Glenview Trust Co Buys New Stake in Automatic Data Processing, Inc. $ADP

Glenview Trust Co acquired a new stake in Automatic Data Processing, Inc. (NASDAQ:ADP) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 13,684 shares of the business services provider’s stock, valued at approximately $3,065,000.

Other institutional investors have also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Automatic Data Processing in the second quarter valued at approximately $8,097,229,000. State Street Corp raised its position in shares of Automatic Data Processing by 0.7% during the 4th quarter. State Street Corp now owns 18,940,841 shares of the business services provider’s stock valued at $4,903,769,000 after buying an additional 133,039 shares during the period. Geode Capital Management LLC grew its holdings in shares of Automatic Data Processing by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 11,576,572 shares of the business services provider’s stock worth $2,977,777,000 after purchasing an additional 136,876 shares during the period. Capital Research Global Investors lifted its holdings in shares of Automatic Data Processing by 4.6% in the 4th quarter. Capital Research Global Investors now owns 8,393,607 shares of the business services provider’s stock worth $2,159,088,000 after acquiring an additional 372,413 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in 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. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Automatic Data Processing Trading Up 1.0%

ADP opened at $287.48 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.82. The firm has a market cap of $114.20 billion, a price-to-earnings ratio of 26.28 and a beta of 0.81. The business’s 50 day moving average is $256.03 and its two-hundred day moving average is $227.97. Automatic Data Processing, Inc. has a 52 week low of $188.16 and a 52 week high of $305.31.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings results on Wednesday, July 29th. The business services provider reported $2.64 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $5.47 billion during the quarter, compared to the consensus estimate of $5.44 billion. During the same quarter in the prior year, the firm earned $2.26 EPS. Automatic Data Processing’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. On average, research analysts predict that Automatic Data Processing, Inc. will post 12.26 EPS for the current year.

Automatic Data Processing Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be paid a $1.70 dividend. The ex-dividend date is Friday, September 11th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.4%. Automatic Data Processing’s payout ratio is 62.16%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Citigroup upped their price target on Automatic Data Processing from $230.00 to $287.00 and gave the stock a “neutral” rating in a report on Thursday, July 30th. TD Cowen raised their price objective on shares of Automatic Data Processing from $216.00 to $223.00 and gave the company a “hold” rating in a report on Monday, July 6th. UBS Group lifted 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 report on Wednesday, July 22nd. Guggenheim increased their target price 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, Cantor Fitzgerald raised their price target on Automatic Data Processing from $295.00 to $310.00 and gave the company an “overweight” rating in a research note on Monday, August 3rd. Three research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $273.50.

Insider Transactions at Automatic Data Processing

In related news, VP Brian L. Michaud sold 120 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $279.70, for a total value of $33,564.00. Following the completion of the transaction, the vice president directly owned 18,442 shares of the company’s stock, valued at $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 available at this hyperlink. 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 dated Thursday, July 30th. The stock was sold at an average price of $265.62, for a total transaction of $641,206.68. Following the transaction, the vice president owned 9,660 shares of the company’s stock, valued at approximately $2,565,889.20. The trade was a 19.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 3,332 shares of company stock valued at $898,211 in the last quarter. Insiders own 0.20% of the company’s stock.

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.