L2 Asset Management LLC Makes New $516,000 Investment in Automatic Data Processing, Inc. $ADP

L2 Asset Management LLC bought a new stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 2,306 shares of the business services provider’s stock, valued at approximately $516,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of ADP. Imprint Wealth LLC purchased a new stake in shares of Automatic Data Processing in the 3rd quarter worth $25,000. Cornerstone Financial Management LLC purchased a new position in Automatic Data Processing during the fourth quarter valued at $26,000. Bard Associates Inc. purchased a new position in Automatic Data Processing during the fourth quarter valued at $28,000. Whipplewood Advisors LLC grew its holdings in Automatic Data Processing by 2,740.0% during the first quarter. Whipplewood Advisors LLC now owns 142 shares of the business services provider’s stock valued at $29,000 after purchasing an additional 137 shares during the period. Finally, Prosperity Bancshares Inc bought a new stake in Automatic Data Processing during the fourth quarter valued at about $33,000. 80.03% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Automatic Data Processing news, VP Brian L. Michaud sold 120 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $279.70, for a total value of $33,564.00. Following the sale, the vice president owned 18,442 shares in the company, valued at $5,158,227.40. This trade represents a 0.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP David Kwon sold 798 shares of Automatic Data Processing stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $280.00, for a total transaction of $223,440.00. Following the sale, the vice president owned 13,193 shares of the company’s stock, valued at $3,694,040. The trade was a 5.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 3,332 shares of company stock valued at $898,211 over the last three months. 0.20% of the stock is owned by corporate insiders.

Automatic Data Processing Stock Performance

NASDAQ:ADP opened at $282.78 on Wednesday. The company has a market cap of $112.34 billion, a price-to-earnings ratio of 25.85 and a beta of 0.81. Automatic Data Processing, Inc. has a 1 year low of $188.16 and a 1 year high of $305.31. The stock’s 50 day simple moving average is $252.07 and its two-hundred day simple moving average is $226.84. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.05 and a quick ratio of 1.05.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, July 29th. The business services provider reported $2.64 EPS for the quarter, topping analysts’ consensus estimates of $2.59 by $0.05. Automatic Data Processing had a net margin of 20.11% and a return on equity of 71.34%. The business had revenue of $5.47 billion during the quarter, compared to analysts’ expectations of $5.44 billion. During the same period last year, the company posted $2.26 EPS. The business’s revenue was up 6.8% on a year-over-year basis. Automatic Data Processing has set its FY 2027 guidance at 12.120-12.340 EPS. As a group, equities analysts anticipate that Automatic Data Processing, Inc. will post 12.26 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be issued a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Friday, September 11th. Automatic Data Processing’s dividend payout ratio is presently 62.16%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ADP shares. Argus reduced their target price on shares of Automatic Data Processing from $300.00 to $240.00 and set a “buy” rating for the company in a report on Tuesday, May 5th. Wells Fargo & Company increased their price objective on shares of Automatic Data Processing from $248.00 to $283.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 30th. UBS Group raised their price objective on shares of Automatic Data Processing from $260.00 to $270.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. Citigroup lifted their target price on shares of Automatic Data Processing from $230.00 to $287.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. Finally, Mizuho dropped their target price on shares of Automatic Data Processing from $332.00 to $305.00 in a report on Thursday, April 30th. Three equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $273.50.

Automatic Data Processing Company Profile

Automatic Data Processing, Inc (ADP) is a global provider of cloud-based human capital management (HCM) and payroll solutions. Founded in 1949 and headquartered in Roseland, New Jersey, ADP began as a payroll processing company and has evolved into a diversified provider of workforce management, HR, benefits administration, tax and compliance services, and analytics for employers of all sizes.

ADP’s product portfolio includes payroll processing and tax filing, time and attendance systems, benefits administration, talent management, and HR outsourcing.