Patron Partners LLC Makes New $559,000 Investment in Automatic Data Processing, Inc. $ADP

Patron Partners LLC acquired a new position in Automatic Data Processing, Inc. (NASDAQ:ADP) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 2,494 shares of the business services provider’s stock, valued at approximately $559,000.

A number of other hedge funds have also bought and sold shares of the business. Imprint Wealth LLC bought a new stake in shares of Automatic Data Processing in the third quarter worth approximately $25,000. Cornerstone Financial Management LLC purchased a new position in Automatic Data Processing in the fourth quarter worth about $26,000. Bard Associates Inc. purchased a new position in shares of Automatic Data Processing in the fourth quarter worth approximately $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 position in shares of Automatic Data Processing during the 4th quarter valued at approximately $33,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Stock Up 0.6%

ADP opened at $280.81 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.82. The company has a 50-day moving average price of $249.66 and a 200 day moving average price of $226.31. The company has a market cap of $111.55 billion, a PE ratio of 25.67 and a beta of 0.81. Automatic Data Processing, Inc. has a twelve month low of $188.16 and a twelve month high of $308.89.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results on Wednesday, July 29th. The business services provider reported $2.64 earnings per share for the quarter, topping analysts’ consensus estimates 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%. Automatic Data Processing’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the business posted $2.26 earnings per share. Automatic Data Processing has set its FY 2027 guidance at 12.120-12.340 EPS. Sell-side analysts expect that Automatic Data Processing, Inc. will post 12.26 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be given a dividend of $1.70 per share. 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 (DPR) is currently 62.16%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Guggenheim upped their price target on Automatic Data Processing from $270.00 to $300.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Jefferies Financial Group reduced their target price on shares of Automatic Data Processing from $230.00 to $190.00 in a research note on Thursday, April 30th. Wells Fargo & Company upped their target price 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. Mizuho reduced their price target on shares of Automatic Data Processing from $332.00 to $305.00 in a report on Thursday, April 30th. Finally, BMO Capital Markets increased their price target on shares of Automatic Data Processing from $248.00 to $305.00 and gave the company a “market perform” rating in a research report on Wednesday, July 29th. Three investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Automatic Data Processing has a consensus rating of “Hold” and an average price target of $273.50.

Insider Buying and Selling

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

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.