Nixon Peabody Trust Co. Boosts Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

18 Nov 2024, 15:46 by Tristan Rich · The Markets Daily

Nixon Peabody Trust Co. lifted its stake in Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) by 4.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,429 shares of the business services provider’s stock after buying an additional 295 shares during the period. Nixon Peabody Trust Co.’s holdings in Automatic Data Processing were worth $2,056,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Kiely Wealth Advisory Group Inc. bought a new stake in Automatic Data Processing in the 2nd quarter worth $27,000. Hexagon Capital Partners LLC increased its holdings in Automatic Data Processing by 78.5% during the 3rd quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider’s stock valued at $32,000 after purchasing an additional 51 shares during the period. Crewe Advisors LLC bought a new position in Automatic Data Processing during the 1st quarter valued at approximately $33,000. Capital Performance Advisors LLP bought a new position in Automatic Data Processing during the 3rd quarter valued at approximately $35,000. Finally, Pathway Financial Advisers LLC purchased a new stake in Automatic Data Processing in the 1st quarter worth approximately $36,000. Institutional investors own 80.03% of the company’s stock.

Insider Activity at Automatic Data Processing

In related news, VP David Kwon sold 846 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $270.60, for a total value of $228,927.60. Following the transaction, the vice president now owns 10,410 shares of the company’s stock, valued at approximately $2,816,946. This trade represents a 7.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Sreenivasa Kutam sold 38,975 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $300.00, for a total transaction of $11,692,500.00. Following the sale, the vice president now owns 32,604 shares of the company’s stock, valued at $9,781,200. This trade represents a 54.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 97,792 shares of company stock valued at $27,691,708 over the last ninety days. Insiders own 0.21% of the company’s stock.

Automatic Data Processing Stock Up 0.2 %

Shares of ADP traded up $0.57 during trading hours on Monday, hitting $298.21. The company had a trading volume of 81,770 shares, compared to its average volume of 1,626,290. 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 capitalization of $121.51 billion, a price-to-earnings ratio of 31.77, a P/E/G ratio of 3.46 and a beta of 0.79. Automatic Data Processing, Inc. has a 52-week low of $227.12 and a 52-week high of $309.37. The firm has a fifty day moving average price of $287.23 and a 200-day moving average price of $264.14.

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 earnings per share for the quarter, beating the consensus estimate 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 company 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 earnings per share. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. On average, equities research analysts forecast that Automatic Data Processing, Inc. will post 9.94 EPS for the current fiscal year.

Automatic Data Processing Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be issued a dividend of $1.54 per share. This is an increase from Automatic Data Processing’s previous quarterly dividend of $1.40. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend is Friday, December 13th. Automatic Data Processing’s dividend payout ratio is presently 65.74%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. StockNews.com downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday, September 19th. TD Cowen boosted their price objective on shares of Automatic Data Processing from $276.00 to $285.00 and gave the company a “hold” rating in a research report on Friday, November 1st. UBS Group raised their target price on shares of Automatic Data Processing from $270.00 to $295.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 22nd. Barclays lifted their target price on shares of Automatic Data Processing from $310.00 to $325.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. Finally, Citigroup increased their price target on shares of Automatic Data Processing from $260.00 to $295.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 25th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Automatic Data Processing has an average rating of “Hold” and an average price target of $289.91.

Check Out Our Latest Analysis on ADP

Automatic Data Processing Company Profile

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