Ontario Teachers Pension Plan Board Sells 674 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Posted by Defense World Staff on Sep 18th, 2023

Ontario Teachers Pension Plan Board lessened its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) by 30.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,511 shares of the business services provider’s stock after selling 674 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Automatic Data Processing were worth $336,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ADP. Signet Financial Management LLC boosted its stake in shares of Automatic Data Processing by 1.3% during the 4th quarter. Signet Financial Management LLC now owns 3,587 shares of the business services provider’s stock valued at $857,000 after purchasing an additional 45 shares in the last quarter. Cornell Pochily Investment Advisors Inc. boosted its position in Automatic Data Processing by 1.1% during the 1st quarter. Cornell Pochily Investment Advisors Inc. now owns 4,175 shares of the business services provider’s stock valued at $929,000 after acquiring an additional 46 shares in the last quarter. PFS Investments Inc. grew its holdings in shares of Automatic Data Processing by 3.4% during the 4th quarter. PFS Investments Inc. now owns 1,396 shares of the business services provider’s stock worth $333,000 after acquiring an additional 46 shares during the period. TFC Financial Management Inc. raised its position in shares of Automatic Data Processing by 1.6% in the 4th quarter. TFC Financial Management Inc. now owns 2,986 shares of the business services provider’s stock worth $713,000 after acquiring an additional 47 shares in the last quarter. Finally, S.E.E.D. Planning Group LLC lifted its stake in shares of Automatic Data Processing by 2.0% in the 1st quarter. S.E.E.D. Planning Group LLC now owns 2,412 shares of the business services provider’s stock valued at $537,000 after purchasing an additional 47 shares during the period. Hedge funds and other institutional investors own 79.37% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. UBS Group assumed coverage on Automatic Data Processing in a report on Friday, June 2nd. They issued a “neutral” rating and a $230.00 price objective for the company. Jefferies Financial Group boosted their price objective on shares of Automatic Data Processing from $240.00 to $260.00 in a research note on Wednesday, July 26th. Robert W. Baird raised their target price on shares of Automatic Data Processing from $235.00 to $270.00 in a research note on Thursday, July 27th. Royal Bank of Canada initiated coverage on Automatic Data Processing in a research report on Tuesday, September 5th. They issued a “sector perform” rating and a $267.00 price target on the stock. Finally, Barclays raised their price objective on Automatic Data Processing from $275.00 to $285.00 in a research report on Friday, July 28th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $249.57.

Get Our Latest Stock Report on Automatic Data Processing

Automatic Data Processing Stock Down 1.2 %

ADP stock opened at $245.31 on Monday. The company has a market cap of $101.07 billion, a price-to-earnings ratio of 29.92, a P/E/G ratio of 2.32 and a beta of 0.81. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.99 and a current ratio of 0.99. The business’s 50-day moving average is $246.38 and its two-hundred day moving average is $226.89. Automatic Data Processing, Inc. has a fifty-two week low of $201.46 and a fifty-two week high of $274.92.

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

Automatic Data Processing Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 8th will be paid a $1.25 dividend. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $5.00 annualized dividend and a dividend yield of 2.04%. Automatic Data Processing’s dividend payout ratio (DPR) is 60.98%.

Insider Buying and Selling

In other Automatic Data Processing news, insider Carlos A. Rodriguez sold 52,254 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $247.93, for a total value of $12,955,334.22. Following the completion of the transaction, the insider now directly owns 44,859 shares in the company, valued at $11,121,891.87. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Maria Black sold 17,326 shares of Automatic Data Processing stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $255.03, for a total transaction of $4,418,649.78. Following the sale, the chief executive officer now owns 70,782 shares in the company, valued at $18,051,533.46. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Carlos A. Rodriguez sold 52,254 shares of the firm’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $247.93, for a total transaction of $12,955,334.22. Following the transaction, the insider now directly owns 44,859 shares of the company’s stock, valued at $11,121,891.87. The disclosure for this sale can be found here. In the last three months, insiders have sold 170,089 shares of company stock valued at $42,719,064. 0.33% of the stock is owned by company insiders.

Automatic Data Processing Company Profile

(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.