Weatherly Asset Management L. P. Sells 80 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Posted by James Conley on Mar 19th, 2023

Weatherly Asset Management L. P. reduced its position in Automatic Data Processing, Inc. (NASDAQ:ADP – Get Rating) by 8.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 901 shares of the business services provider’s stock after selling 80 shares during the quarter. Weatherly Asset Management L. P.’s holdings in Automatic Data Processing were worth $216,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of ADP. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in shares of Automatic Data Processing by 325.2% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 1,265,068 shares of the business services provider’s stock worth $286,146,000 after purchasing an additional 967,534 shares during the period. Renaissance Technologies LLC purchased a new position in shares of Automatic Data Processing in the third quarter worth $147,822,000. Vanguard Group Inc. lifted its holdings in shares of Automatic Data Processing by 1.2% in the third quarter. Vanguard Group Inc. now owns 39,551,673 shares of the business services provider’s stock worth $8,946,194,000 after buying an additional 472,896 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Automatic Data Processing by 7.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 6,689,136 shares of the business services provider’s stock worth $1,522,047,000 after buying an additional 461,438 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in shares of Automatic Data Processing by 50.7% in the third quarter. Robeco Institutional Asset Management B.V. now owns 996,212 shares of the business services provider’s stock worth $225,337,000 after buying an additional 335,206 shares in the last quarter. 79.24% of the stock is currently owned by institutional investors.

Automatic Data Processing Trading Down 1.2 %

Shares of ADP opened at $213.22 on Friday. Automatic Data Processing, Inc. has a twelve month low of $196.61 and a twelve month high of $274.92. The company has a market cap of $88.35 billion, a P/E ratio of 28.32, a P/E/G ratio of 2.19 and a beta of 0.81. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.00. The company’s fifty day simple moving average is $226.90 and its 200-day simple moving average is $237.20.

Automatic Data Processing (NASDAQ:ADP – Get Rating) last announced its earnings results on Wednesday, January 25th. The business services provider reported $1.96 earnings per share for the quarter, beating the consensus estimate of $1.95 by $0.01. Automatic Data Processing had a net margin of 18.24% and a return on equity of 96.94%. The business had revenue of $4.39 billion for the quarter, compared to the consensus estimate of $4.39 billion. During the same quarter in the prior year, the firm posted $1.65 earnings per share. The business’s revenue for the quarter was up 9.1% on a year-over-year basis. As a group, analysts expect that Automatic Data Processing, Inc. will post 8.12 EPS for the current year.

Automatic Data Processing Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, April 1st. Stockholders of record on Friday, March 10th will be paid a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 2.34%. The ex-dividend date of this dividend is Thursday, March 9th. Automatic Data Processing’s dividend payout ratio is currently 66.40%.

Insider Activity

In other news, VP Donald Weinstein sold 11,427 shares of the company’s stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $240.83, for a total value of $2,751,964.41. Following the transaction, the vice president now directly owns 32,950 shares in the company, valued at $7,935,348.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Carlos A. Rodriguez sold 37,594 shares of the company’s stock in a transaction dated Monday, January 9th. The shares were sold at an average price of $241.29, for a total value of $9,071,056.26. Following the transaction, the insider now directly owns 44,481 shares in the company, valued at $10,732,820.49. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Donald Weinstein sold 11,427 shares of the stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $240.83, for a total transaction of $2,751,964.41. Following the transaction, the vice president now owns 32,950 shares in the company, valued at $7,935,348.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 106,350 shares of company stock valued at $25,301,670. 0.33% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ADP has been the topic of several research analyst reports. StockNews.com raised shares of Automatic Data Processing from a “hold” rating to a “buy” rating in a report on Friday, March 10th. Barclays lowered their target price on shares of Automatic Data Processing from $280.00 to $278.00 and set an “overweight” rating on the stock in a report on Sunday, January 29th. Mizuho lowered their target price on shares of Automatic Data Processing from $285.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, January 26th. JPMorgan Chase & Co. decreased their price target on shares of Automatic Data Processing from $253.00 to $245.00 and set an “underweight” rating on the stock in a research note on Thursday, January 26th. Finally, Wolfe Research upped their price target on shares of Automatic Data Processing from $220.00 to $225.00 in a research note on Thursday, January 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $246.10.

Automatic Data Processing Profile

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Automatic Data Processing, Inc engages in the provision of business outsourcing solutions specializing in cloud-based human capital management. It operates through the following business segments: Employer Services, Professional Employer Organization Services, and Other. The Employer Services segment provides clients ranging from single-employee small businesses to large enterprises with tens of thousands of employees around the world, offering a range of human resources outsourcing and technology-based human capital management solutions, including strategic, cloud-based platforms.