Engineers Gate Manager LP Raises Holdings in Automatic Data Processing, Inc. $ADP

Engineers Gate Manager LP lifted its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 656.7% during the 2nd quarter, HoldingsChannel reports. The firm owned 42,142 shares of the business services provider’s stock after acquiring an additional 36,573 shares during the quarter. Engineers Gate Manager LP’s holdings in Automatic Data Processing were worth $9,438,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in ADP. Imprint Wealth LLC purchased a new position in Automatic Data Processing during the 3rd quarter valued at approximately $25,000. Cornerstone Financial Management LLC bought a new stake in Automatic Data Processing in the 4th quarter worth approximately $26,000. Bard Associates Inc. purchased a new stake in shares of Automatic Data Processing during the 4th quarter worth approximately $28,000. Whipplewood Advisors LLC raised its holdings in shares of Automatic Data Processing by 2,740.0% during the 1st quarter. Whipplewood Advisors LLC now owns 142 shares of the business services provider’s stock worth $29,000 after acquiring an additional 137 shares in the last quarter. Finally, Prosperity Bancshares Inc bought a new position in shares of Automatic Data Processing during the 4th quarter valued at approximately $33,000. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ADP has been the subject of a number of recent research reports. Wells Fargo & Company raised their target price on shares of Automatic Data Processing from $248.00 to $283.00 and gave the company an “equal weight” rating in a report on Thursday, July 30th. Cantor Fitzgerald increased their price objective on shares of Automatic Data Processing from $295.00 to $310.00 and gave the company an “overweight” rating in a research report on Monday, August 3rd. Guggenheim boosted their target price on shares of Automatic Data Processing from $270.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Morgan Stanley increased their price target on shares of Automatic Data Processing from $240.00 to $286.00 and gave the company an “equal weight” rating in a report on Thursday, July 30th. Finally, Stifel Nicolaus boosted their price objective on Automatic Data Processing from $260.00 to $285.00 and gave the stock a “hold” rating in a research note on Thursday, July 30th. Three research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Automatic Data Processing has a consensus rating of “Hold” and an average target price of $273.50.

Insider Activity at Automatic Data Processing

In related news, VP Joseph Desilva sold 631 shares of Automatic Data Processing stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $282.87, for a total transaction 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 trade represents a 3.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP David Kwon sold 798 shares of Automatic Data Processing stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $280.00, for a total transaction of $223,440.00. Following the sale, the vice president owned 13,193 shares of the company’s stock, valued at $3,694,040. The trade was a 5.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 33,773 shares of company stock valued at $9,450,629 over the last ninety days. Company insiders own 0.20% of the company’s stock.

Automatic Data Processing Trading Up 0.8%

Shares of NASDAQ ADP opened at $267.33 on Friday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.05 and a current ratio of 1.05. The business’s 50 day moving average price is $265.40 and its 200-day moving average price is $231.87. Automatic Data Processing, Inc. has a fifty-two week low of $188.16 and a fifty-two week high of $299.22. The company has a market cap of $106.20 billion, a price-to-earnings ratio of 24.44, a PEG ratio of 2.40 and a beta of 0.82.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, July 29th. The business services provider reported $2.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.59 by $0.05. The company had revenue of $5.47 billion during the quarter, compared to analysts’ expectations of $5.44 billion. Automatic Data Processing had a return on equity of 71.34% and a net margin of 20.11%.Automatic Data Processing’s revenue was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.26 EPS. Automatic Data Processing has set its FY 2027 guidance at 12.120-12.340 EPS. On average, sell-side analysts expect that Automatic Data Processing, Inc. will post 12.26 earnings per share 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. Stockholders of record on Friday, September 11th will be given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Friday, September 11th. Automatic Data Processing’s dividend payout ratio (DPR) is 62.16%.

Automatic Data Processing Profile

Automatic Data Processing, Inc (NASDAQ: ADP) is a provider of human capital management (HCM) solutions and business outsourcing services. The company helps organizations manage payroll, employment taxes, human resources administration, employee benefits, workforce management, talent management, and compliance.

ADP offers cloud-based products for businesses of different sizes, including payroll and HR platforms, time and attendance tools, recruiting and talent solutions, benefits administration, and data and analytics services.