Brandywine Managers LLC Takes $11.76 Million Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Posted by Defense World Staff on Sep 12th, 2023

Brandywine Managers LLC purchased a new stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 53,287 shares of the business services provider’s stock, valued at approximately $11,762,000. Automatic Data Processing makes up approximately 8.4% of Brandywine Managers LLC’s portfolio, making the stock its 4th biggest position.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Ten Capital Wealth Advisors LLC boosted its position in shares of Automatic Data Processing by 110.7% during the first quarter. Ten Capital Wealth Advisors LLC now owns 118 shares of the business services provider’s stock valued at $26,000 after buying an additional 62 shares during the last quarter. China Universal Asset Management Co. Ltd. purchased a new stake in shares of Automatic Data Processing during the first quarter valued at $28,000. Coppell Advisory Solutions Corp. purchased a new stake in shares of Automatic Data Processing during the fourth quarter valued at $33,000. Arlington Partners LLC purchased a new stake in shares of Automatic Data Processing during the first quarter valued at $36,000. Finally, Rebalance LLC purchased a new position in Automatic Data Processing in the fourth quarter worth about $39,000. 79.37% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on ADP. Mizuho raised their target price on Automatic Data Processing from $255.00 to $285.00 and gave the stock a “buy” rating in a research report on Thursday, August 17th. Barclays raised their target price on Automatic Data Processing from $275.00 to $285.00 in a research report on Friday, July 28th. JPMorgan Chase & Co. raised their target price on Automatic Data Processing from $260.00 to $280.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 22nd. Royal Bank of Canada began coverage on Automatic Data Processing in a research report on Tuesday, September 5th. They issued a “sector perform” rating and a $267.00 target price on the stock. Finally, UBS Group initiated coverage on Automatic Data Processing in a research report on Friday, June 2nd. They issued a “neutral” rating and a $230.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $249.57.

Read Our Latest Report on Automatic Data Processing

Automatic Data Processing Stock Down 0.5 %

Shares of ADP opened at $248.20 on Tuesday. The business’s 50 day moving average is $244.16 and its 200 day moving average is $226.13. The company has a market capitalization of $102.26 billion, a PE ratio of 30.27, a price-to-earnings-growth ratio of 2.34 and a beta of 0.81. Automatic Data Processing, Inc. has a 12-month low of $201.46 and a 12-month high of $274.92. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.85.

Automatic Data Processing (NASDAQ:ADP – Get Free Report) last issued its earnings results on Wednesday, July 26th. The business services provider reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.06. The company had revenue of $4.48 billion for the quarter, compared to the consensus estimate of $4.39 billion. Automatic Data Processing had a return on equity of 107.15% and a net margin of 18.94%. The firm’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the company earned $1.50 EPS. Research analysts expect that Automatic Data Processing, Inc. will post 9.14 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 8th will be paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.01%. The ex-dividend date is Thursday, September 7th. Automatic Data Processing’s dividend payout ratio (DPR) is presently 60.98%.

Insider Activity at Automatic Data Processing

In other Automatic Data Processing news, VP Michael A. Bonarti sold 7,049 shares of Automatic Data Processing stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $254.75, for a total value of $1,795,732.75. Following the sale, the vice president now owns 67,044 shares of the company’s stock, valued at approximately $17,079,459. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Automatic Data Processing news, VP Michael A. Bonarti sold 7,049 shares of Automatic Data Processing stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $254.75, for a total value of $1,795,732.75. Following the sale, the vice president now owns 67,044 shares of the company’s stock, valued at approximately $17,079,459. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Maria Black sold 17,326 shares of Automatic Data Processing stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $255.03, for a total value of $4,418,649.78. Following the completion of the sale, the chief executive officer now directly owns 70,782 shares in the company, valued at approximately $18,051,533.46. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 117,835 shares of company stock valued at $29,763,730. 0.33% of the stock is owned by company insiders.

About Automatic Data Processing

(Free Report)

Automatic Data Processing, Inc provides cloud-based human capital management solutions worldwide. It operates in two segments, Employer Services and Professional Employer Organization (PEO). The Employer Services segment offers strategic, cloud-based platforms, and human resources (HR) outsourcing solutions.