Legacy Financial Advisors Inc. Trims Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Legacy Financial Advisors Inc. cut its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 14.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,307 shares of the business services provider’s stock after selling 570 shares during the quarter. Legacy Financial Advisors Inc.’s holdings in Automatic Data Processing were worth $770,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Sapient Capital LLC purchased a new position in shares of Automatic Data Processing during the 4th quarter valued at approximately $338,000. Axxcess Wealth Management LLC lifted its stake in shares of Automatic Data Processing by 4.3% in the 4th quarter. Axxcess Wealth Management LLC now owns 40,549 shares of the business services provider’s stock valued at $9,447,000 after purchasing an additional 1,658 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its position in shares of Automatic Data Processing by 633.0% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 172,057 shares of the business services provider’s stock valued at $40,084,000 after acquiring an additional 148,584 shares during the last quarter. SouthState Corp raised its position in Automatic Data Processing by 0.3% in the fourth quarter. SouthState Corp now owns 17,316 shares of the business services provider’s stock valued at $4,034,000 after purchasing an additional 56 shares during the period. Finally, Running Oak Capital LLC purchased a new stake in Automatic Data Processing during the fourth quarter worth about $5,342,000. Institutional investors own 80.03% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on ADP. StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Tuesday, March 19th. Barclays increased their price objective on Automatic Data Processing from $280.00 to $282.00 and gave the company an “overweight” rating in a research note on Thursday. Bank of America raised shares of Automatic Data Processing from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $217.00 to $243.00 in a research note on Wednesday, January 17th. Mizuho lifted their price target on shares of Automatic Data Processing from $265.00 to $272.00 and gave the company a “buy” rating in a research report on Monday, March 11th. Finally, TD Cowen decreased their target price on shares of Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating for the company in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $255.42.

Automatic Data Processing Trading Down 0.1 %

Automatic Data Processing stock traded down $0.14 during mid-day trading on Friday, hitting $241.89. 1,491,532 shares of the company’s stock were exchanged, compared to its average volume of 1,451,137. The firm has a market capitalization of $99.37 billion, a P/E ratio of 27.00, a PEG ratio of 2.27 and a beta of 0.78. The company’s 50 day simple moving average is $245.63 and its 200-day simple moving average is $239.08. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.65. Automatic Data Processing, Inc. has a fifty-two week low of $205.53 and a fifty-two week high of $256.84.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, May 1st. The business services provider reported $2.88 EPS for the quarter, topping analysts’ consensus estimates of $2.79 by $0.09. Automatic Data Processing had a net margin of 19.56% and a return on equity of 93.09%. The firm had revenue of $5.30 billion during the quarter, compared to analysts’ expectations of $5.22 billion. During the same period in the previous year, the business posted $2.52 earnings per share. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. On average, equities analysts anticipate that Automatic Data Processing, Inc. will post 9.15 earnings per share for the current year.

Automatic Data Processing Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a dividend of $1.40 per share. The ex-dividend date is Friday, June 14th. This represents a $5.60 dividend on an annualized basis and a yield of 2.32%. Automatic Data Processing’s payout ratio is 62.50%.

Insider Buying and Selling at Automatic Data Processing

In other Automatic Data Processing news, VP Joseph Desilva sold 1,904 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $255.00, for a total value of $485,520.00. Following the sale, the vice president now owns 17,179 shares of the company’s stock, valued at approximately $4,380,645. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, VP Sreenivasa Kutam sold 368 shares of Automatic Data Processing stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $247.01, for a total value of $90,899.68. Following the transaction, the vice president now directly owns 20,319 shares of the company’s stock, valued at $5,018,996.19. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Joseph Desilva sold 1,904 shares of Automatic Data Processing stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $255.00, for a total value of $485,520.00. Following the completion of the sale, the vice president now owns 17,179 shares of the company’s stock, valued at $4,380,645. The disclosure for this sale can be found here. Insiders have sold a total of 3,829 shares of company stock valued at $965,274 in the last ninety days. 0.26% of the stock is currently owned by company insiders.

Automatic Data Processing Company 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.