FourThought Financial LLC Sells 615 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Posted by Defense World Staff on Mar 16th, 2023

FourThought Financial LLC lowered its stake in Automatic Data Processing, Inc. (NASDAQ:ADP – Get Rating) by 9.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,954 shares of the business services provider’s stock after selling 615 shares during the quarter. FourThought Financial LLC’s holdings in Automatic Data Processing were worth $1,347,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in shares of Automatic Data Processing by 325.2% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 1,265,068 shares of the business services provider’s stock worth $286,146,000 after purchasing an additional 967,534 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Automatic Data Processing in the third quarter worth about $147,822,000. Vanguard Group Inc. increased its position in Automatic Data Processing by 1.2% in the third quarter. Vanguard Group Inc. now owns 39,551,673 shares of the business services provider’s stock worth $8,946,194,000 after buying an additional 472,896 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Automatic Data Processing by 7.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,689,136 shares of the business services provider’s stock valued at $1,522,047,000 after buying an additional 461,438 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its stake in shares of Automatic Data Processing by 50.7% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 996,212 shares of the business services provider’s stock valued at $225,337,000 after acquiring an additional 335,206 shares during the period. Institutional investors own 79.24% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ADP. JPMorgan Chase & Co. lowered their price target on shares of Automatic Data Processing from $253.00 to $245.00 and set an “underweight” rating on the stock in a report on Thursday, January 26th. Mizuho decreased their price target on Automatic Data Processing from $285.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, January 26th. StockNews.com raised Automatic Data Processing from a “hold” rating to a “buy” rating in a research note on Friday, March 10th. Barclays dropped their price target on Automatic Data Processing from $280.00 to $278.00 and set an “overweight” rating for the company in a research note on Sunday, January 29th. Finally, Wolfe Research lifted their price objective on shares of Automatic Data Processing from $220.00 to $225.00 in a research report on Thursday, January 5th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Automatic Data Processing presently has an average rating of “Hold” and an average target price of $246.10.

Automatic Data Processing Trading Down 0.2 %

Shares of ADP opened at $213.25 on Thursday. The stock has a market capitalization of $88.36 billion, a PE ratio of 28.32, a P/E/G ratio of 2.19 and a beta of 0.81. The company’s fifty day moving average is $227.79 and its 200 day moving average is $237.66. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.99 and a current ratio of 0.99. Automatic Data Processing, Inc. has a fifty-two week low of $196.61 and a fifty-two week high of $274.92.

Automatic Data Processing (NASDAQ:ADP – Get Rating) last posted its earnings results on Wednesday, January 25th. The business services provider reported $1.96 earnings per share for the quarter, topping analysts’ consensus estimates of $1.95 by $0.01. Automatic Data Processing had a net margin of 18.24% and a return on equity of 96.94%. The firm had revenue of $4.39 billion for the quarter, compared to the consensus estimate of $4.39 billion. During the same period in the previous year, the firm posted $1.65 EPS. The business’s quarterly revenue was up 9.1% on a year-over-year basis. Sell-side analysts expect that Automatic Data Processing, Inc. will post 8.12 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, April 1st. Stockholders of record on Friday, March 10th will be paid a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 2.34%. The ex-dividend date is Thursday, March 9th. Automatic Data Processing’s payout ratio is 66.40%.

Insider Transactions at Automatic Data Processing

In related news, insider Carlos A. Rodriguez sold 52,254 shares of the stock in a transaction on Thursday, January 5th. The stock was sold at an average price of $234.15, for a total transaction of $12,235,274.10. Following the sale, the insider now owns 44,481 shares in the company, valued at approximately $10,415,226.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Automatic Data Processing news, VP Donald Weinstein sold 5,075 shares of the business’s stock in a transaction that occurred on Wednesday, January 11th. The stock was sold at an average price of $245.00, for a total transaction of $1,243,375.00. Following the completion of the transaction, the vice president now owns 32,950 shares in the company, valued at $8,072,750. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Carlos A. Rodriguez sold 52,254 shares of the company’s stock in a transaction that occurred on Thursday, January 5th. The shares were sold at an average price of $234.15, for a total value of $12,235,274.10. Following the transaction, the insider now directly owns 44,481 shares in the company, valued at approximately $10,415,226.15. The disclosure for this sale can be found here. In the last 90 days, insiders sold 106,350 shares of company stock worth $25,301,670. 0.33% of the stock is currently owned by company insiders.

Automatic Data Processing Company Profile

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Automatic Data Processing, Inc engages in the provision of business outsourcing solutions specializing in cloud-based human capital management. It operates through the following business segments: Employer Services, Professional Employer Organization Services, and Other. The Employer Services segment provides clients ranging from single-employee small businesses to large enterprises with tens of thousands of employees around the world, offering a range of human resources outsourcing and technology-based human capital management solutions, including strategic, cloud-based platforms.