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Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Purchased by Arrow Financial Corp

Financial News Live · Oct 5, 2022 12:42

Arrow Financial Corp boosted its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP – Get Rating) by 53.9% during the second quarter, Holdings Channel.com reports. The institutional investor owned 6,786 shares of the business services provider's stock after buying an additional 2,376 shares during the period. Arrow Financial Corp's holdings in Automatic Data Processing were worth $1,425,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in ADP. Credit Agricole S A lifted its holdings in Automatic Data Processing by 89.8% during the 4th quarter. Credit Agricole S A now owns 816 shares of the business services provider's stock worth $201,000 after buying an additional 386 shares in the last quarter. MML Investors Services LLC lifted its holdings in Automatic Data Processing by 4.0% during the 4th quarter. MML Investors Services LLC now owns 32,287 shares of the business services provider's stock worth $7,961,000 after buying an additional 1,233 shares in the last quarter. Mairs & Power Inc. lifted its holdings in Automatic Data Processing by 1.1% during the 4th quarter. Mairs & Power Inc. now owns 19,077 shares of the business services provider's stock worth $4,704,000 after buying an additional 200 shares in the last quarter. Laurel Wealth Advisors Inc. lifted its holdings in Automatic Data Processing by 15.0% during the 4th quarter. Laurel Wealth Advisors Inc. now owns 6,111 shares of the business services provider's stock worth $1,506,000 after buying an additional 799 shares in the last quarter. Finally, Laidlaw Wealth Management LLC acquired a new stake in Automatic Data Processing during the 4th quarter worth approximately $376,000. 79.06% of the stock is currently owned by institutional investors and hedge funds.

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Insiders Place Their Bets

In other Automatic Data Processing news, CEO Carlos A. Rodriguez sold 58,864 shares of the firm's stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $236.69, for a total transaction of $13,932,520.16. Following the transaction, the chief executive officer now directly owns 44,426 shares of the company's stock, valued at approximately $10,515,189.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Automatic Data Processing news, CEO Carlos A. Rodriguez sold 58,864 shares of the firm's stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $236.69, for a total transaction of $13,932,520.16. Following the transaction, the chief executive officer now directly owns 44,426 shares of the company's stock, valued at approximately $10,515,189.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Donald Weinstein sold 10,150 shares of the firm's stock in a transaction 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 completion of the sale, the vice president now owns 41,035 shares of the company's stock, valued at approximately $10,258,750. The disclosure for this sale can be found here. In the last three months, insiders have sold 107,034 shares of company stock valued at $25,514,241. Insiders own 0.33% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ADP shares. Morgan Stanley increased their target price on shares of Automatic Data Processing from $235.00 to $245.00 and gave the stock an "equal weight" rating in a report on Thursday, July 28th. Cowen increased their price objective on shares of Automatic Data Processing from $230.00 to $236.00 in a research report on Tuesday, September 20th. Wolfe Research dropped their price objective on shares of Automatic Data Processing from $235.00 to $210.00 in a research report on Wednesday, July 20th. Mizuho increased their price objective on shares of Automatic Data Processing from $250.00 to $257.00 and gave the company a "buy" rating in a research report on Monday, August 1st. Finally, Cowen increased their price objective on shares of 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 issued a buy rating to the company's stock. Based on data from MarketBeat, Automatic Data Processing presently has a consensus rating of "Hold" and an average price target of $236.85.

Automatic Data Processing Stock Down 0.0 %

Shares of NASDAQ ADP traded down $0.10 during mid-day trading on Wednesday, reaching $236.52. The company had a trading volume of 29,972 shares, compared to its average volume of 2,021,154. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.93. The firm has a 50 day simple moving average of $242.91 and a two-hundred day simple moving average of $227.03. The stock has a market cap of $98.22 billion, a P/E ratio of 33.60, a PEG ratio of 2.40 and a beta of 0.82. Automatic Data Processing, Inc. has a 52-week low of $192.26 and a 52-week high of $261.59.

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

Automatic Data Processing Dividend Announcement

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

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.