4,990 Shares in Automatic Data Processing, Inc. $ADP Bought by Pinnacle West Asset Management Inc.

Pinnacle West Asset Management Inc. purchased a new stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) during the 2nd quarter, HoldingsChannel reports. The firm purchased 4,990 shares of the business services provider’s stock, valued at approximately $1,118,000.

A number of other hedge funds have also modified their holdings of ADP. Ieq Capital LLC acquired a new position in shares of Automatic Data Processing in the second quarter valued at about $2,875,000. Burnham & Co LLC acquired a new stake in shares of Automatic Data Processing during the second quarter worth about $54,000. Callan Family Office LLC purchased a new stake in Automatic Data Processing in the second quarter valued at approximately $6,912,000. Keebeck Wealth Management purchased a new stake in Automatic Data Processing in the second quarter valued at approximately $538,000. Finally, Keating Financial Advisory Services Inc. acquired a new position in Automatic Data Processing in the 2nd quarter worth approximately $152,000. 80.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on ADP shares. Stifel Nicolaus raised their price target on shares of Automatic Data Processing from $260.00 to $285.00 and gave the stock a “hold” rating in a research report on Thursday, July 30th. Jefferies Financial Group dropped their price objective on shares of Automatic Data Processing from $230.00 to $190.00 in a report on Thursday, April 30th. Citigroup increased their price objective on shares of Automatic Data Processing from $230.00 to $287.00 and gave the stock a “neutral” rating in a research note on Thursday, July 30th. UBS Group raised their target price on shares of Automatic Data Processing from $260.00 to $270.00 and gave the stock a “neutral” rating in a report on Wednesday, July 22nd. Finally, Argus decreased their target price on shares of Automatic Data Processing from $300.00 to $240.00 and set a “buy” rating for the company in a research report on Tuesday, May 5th. Three investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $273.50.

Automatic Data Processing Price Performance

NASDAQ:ADP opened at $280.81 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. The company has a 50 day moving average price of $249.66 and a 200-day moving average price of $226.31. Automatic Data Processing, Inc. has a 1-year low of $188.16 and a 1-year high of $308.89. The firm has a market cap of $111.55 billion, a price-to-earnings ratio of 25.67 and a beta of 0.81.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Wednesday, July 29th. The business services provider reported $2.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.59 by $0.05. The firm had revenue of $5.47 billion for the quarter, compared to the consensus estimate of $5.44 billion. Automatic Data Processing had a net margin of 20.11% and a return on equity of 71.34%. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.26 earnings per share. Automatic Data Processing has set its FY 2027 guidance at 12.120-12.340 EPS. Equities research analysts forecast that Automatic Data Processing, Inc. will post 12.26 EPS for the current year.

Automatic Data Processing Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, September 11th. Automatic Data Processing’s dividend payout ratio is presently 62.16%.

Insider Activity

In other news, VP David Kwon sold 2,414 shares of the firm’s stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $265.62, for a total transaction of $641,206.68. Following the sale, the vice president directly owned 9,660 shares in the company, valued at $2,565,889.20. This trade represents a 19.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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.

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.