns 892 shares of the business services provider's stock valued at $229,000 after purchasing an additional 49 shares in the last quarter. 80.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Robert W. Baird cut their price objective on shares of Automatic Data Processing from $300.00 to $270.00 in a report on Thursday, April 30th. Mizuho lowered their target price on Automatic Data Processing from $332.00 to $305.00 in a report on Thursday, April 30th. UBS Group increased their target price on Automatic Data Processing from $260.00 to $270.00 and gave the company a "neutral" rating in a research report on Wednesday, July 22nd. Guggenheim lifted 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. Finally, Weiss Ratings raised Automatic Data Processing from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, July 21st. Three investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Automatic Data Processing has an average rating of "Hold" and a consensus target price of $273.50.

Insider Buying and Selling at Automatic Data Processing

In other Automatic Data Processing news, VP David Kwon sold 2,414 shares of the firm's 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 owned 9,660 shares of the company's stock, valued at approximately $2,565,889.20. This trade represents a 19.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing 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 owned by insiders.

Automatic Data Processing Stock Up 0.6%

Shares of Automatic Data Processing stock opened at $280.81 on Friday. The firm's 50 day moving average price is $249.66 and its 200-day moving average price is $226.31. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.82. Automatic Data Processing, Inc. has a 52-week low of $188.16 and a 52-week high of $308.89. The company has a market cap of $111.55 billion, a P/E ratio of 25.67 and a beta of 0.81.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last posted its earnings results 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. Automatic Data Processing had a net margin of 20.11% and a return on equity of 71.34%. The company had revenue of $5.47 billion during the quarter, compared to analysts' expectations of $5.44 billion. During the same quarter in the prior year, the company posted $2.26 earnings per share. Automatic Data Processing's revenue for the quarter was up 6.8% compared to the same quarter last year. Automatic Data Processing has set its FY 2027 guidance at 12.120-12.340 EPS. On average, sell-side analysts predict that Automatic Data Processing, Inc. will post 12.26 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Friday, September 11th. Automatic Data Processing's dividend payout ratio is currently 62.16%.

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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