Canandaigua National Bank & Trust Co. Acquires Shares of 7,026 Automatic Data Processing, Inc. $ADP

Canandaigua National Bank & Trust Co. bought a new position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 7,026 shares of the business services provider’s stock, valued at approximately $1,573,000.

Other large investors have also modified their holdings of the company. Imprint Wealth LLC purchased a new position in shares of Automatic Data Processing in the third quarter worth about $25,000. Cornerstone Financial Management LLC purchased a new stake in Automatic Data Processing during the 4th quarter valued at about $26,000. Bard Associates Inc. acquired a new stake in Automatic Data Processing in the 4th quarter valued at about $28,000. Whipplewood Advisors LLC raised its holdings in Automatic Data Processing by 2,740.0% in the 1st quarter. Whipplewood Advisors LLC now owns 142 shares of the business services provider’s stock valued at $29,000 after acquiring an additional 137 shares during the last quarter. Finally, Prosperity Bancshares Inc purchased a new position in Automatic Data Processing in the 4th quarter worth approximately $33,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Wall Street Analyst Weigh In

ADP has been the subject of a number of analyst reports. Cantor Fitzgerald upped their price target on Automatic Data Processing from $295.00 to $310.00 and gave the company an “overweight” rating in a research report on Monday. Wells Fargo & Company lifted their price objective on Automatic Data Processing from $248.00 to $283.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 30th. Argus lowered their price objective on Automatic Data Processing from $300.00 to $240.00 and set a “buy” rating on the stock in a research note on Tuesday, May 5th. UBS Group raised their target price on Automatic Data Processing from $260.00 to $270.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 22nd. Finally, Citigroup boosted their price target on shares of Automatic Data Processing from $230.00 to $287.00 and gave the company a “neutral” rating in a research report on Thursday, July 30th. Three equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Automatic Data Processing presently has an average rating of “Hold” and an average price target of $273.50.

Insider Transactions at Automatic Data Processing

In related news, VP David Kwon sold 2,414 shares of the business’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $265.62, for a total value of $641,206.68. Following the sale, the vice president directly owned 9,660 shares in the company, valued at approximately $2,565,889.20. The trade was a 19.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.20% of the company’s stock.

Automatic Data Processing Trading Down 0.2%

ADP opened at $270.09 on Thursday. The stock has a market capitalization of $107.96 billion, a PE ratio of 24.69 and a beta of 0.81. Automatic Data Processing, Inc. has a one year low of $188.16 and a one year high of $310.08. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.04 and a current ratio of 1.05. The business’s 50 day moving average price is $238.87 and its 200 day moving average price is $224.57.

Automatic Data Processing (NASDAQ:ADP) last posted its earnings results on Wednesday, July 29th. The business services provider reported $2.64 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $5.47 billion during the quarter, compared to analysts’ expectations of $5.44 billion. During the same quarter last year, the firm earned $2.26 earnings per share. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. Automatic Data Processing has set its FY 2027 guidance at 12.120-12.340 EPS. As a group, equities research analysts expect that Automatic Data Processing, Inc. will post 12.3 EPS for the current year.

Automatic Data Processing Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, September 11th. Automatic Data Processing’s dividend payout ratio (DPR) is presently 62.16%.

About Automatic Data Processing

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.