Automatic Data Processing, Inc. $ADP Stock: Legacy Wealth Asset Management LLC Lowers Stake

Legacy Wealth Asset Management LLC reduced its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 61.1% in the third quarter, HoldingsChannel.com reports. The firm owned 2,967 shares of the business services provider’s stock after selling 4,655 shares during the period. Legacy Wealth Asset Management LLC’s holdings in Automatic Data Processing were worth $766,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new position in Automatic Data Processing during the second quarter valued at about $8,097,229,000. State Street Corp boosted its position in Automatic Data Processing by 0.7% during the fourth quarter. State Street Corp now owns 18,940,841 shares of the business services provider’s stock worth $4,903,769,000 after purchasing an additional 133,039 shares during the period. Bank of America Corp DE bought a new position in Automatic Data Processing in the 2nd quarter worth approximately $1,231,175,000. Deutsche Bank AG purchased a new position in Automatic Data Processing in the 2nd quarter valued at approximately $994,937,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Automatic Data Processing by 3.1% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,251,447 shares of the business services provider’s stock worth $952,112,000 after acquiring an additional 129,376 shares during the period. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Insider Activity

In other Automatic Data Processing news, VP Joseph Desilva sold 631 shares of the stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $282.87, for a total value of $178,490.97. Following the completion of the sale, the vice president owned 18,824 shares in the company, valued at $5,324,744.88. This represents a 3.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Brian L. Michaud sold 120 shares of the firm’s stock in a transaction on 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 $5,158,227.40. The trade was a 0.65% decrease in their ownership of the stock. 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 have sold a total of 33,773 shares of company stock worth $9,450,629 over the last ninety days. 0.15% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on ADP shares. Stifel Nicolaus increased their price target on shares of Automatic Data Processing from $260.00 to $285.00 and gave the company a “hold” rating in a research report on Thursday, July 30th. BMO Capital Markets raised their target price on shares of 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. Morgan Stanley upped their price objective 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. Citigroup lifted their price objective on Automatic Data Processing from $230.00 to $287.00 and gave the company a “neutral” rating in a report on Thursday, July 30th. Finally, TD Cowen upped 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. Three research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $273.50.

Automatic Data Processing Stock Up 0.1%

Shares of NASDAQ ADP opened at $270.88 on Friday. Automatic Data Processing, Inc. has a 12-month low of $188.16 and a 12-month high of $288.00. The business’s fifty day simple moving average is $272.01 and its 200-day simple moving average is $239.53. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.82. The stock has a market cap of $107.34 billion, a P/E ratio of 24.76, a PEG ratio of 2.45 and a beta of 0.83.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, July 29th. The business services provider reported $2.64 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $5.44 billion. During the same quarter in the previous year, the business earned $2.26 earnings per share. 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. As a group, equities analysts predict that Automatic Data Processing, Inc. will post 12.27 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Friday, September 11th were issued a $1.70 dividend. The ex-dividend date of this dividend was Friday, September 11th. This represents a $6.80 annualized dividend and a dividend yield of 2.5%. Automatic Data Processing’s dividend payout ratio (DPR) is 62.16%.

About Automatic Data Processing

Automatic Data Processing, Inc (NASDAQ: ADP) is a provider of human capital management and business outsourcing solutions. The company helps organizations manage payroll, tax withholding and compliance, employee benefits, time and attendance, workforce management, talent acquisition, and human resources administration.

ADP offers cloud-based platforms and related services designed for businesses of different sizes, from small companies to large multinational employers. Its offerings include payroll and HR software, workforce analytics, talent management tools, retirement and insurance-related administration, and professional employer organization services through ADP TotalSource.