Elevation Point Wealth Partners LLC Takes Position in Automatic Data Processing, Inc. $ADP

Elevation Point Wealth Partners LLC acquired a new stake in Automatic Data Processing, Inc. (NASDAQ:ADP) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 23,031 shares of the business services provider’s stock, valued at approximately $5,193,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ADP. Greenland Capital Management LP purchased a new position in Automatic Data Processing during the second quarter worth about $1,542,000. Alta Advisers Ltd acquired a new position in Automatic Data Processing in the 2nd quarter valued at about $343,000. Daiichi Life Insurance Co. Ltd. purchased a new stake in shares of Automatic Data Processing in the 2nd quarter valued at approximately $3,972,000. Commerce Bank purchased a new stake in shares of Automatic Data Processing in the 2nd quarter valued at approximately $23,566,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Automatic Data Processing during the 2nd quarter worth approximately $13,283,000. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Automatic Data Processing

In other news, VP David Kwon sold 2,414 shares of the firm’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $265.62, for a total transaction of $641,206.68. Following the completion of the transaction, the vice president directly owned 9,660 shares in the company, valued at $2,565,889.20. This trade represents a 19.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

ADP has been the topic of a number of recent analyst reports. Jefferies Financial Group decreased their price objective on Automatic Data Processing from $230.00 to $190.00 in a report on Thursday, April 30th. Cantor Fitzgerald raised their target price on Automatic Data Processing from $295.00 to $310.00 and gave the stock an “overweight” rating in a research note on Monday, August 3rd. Guggenheim lifted their target price on Automatic Data Processing from $270.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. TD Cowen upped their price target on Automatic Data Processing from $216.00 to $223.00 and gave the company a “hold” rating in a research note on Monday, July 6th. Finally, UBS Group increased their price target on Automatic Data Processing from $260.00 to $270.00 and gave the stock a “neutral” rating in a report on Wednesday, July 22nd. Three equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $273.50.

Automatic Data Processing Price Performance

Automatic Data Processing stock opened at $280.81 on Friday. The company’s 50 day simple moving average is $249.66 and its 200-day simple moving average is $226.31. The company has a market capitalization of $111.55 billion, a price-to-earnings ratio of 25.67 and a beta of 0.81. Automatic Data Processing, Inc. has a 1 year low of $188.16 and a 1 year high of $308.89. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.05 and a current 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 the consensus estimate of $2.59 by $0.05. The firm had revenue of $5.47 billion for the quarter, compared to analyst estimates of $5.44 billion. Automatic Data Processing had a net margin of 20.11% and a return on equity of 71.34%. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the prior year, the business posted $2.26 EPS. Automatic Data Processing has set its FY 2027 guidance at 12.120-12.340 EPS. As a group, equities research analysts expect that Automatic Data Processing, Inc. will post 12.26 earnings per share for the current year.

Automatic Data Processing Dividend Announcement

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

Automatic Data Processing 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.