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Automatic Data Processing, Inc. (NASDAQ:ADP) Holdings Reduced by Boston Family Office LLC

Financial News Live · Jan 31, 2023 13:32

Boston Family Office LLC decreased its position in Automatic Data Processing, Inc. (NASDAQ:ADP – Get Rating) by 7.6% in the 3rd quarter, Holdings Channel.com reports. The firm owned 81,009 shares of the business services provider's stock after selling 6,684 shares during the period. Automatic Data Processing makes up approximately 1.6% of Boston Family Office LLC's investment portfolio, making the stock its 17th largest position. Boston Family Office LLC's holdings in Automatic Data Processing were worth $18,324,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of ADP. Harbor Investment Advisory LLC raised its holdings in Automatic Data Processing by 1.0% during the 3rd quarter. Harbor Investment Advisory LLC now owns 4,164 shares of the business services provider's stock worth $942,000 after purchasing an additional 41 shares during the last quarter. Congress Wealth Management LLC DE raised its holdings in Automatic Data Processing by 0.6% during the 2nd quarter. Congress Wealth Management LLC DE now owns 6,707 shares of the business services provider's stock worth $1,408,000 after purchasing an additional 43 shares during the last quarter. Integrated Wealth Concepts LLC raised its holdings in Automatic Data Processing by 0.7% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 5,955 shares of the business services provider's stock worth $1,251,000 after purchasing an additional 44 shares during the last quarter. Well Done LLC raised its holdings in Automatic Data Processing by 3.1% during the 3rd quarter. Well Done LLC now owns 1,545 shares of the business services provider's stock worth $349,000 after purchasing an additional 46 shares during the last quarter. Finally, Tradewinds LLC. grew its position in shares of Automatic Data Processing by 1.8% during the 3rd quarter. Tradewinds LLC. now owns 2,574 shares of the business services provider's stock worth $582,000 after buying an additional 46 shares during the period. Institutional investors own 79.24% of the company's stock.

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Wall Street Analyst Weigh In

ADP has been the subject of several recent analyst reports. Barclays reduced their price objective on shares of Automatic Data Processing from $280.00 to $278.00 and set an "overweight" rating for the company in a research report on Sunday. Cowen raised their price objective on shares of Automatic Data Processing to $237.00 in a research report on Thursday, October 27th. Morgan Stanley lifted their price objective on shares of Automatic Data Processing from $245.00 to $250.00 and gave the stock an "equal weight" rating in a report on Thursday, October 27th. Wolfe Research lifted their price objective on shares of Automatic Data Processing from $220.00 to $225.00 in a report on Thursday, January 5th. Finally, StockNews.com raised shares of Automatic Data Processing from a "hold" rating to a "buy" rating in a report on Thursday, January 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $243.50.

Automatic Data Processing Stock Performance

Automatic Data Processing stock traded up $1.78 during midday trading on Tuesday, reaching $224.13. The stock had a trading volume of 637,018 shares, compared to its average volume of 2,052,316. Automatic Data Processing, Inc. has a 12 month low of $192.26 and a 12 month high of $274.92. The firm's 50-day moving average price is $247.37 and its 200 day moving average price is $241.83. The firm has a market capitalization of $92.98 billion, a PE ratio of 29.53, a P/E/G ratio of 2.27 and a beta of 0.85. The company has a quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 1.00.

Automatic Data Processing (NASDAQ:ADP – Get Rating) last posted its earnings results on Wednesday, January 25th. The business services provider reported $1.96 earnings per share for the quarter, beating analysts' consensus estimates of $1.95 by $0.01. The business had revenue of $4.39 billion during the quarter, compared to analyst estimates of $4.39 billion. Automatic Data Processing had a return on equity of 96.94% and a net margin of 18.24%. The company's quarterly revenue was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.65 EPS. As a group, research analysts predict that Automatic Data Processing, Inc. will post 8.12 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, April 1st. Shareholders of record on Friday, March 10th will be issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date of this dividend is Thursday, March 9th. Automatic Data Processing's payout ratio is presently 66.40%.

Insider Buying and Selling at Automatic Data Processing

In other Automatic Data Processing news, VP Donald Weinstein sold 5,075 shares of Automatic Data Processing stock in a transaction dated Wednesday, January 11th. The stock was sold at an average price of $245.00, for a total transaction of $1,243,375.00. Following the completion of the transaction, the vice president now owns 32,950 shares of the company's stock, valued at approximately $8,072,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Carlos A. Rodriguez sold 37,594 shares of the business's stock in a transaction dated Monday, January 9th. The stock was sold at an average price of $241.29, for a total transaction of $9,071,056.26. Following the completion of the transaction, the insider now owns 44,481 shares of the company's stock, valued at $10,732,820.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Donald Weinstein sold 5,075 shares of the business's stock in a transaction dated Wednesday, January 11th. The stock was sold at an average price of $245.00, for a total value of $1,243,375.00. Following the transaction, the vice president now directly owns 32,950 shares of the company's stock, valued at approximately $8,072,750. The disclosure for this sale can be found here. Insiders sold 106,350 shares of company stock valued at $25,301,670 in the last quarter. 0.33% of the stock is currently owned by corporate insiders.

About Automatic Data Processing

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Automatic Data Processing, Inc engages in the provision of business outsourcing solutions specializing in cloud-based human capital management. It operates through the following business segments: Employer Services, Professional Employer Organization Services, and Other. The Employer Services segment provides clients ranging from single-employee small businesses to large enterprises with tens of thousands of employees around the world, offering a range of human resources outsourcing and technology-based human capital management solutions, including strategic, cloud-based platforms.