L2 Asset Management LLC Purchases Shares of 2,306 Automatic Data Processing, Inc. $ADP

L2 Asset Management LLC bought a new stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 2,306 shares of the business services provider’s stock, valued at approximately $516,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. BlackRock Inc. purchased a new stake in shares of Automatic Data Processing during the 2nd quarter valued at $8,097,229,000. Deutsche Bank AG purchased a new stake in shares of Automatic Data Processing during the 2nd quarter valued at approximately $994,937,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of Automatic Data Processing by 6,493.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,468,180 shares of the business services provider’s stock worth $892,120,000 after acquiring an additional 3,415,576 shares in the last quarter. Bank of New York Mellon Corp bought a new position in Automatic Data Processing in the 2nd quarter worth about $725,513,000. Finally, Cardano Risk Management B.V. boosted its position in shares of Automatic Data Processing by 950.1% in the fourth quarter. Cardano Risk Management B.V. now owns 3,563,180 shares of the business services provider’s stock valued at $916,557,000 after acquiring an additional 3,223,855 shares during the period. 80.03% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on ADP. Robert W. Baird decreased their target price on Automatic Data Processing from $300.00 to $270.00 in a research note on Thursday, April 30th. Morgan Stanley boosted their price objective on Automatic Data Processing from $240.00 to $286.00 and gave the stock an “equal weight” rating in a report on Thursday, July 30th. Wells Fargo & Company upped their price objective on shares of 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. Citigroup raised their target price on shares of Automatic Data Processing from $230.00 to $287.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. Finally, BMO Capital Markets lifted their target price on shares of Automatic Data Processing from $248.00 to $305.00 and gave the company a “market perform” rating in a research report on Wednesday, July 29th. Three equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Automatic Data Processing has an average rating of “Hold” and an average price target of $273.50.

Automatic Data Processing Trading Down 0.1%

Shares of ADP stock opened at $282.78 on Wednesday. The business has a 50-day moving average of $252.07 and a 200 day moving average of $226.84. 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 1-year low of $188.16 and a 1-year high of $305.31. The stock has a market capitalization of $112.34 billion, a PE ratio of 25.85 and a beta of 0.81.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, July 29th. The business services provider reported $2.64 EPS for the quarter, topping the consensus estimate of $2.59 by $0.05. The company 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 revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the previous year, the firm earned $2.26 earnings per share. Automatic Data Processing has set its FY 2027 guidance at 12.120-12.340 EPS. As a group, sell-side analysts anticipate 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 declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be paid 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 presently 62.16%.

Insider Buying and Selling at Automatic Data Processing

In related news, VP David Kwon sold 798 shares of the company’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $280.00, for a total value of $223,440.00. Following the sale, the vice president directly owned 13,193 shares of the company’s stock, valued at $3,694,040. This represents a 5.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Brian L. Michaud sold 120 shares of the company’s stock in a transaction dated 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 sale, the vice president directly owned 18,442 shares in the company, valued at $5,158,227.40. This represents a 0.65% 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. In the last quarter, insiders sold 3,332 shares of company stock worth $898,211. 0.20% of the stock is currently owned by company insiders.

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.