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Baxter Bros Inc. Has $18.52 Million Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Financial News Live · Oct 4, 2022 15:23

Baxter Bros Inc. decreased its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP – Get Rating) by 1.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 88,193 shares of the business services provider's stock after selling 1,289 shares during the period. Automatic Data Processing comprises about 3.3% of Baxter Bros Inc.'s investment portfolio, making the stock its 8th biggest holding. Baxter Bros Inc.'s holdings in Automatic Data Processing were worth $18,524,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Norges Bank bought a new stake in shares of Automatic Data Processing in the fourth quarter worth $566,438,000. BlackRock Inc. grew its holdings in shares of Automatic Data Processing by 5.1% in the first quarter. BlackRock Inc. now owns 33,637,473 shares of the business services provider's stock worth $7,653,871,000 after acquiring an additional 1,642,852 shares during the period. Aaron Wealth Advisors LLC grew its holdings in shares of Automatic Data Processing by 23,114.1% in the first quarter. Aaron Wealth Advisors LLC now owns 1,481,057 shares of the business services provider's stock worth $6,509,000 after acquiring an additional 1,474,677 shares during the period. Mackenzie Financial Corp grew its holdings in shares of Automatic Data Processing by 1,386.1% in the fourth quarter. Mackenzie Financial Corp now owns 1,531,541 shares of the business services provider's stock worth $377,647,000 after acquiring an additional 1,428,484 shares during the period. Finally, Capital World Investors grew its holdings in shares of Automatic Data Processing by 16.9% in the first quarter. Capital World Investors now owns 5,393,160 shares of the business services provider's stock worth $1,227,160,000 after acquiring an additional 779,457 shares during the period. Institutional investors own 79.06% of the company's stock.

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Automatic Data Processing Trading Up 1.9 %

NASDAQ ADP traded up $4.50 during trading hours on Tuesday, hitting $236.75. 28,229 shares of the company were exchanged, compared to its average volume of 1,931,945. The stock has a 50-day moving average price of $242.53 and a 200 day moving average price of $226.87. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.93. Automatic Data Processing, Inc. has a 52 week low of $192.26 and a 52 week high of $261.59. The stock has a market cap of $98.32 billion, a PE ratio of 33.13, a price-to-earnings-growth ratio of 2.34 and a beta of 0.83.

Automatic Data Processing (NASDAQ:ADP – Get Rating) last issued its quarterly earnings data on Wednesday, July 27th. The business services provider reported $1.50 earnings per share for the quarter, topping the consensus estimate of $1.48 by $0.02. Automatic Data Processing had a return on equity of 66.25% and a net margin of 17.87%. The company had revenue of $4.13 billion for the quarter, compared to analysts' expectations of $4.05 billion. During the same period in the previous year, the firm posted $1.20 earnings per share. The firm's revenue for the quarter was up 10.5% on a year-over-year basis. Analysts forecast that Automatic Data Processing, Inc. will post 8.05 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Saturday, October 1st. Stockholders of record on Friday, September 9th were paid a dividend of $1.04 per share. The ex-dividend date was Thursday, September 8th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.76%. Automatic Data Processing's dividend payout ratio is 59.34%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on ADP shares. Morgan Stanley lifted their target price on Automatic Data Processing from $235.00 to $245.00 and gave the company an "equal weight" rating in a research report on Thursday, July 28th. Cowen lifted their target price on Automatic Data Processing from $230.00 to $236.00 in a research report on Tuesday, September 20th. Wolfe Research lowered their target price on Automatic Data Processing from $235.00 to $210.00 in a research report on Wednesday, July 20th. Barclays lifted their target price on Automatic Data Processing to $280.00 in a research report on Tuesday, August 9th. Finally, Cowen lifted their target price on Automatic Data Processing from $230.00 to $236.00 in a research report on Tuesday, September 20th. Nine investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $236.85.

Insider Activity

In other news, VP Donald Weinstein sold 10,150 shares of the company's stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $250.00, for a total transaction of $2,537,500.00. Following the transaction, the vice president now owns 41,035 shares of the company's stock, valued at $10,258,750. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, VP Donald Weinstein sold 10,150 shares of the business's stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $250.00, for a total value of $2,537,500.00. Following the completion of the sale, the vice president now owns 41,035 shares in the company, valued at $10,258,750. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Carlos A. Rodriguez sold 37,594 shares of the business's stock in a transaction that occurred on Tuesday, September 13th. The shares were sold at an average price of $237.95, for a total value of $8,945,492.30. Following the completion of the sale, the chief executive officer now owns 44,426 shares of the company's stock, valued at approximately $10,571,166.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 106,782 shares of company stock valued at $25,456,697. 0.33% of the stock is currently owned by insiders.

Automatic Data Processing Company Profile

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Automatic Data Processing, Inc provides cloud-based human capital management solutions worldwide. It operates in two segments, Employer Services and Professional Employer Organization (PEO). The Employer Services segment offers strategic, cloud-based platforms, and human resources (HR) outsourcing solutions.