Richard C. Young & CO. LTD. Has $20.55 Million Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

18 Nov 2024, 12:04 by Sarita Garza · The Markets Daily

Richard C. Young & CO. LTD. lifted its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) by 0.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 74,255 shares of the business services provider’s stock after acquiring an additional 258 shares during the period. Automatic Data Processing makes up approximately 2.2% of Richard C. Young & CO. LTD.’s portfolio, making the stock its 12th biggest position. Richard C. Young & CO. LTD.’s holdings in Automatic Data Processing were worth $20,549,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Tower Wealth Partners Inc. boosted its position in shares of Automatic Data Processing by 3.4% in the 3rd quarter. Tower Wealth Partners Inc. now owns 1,054 shares of the business services provider’s stock worth $292,000 after purchasing an additional 35 shares in the last quarter. Harbour Investments Inc. lifted its position in Automatic Data Processing by 2.1% in the 3rd quarter. Harbour Investments Inc. now owns 1,742 shares of the business services provider’s stock valued at $482,000 after acquiring an additional 36 shares in the last quarter. Petredis Investment Advisors LLC lifted its position in Automatic Data Processing by 0.4% in the 3rd quarter. Petredis Investment Advisors LLC now owns 10,485 shares of the business services provider’s stock valued at $2,902,000 after acquiring an additional 37 shares in the last quarter. Moors & Cabot Inc. lifted its position in Automatic Data Processing by 0.7% in the 2nd quarter. Moors & Cabot Inc. now owns 5,698 shares of the business services provider’s stock valued at $1,360,000 after acquiring an additional 39 shares in the last quarter. Finally, Austin Private Wealth LLC lifted its position in Automatic Data Processing by 4.4% in the 3rd quarter. Austin Private Wealth LLC now owns 923 shares of the business services provider’s stock valued at $255,000 after acquiring an additional 39 shares in the last quarter. 80.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ADP. Stifel Nicolaus upped 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. Citigroup boosted their target price on shares of Automatic Data Processing from $260.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, September 25th. StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday, September 19th. JPMorgan Chase & Co. boosted their target price on shares of Automatic Data Processing from $250.00 to $285.00 and gave the company an “underweight” rating in a research note on Tuesday, August 20th. Finally, Jefferies Financial Group boosted their target price on shares of Automatic Data Processing from $260.00 to $290.00 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Automatic Data Processing presently has a consensus rating of “Hold” and an average price target of $289.91.

Get Our Latest Stock Report on ADP

Insider Activity at Automatic Data Processing

In other Automatic Data Processing news, VP David Kwon sold 846 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $270.60, for a total value of $228,927.60. Following the completion of the sale, the vice president now owns 10,410 shares of the company’s stock, valued at $2,816,946. This trade represents a 7.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Sreenivasa Kutam sold 38,975 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $300.00, for a total transaction of $11,692,500.00. Following the completion of the sale, the vice president now directly owns 32,604 shares of the company’s stock, valued at approximately $9,781,200. The trade was a 54.45 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 97,792 shares of company stock valued at $27,691,708. Insiders own 0.21% of the company’s stock.

Automatic Data Processing Stock Down 1.4 %

Shares of NASDAQ:ADP opened at $297.64 on Monday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.56. Automatic Data Processing, Inc. has a 12 month low of $227.12 and a 12 month high of $309.37. The company has a 50-day moving average price of $287.23 and a 200 day moving average price of $264.14. The company has a market cap of $121.28 billion, a price-to-earnings ratio of 31.77, a PEG ratio of 3.46 and a beta of 0.79.

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

Automatic Data Processing Increases Dividend

The firm also recently declared 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 is an increase from Automatic Data Processing’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Friday, December 13th. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.07%. Automatic Data Processing’s dividend payout ratio (DPR) is presently 65.74%.

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.