Automatic Data Processing, Inc. $ADP Shares Bought by Fulton Bank N.A.

Fulton Bank N.A. grew its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 192.0% during the 2nd quarter, Holdings Channel reports. The fund owned 7,165 shares of the business services provider’s stock after acquiring an additional 4,711 shares during the period. Fulton Bank N.A.’s holdings in Automatic Data Processing were worth $1,605,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. First Bank & Trust acquired a new stake in shares of Automatic Data Processing during the second quarter valued at $542,000. Legacy Wealth Asset Management LLC raised its stake in Automatic Data Processing by 2.7% in the 2nd quarter. Legacy Wealth Asset Management LLC now owns 7,622 shares of the business services provider’s stock valued at $1,707,000 after purchasing an additional 200 shares during the last quarter. Allied Private Wealth LLC acquired a new position in Automatic Data Processing in the 2nd quarter valued at about $387,000. Sax Wealth Advisors LLC raised its stake in Automatic Data Processing by 368.9% in the 2nd quarter. Sax Wealth Advisors LLC now owns 6,058 shares of the business services provider’s stock valued at $1,357,000 after purchasing an additional 4,766 shares during the last quarter. Finally, Cardano Risk Management B.V. lifted its holdings in Automatic Data Processing by 4.8% in the 2nd quarter. Cardano Risk Management B.V. now owns 370,801 shares of the business services provider’s stock valued at $83,041,000 after purchasing an additional 17,030 shares in the last quarter. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on ADP shares. Guggenheim raised their target price on shares of Automatic Data Processing from $270.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. TD Cowen upped their price target on shares of Automatic Data Processing from $216.00 to $223.00 and gave the stock a “hold” rating in a research report on Monday, July 6th. Argus lowered their price target on Automatic Data Processing from $300.00 to $240.00 and set a “buy” rating for the company in a report on Tuesday, May 5th. Robert W. Baird cut their price objective on Automatic Data Processing from $300.00 to $270.00 in a research report on Thursday, April 30th. Finally, Cantor Fitzgerald boosted their price objective on Automatic Data Processing from $295.00 to $310.00 and gave the stock an “overweight” rating in a research note on Monday, August 3rd. 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, the company presently has an average rating of “Hold” and a consensus price target of $273.50.

Insiders Place Their Bets

In other Automatic Data Processing news, VP David Kwon sold 2,414 shares of the company’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 completion of the transaction, 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 position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.20% of the stock is currently owned by insiders.

Automatic Data Processing Stock Down 0.9%

Shares of NASDAQ:ADP opened at $271.09 on Wednesday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.82. Automatic Data Processing, Inc. has a 52-week low of $188.16 and a 52-week high of $310.08. The company has a 50 day moving average of $242.53 and a two-hundred day moving average of $224.97. The company has a market capitalization of $107.69 billion, a price-to-earnings ratio of 24.78 and a beta of 0.81.

Automatic Data Processing (NASDAQ:ADP) last posted its earnings results 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. The business had revenue of $5.47 billion for the quarter, compared to analysts’ expectations of $5.44 billion. Automatic Data Processing had a net margin of 20.11% and a return on equity of 71.34%. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the previous year, the company posted $2.26 earnings per share. Automatic Data Processing has set its FY 2027 guidance at 12.120-12.340 EPS. As a group, analysts forecast that Automatic Data Processing, Inc. will post 12.26 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The company also recently disclosed 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 is Friday, September 11th. This represents a $6.80 dividend on an annualized basis and a yield of 2.5%. Automatic Data Processing’s payout ratio is currently 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.