Coastal Bridge Advisors LLC Acquires New Position in Automatic Data Processing, Inc. $ADP

Coastal Bridge Advisors LLC acquired a new stake in Automatic Data Processing, Inc. (NASDAQ:ADP) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 7,992 shares of the business services provider’s stock, valued at approximately $1,790,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADP. BlackRock Inc. purchased a new stake in shares of Automatic Data Processing during the 2nd quarter worth about $8,097,229,000. State Street Corp grew its stake in shares of Automatic Data Processing by 0.7% in 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 in the last quarter. Geode Capital Management LLC increased its holdings in Automatic Data Processing by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 11,576,572 shares of the business services provider’s stock worth $2,977,777,000 after buying an additional 136,876 shares during the last quarter. Capital Research Global Investors increased its holdings in Automatic Data Processing by 4.6% in the fourth quarter. Capital Research Global Investors now owns 8,393,607 shares of the business services provider’s stock worth $2,159,088,000 after buying an additional 372,413 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings 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 worth $1,896,944,000 after buying an additional 544,210 shares during the last quarter. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Stock Up 1.2%

ADP stock opened at $284.68 on Friday. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.05 and a quick ratio of 1.05. Automatic Data Processing, Inc. has a 52-week low of $188.16 and a 52-week high of $305.31. The company has a 50-day moving average of $254.65 and a two-hundred day moving average of $227.55. The stock has a market capitalization of $113.09 billion, a price-to-earnings ratio of 26.02 and a beta of 0.81.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, July 29th. The business services provider reported $2.64 EPS for the quarter, topping 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 business had revenue of $5.47 billion for the quarter, compared to analyst estimates of $5.44 billion. During the same period in the previous year, the company posted $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 research analysts anticipate that Automatic Data Processing, Inc. will post 12.26 EPS for the current year.

Automatic Data Processing Dividend Announcement

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

Insider Activity at Automatic Data Processing

In other news, VP Brian L. Michaud sold 120 shares of the company’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 transaction of $33,564.00. Following the completion of the transaction, the vice president directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP David Kwon sold 2,414 shares of the stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $265.62, for a total value of $641,206.68. Following the completion of the sale, the vice president directly owned 9,660 shares of the company’s stock, valued at $2,565,889.20. This represents a 19.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 3,332 shares of company stock worth $898,211. Company insiders own 0.20% of the company’s stock.

Analyst Upgrades and Downgrades

ADP has been the subject of a number of analyst reports. Weiss Ratings upgraded shares of Automatic Data Processing from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, July 21st. Jefferies Financial Group cut their price target on shares of Automatic Data Processing from $230.00 to $190.00 in a report on Thursday, April 30th. Mizuho reduced their price objective on shares of Automatic Data Processing from $332.00 to $305.00 in a research note on Thursday, April 30th. Cantor Fitzgerald upped their price objective on shares of Automatic Data Processing from $295.00 to $310.00 and gave the stock an “overweight” rating in a report on Monday, August 3rd. Finally, UBS Group increased their target price 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. Three investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $273.50.

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.