Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Sold by SouthState Corp

SouthState Corp reduced its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 3.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,622 shares of the business services provider’s stock after selling 572 shares during the period. SouthState Corp’s holdings in Automatic Data Processing were worth $4,877,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Assenagon Asset Management S.A. increased its holdings in shares of Automatic Data Processing by 70.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 638,507 shares of the business services provider’s stock worth $152,405,000 after buying an additional 264,466 shares during the last quarter. Toronto Dominion Bank increased its stake in Automatic Data Processing by 1.7% during the first quarter. Toronto Dominion Bank now owns 247,474 shares of the business services provider’s stock worth $61,804,000 after acquiring an additional 4,253 shares during the last quarter. Plato Investment Management Ltd raised its holdings in shares of Automatic Data Processing by 23.8% in the 2nd quarter. Plato Investment Management Ltd now owns 26,610 shares of the business services provider’s stock worth $6,352,000 after purchasing an additional 5,114 shares during the period. Moloney Securities Asset Management LLC acquired a new position in shares of Automatic Data Processing in the 3rd quarter valued at about $209,000. Finally, ORG Partners LLC grew its holdings in shares of Automatic Data Processing by 2,917.1% during the 2nd quarter. ORG Partners LLC now owns 4,224 shares of the business services provider’s stock worth $997,000 after purchasing an additional 4,084 shares during the period. 80.03% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Automatic Data Processing

In related news, VP David Kwon sold 846 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $270.60, for a total transaction of $228,927.60. Following the sale, the vice president now owns 10,410 shares in the company, valued at $2,816,946. This represents a 7.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael A. Bonarti sold 26,442 shares of Automatic Data Processing stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $270.96, for a total value of $7,164,724.32. Following the completion of the transaction, the vice president now owns 88,426 shares of the company’s stock, valued at approximately $23,959,908.96. The trade was a 23.02 % 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 worth $27,691,708 over the last quarter. 0.21% of the stock is owned by corporate insiders.

Automatic Data Processing Stock Performance

Shares of ADP opened at $297.89 on Tuesday. The firm has a market cap of $121.38 billion, a price-to-earnings ratio of 31.79, a PEG ratio of 3.46 and a beta of 0.79. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.56. The business’s 50 day moving average is $287.68 and its two-hundred day moving average is $264.53. Automatic Data Processing, Inc. has a 52-week low of $227.12 and a 52-week high of $309.37.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.12. The firm had revenue of $4.83 billion for the quarter, compared to analysts’ expectations of $4.77 billion. Automatic Data Processing had a net margin of 19.72% and a return on equity of 82.36%. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the company posted $2.08 earnings per share. Analysts forecast that Automatic Data Processing, Inc. will post 9.94 EPS for the current fiscal year.

Automatic Data Processing Increases Dividend

The company 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 is a positive change from Automatic Data Processing’s previous quarterly dividend of $1.40. This represents a $6.16 annualized dividend and a yield of 2.07%. The ex-dividend date is Friday, December 13th. Automatic Data Processing’s payout ratio is currently 59.77%.

Analysts Set New Price Targets

ADP has been the topic of several research reports. Royal Bank of Canada raised their price target on shares of Automatic Data Processing from $267.00 to $315.00 and gave the company a “sector perform” rating in a report on Thursday, October 31st. Mizuho lifted their target price on shares of Automatic Data Processing from $281.00 to $310.00 and gave the company an “outperform” rating in a report on Monday, November 4th. TD Cowen upped their price target on shares of Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a research report on Friday, November 1st. Barclays raised their price objective on Automatic Data Processing from $310.00 to $325.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Finally, Stifel Nicolaus increased their target price on Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $289.91.

Automatic Data Processing Profile

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.