4,500 Shares in Automatic Data Processing, Inc. (NASDAQ:ADP) Acquired by Wolverine Asset Management LLC

13 Nov 2024, 06:28 by Renee Jackson · The Cerbat Gem

Wolverine Asset Management LLC purchased a new position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) during the third quarter, Holdings Channel reports. The firm purchased 4,500 shares of the business services provider’s stock, valued at approximately $1,245,000.

A number of other hedge funds also recently added to or reduced their stakes in ADP. Avantax Advisory Services Inc. lifted its position in Automatic Data Processing by 23.2% during the 1st quarter. Avantax Advisory Services Inc. now owns 18,414 shares of the business services provider’s stock worth $4,599,000 after acquiring an additional 3,465 shares during the period. Entropy Technologies LP acquired a new stake in shares of Automatic Data Processing in the 1st quarter valued at approximately $754,000. Koshinski Asset Management Inc. lifted its holdings in shares of Automatic Data Processing by 28.9% in the 1st quarter. Koshinski Asset Management Inc. now owns 2,791 shares of the business services provider’s stock valued at $697,000 after buying an additional 625 shares during the period. TD Asset Management Inc lifted its holdings in shares of Automatic Data Processing by 14.2% in the 1st quarter. TD Asset Management Inc now owns 801,857 shares of the business services provider’s stock valued at $200,256,000 after buying an additional 99,515 shares during the period. Finally, D Orazio & Associates Inc. lifted its holdings in shares of Automatic Data Processing by 4.6% in the 1st quarter. D Orazio & Associates Inc. now owns 2,179 shares of the business services provider’s stock valued at $544,000 after buying an additional 95 shares during the period. 80.03% of the stock is owned by institutional investors and hedge funds.

Automatic Data Processing Trading Up 0.4 %

NASDAQ:ADP opened at $307.91 on Wednesday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a market cap of $125.46 billion, a price-to-earnings ratio of 32.86, a price-to-earnings-growth ratio of 3.55 and a beta of 0.79. Automatic Data Processing, Inc. has a one year low of $226.09 and a one year high of $309.21. The business’s 50-day simple moving average is $284.74 and its 200 day simple moving average is $262.46.

Automatic Data Processing (NASDAQ:ADP – Get Free Report) last posted its earnings results on Wednesday, October 30th. The business services provider reported $2.33 EPS for the quarter, beating the consensus estimate of $2.21 by $0.12. The company had revenue of $4.83 billion during the quarter, compared to analyst estimates of $4.77 billion. Automatic Data Processing had a return on equity of 82.36% and a net margin of 19.72%. The business’s revenue was up 7.1% compared to the same quarter last year. During the same period in the prior year, the company earned $2.08 earnings per share. As a group, sell-side analysts predict that Automatic Data Processing, Inc. will post 9.94 earnings per share for the current fiscal year.

Automatic Data Processing Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be issued a $1.54 dividend. This represents a $6.16 dividend on an annualized basis and a yield of 2.00%. This is a positive change from Automatic Data Processing’s previous quarterly dividend of $1.40. The ex-dividend date is Friday, December 13th. Automatic Data Processing’s dividend payout ratio is 59.77%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Barclays lifted their price objective on Automatic Data Processing from $310.00 to $325.00 and gave the stock an “overweight” rating in a report on Monday, November 4th. JPMorgan Chase & Co. raised their price target on Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 20th. Bank of America raised their price target on Automatic Data Processing from $250.00 to $267.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Stifel Nicolaus lifted their price objective on Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Finally, TD Cowen lifted their price objective on Automatic Data Processing from $276.00 to $285.00 and gave the company a “hold” rating in a research report on Friday, November 1st. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $289.91.

Get Our Latest Stock Report on ADP

Insider Buying and Selling

In other Automatic Data Processing news, CEO Maria Black sold 19,147 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $274.38, for a total value of $5,253,553.86. Following the completion of the sale, the chief executive officer now directly owns 92,807 shares in the company, valued at $25,464,384.66. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Maria Black sold 19,147 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $274.38, for a total value of $5,253,553.86. Following the completion of the sale, the chief executive officer now owns 92,807 shares of the company’s stock, valued at $25,464,384.66. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Sreenivasa Kutam sold 38,975 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $300.00, for a total value of $11,692,500.00. Following the sale, the vice president now owns 32,604 shares of the company’s stock, valued at approximately $9,781,200. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 97,792 shares of company stock valued at $27,691,708 in the last three months. 0.21% of the stock is currently owned by corporate 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.