Glenview Trust Co Invests $3.06 Million in Automatic Data Processing, Inc. $ADP

Glenview Trust Co purchased a new position in Automatic Data Processing, Inc. (NASDAQ:ADP) in the second quarter, HoldingsChannel.com reports. The firm purchased 13,684 shares of the business services provider’s stock, valued at approximately $3,065,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Automatic Data Processing in the second quarter valued at about $8,097,229,000. State Street Corp increased its stake in Automatic Data Processing by 0.7% during the fourth quarter. State Street Corp now owns 18,940,841 shares of the business services provider’s stock valued at $4,903,769,000 after purchasing an additional 133,039 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Automatic Data Processing by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 11,576,572 shares of the business services provider’s stock worth $2,977,777,000 after purchasing an additional 136,876 shares during the period. Capital Research Global Investors lifted its position in shares of Automatic Data Processing by 4.6% in the 4th quarter. Capital Research Global Investors now owns 8,393,607 shares of the business services provider’s stock worth $2,159,088,000 after buying an additional 372,413 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Automatic Data Processing by 8.0% in the 4th quarter. Wellington Management Group LLP now owns 7,374,504 shares of the business services provider’s stock worth $1,896,944,000 after buying an additional 544,210 shares during the last quarter. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Insider Activity at Automatic Data Processing

In other news, VP Brian L. Michaud sold 120 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $279.70, for a total value of $33,564.00. Following the completion of the transaction, the vice president directly owned 18,442 shares in the company, valued at $5,158,227.40. This trade represents a 0.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP David Kwon sold 2,414 shares of the company’s stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $265.62, for a total value of $641,206.68. Following the completion of the sale, the vice president owned 9,660 shares of the company’s stock, valued at $2,565,889.20. This trade represents a 19.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 3,332 shares of company stock valued at $898,211 over the last quarter. Insiders own 0.20% of the company’s stock.

Automatic Data Processing Stock Up 1.0%

ADP opened at $287.48 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. Automatic Data Processing, Inc. has a 12 month low of $188.16 and a 12 month high of $305.31. The stock’s 50 day moving average price is $256.03 and its 200 day moving average price is $227.97. The stock has a market cap of $114.20 billion, a P/E ratio of 26.28 and a beta of 0.81.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly 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. 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%.The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.26 earnings per share. Automatic Data Processing has set its FY 2027 guidance at 12.120-12.340 EPS. As a group, research analysts predict that Automatic Data Processing, Inc. will post 12.26 earnings per share for the current year.

Automatic Data Processing Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders 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 2.4%. The ex-dividend date is Friday, September 11th. Automatic Data Processing’s payout ratio is 62.16%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ADP. Citigroup raised their target price on shares of Automatic Data Processing from $230.00 to $287.00 and gave the stock a “neutral” rating in a report on Thursday, July 30th. TD Cowen raised their price target on Automatic Data Processing from $216.00 to $223.00 and gave the stock a “hold” rating in a report on Monday, July 6th. Guggenheim boosted their price objective on Automatic Data Processing from $270.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Cantor Fitzgerald increased their target price on Automatic Data Processing from $295.00 to $310.00 and gave the stock an “overweight” rating in a research report on Monday, August 3rd. Finally, Argus reduced their price target on shares of Automatic Data Processing from $300.00 to $240.00 and set a “buy” rating for the company in a report on Tuesday, May 5th. Three equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Automatic Data Processing presently has a consensus rating of “Hold” and a consensus target price of $273.50.

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.