Renasant Bank Makes New Investment in Automatic Data Processing, Inc. $ADP

Renasant Bank bought a new stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) in the 2nd quarter, HoldingsChannel reports. The fund bought 666 shares of the business services provider’s stock, valued at approximately $205,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Geode Capital Management LLC boosted its stake in Automatic Data Processing by 3.1% in the second quarter. Geode Capital Management LLC now owns 11,388,935 shares of the business services provider’s stock valued at $3,511,698,000 after acquiring an additional 345,798 shares during the last quarter. Accredited Investors Inc. raised its holdings in shares of Automatic Data Processing by 2.2% in the 2nd quarter. Accredited Investors Inc. now owns 52,200 shares of the business services provider’s stock worth $16,098,000 after purchasing an additional 1,129 shares during the period. PNC Financial Services Group Inc. lifted its stake in Automatic Data Processing by 0.3% in the second quarter. PNC Financial Services Group Inc. now owns 1,301,238 shares of the business services provider’s stock valued at $401,302,000 after purchasing an additional 4,318 shares during the last quarter. Wealth Alliance LLC grew its holdings in Automatic Data Processing by 2.5% during the second quarter. Wealth Alliance LLC now owns 3,190 shares of the business services provider’s stock valued at $984,000 after purchasing an additional 78 shares during the period. Finally, Bouchey Financial Group Ltd increased its position in Automatic Data Processing by 10.4% in the second quarter. Bouchey Financial Group Ltd now owns 741 shares of the business services provider’s stock worth $229,000 after buying an additional 70 shares during the last quarter. 80.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ADP has been the topic of a number of research reports. Stifel Nicolaus boosted their price objective on Automatic Data Processing from $305.00 to $318.00 and gave the company a “hold” rating in a research note on Thursday, July 31st. Weiss Ratings reiterated a “buy (b)” rating on shares of Automatic Data Processing in a research note on Wednesday, October 8th. JPMorgan Chase & Co. dropped their price target on shares of Automatic Data Processing from $340.00 to $295.00 and set an “underweight” rating on the stock in a research note on Thursday, October 30th. Morgan Stanley lifted their price objective on shares of Automatic Data Processing from $310.00 to $311.00 and gave the company an “equal weight” rating in a research note on Thursday, July 31st. Finally, Wells Fargo & Company lowered their target price on shares of Automatic Data Processing from $288.00 to $272.00 and set an “underweight” rating on the stock in a report on Thursday, October 30th. Three analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Automatic Data Processing presently has a consensus rating of “Hold” and a consensus target price of $312.67.

Automatic Data Processing Price Performance

Shares of NASDAQ:ADP opened at $255.20 on Wednesday. The company has a 50 day moving average of $283.00 and a 200 day moving average of $299.54. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The stock has a market cap of $103.22 billion, a P/E ratio of 25.19, a P/E/G ratio of 2.39 and a beta of 0.86. Automatic Data Processing, Inc. has a 12 month low of $249.68 and a 12 month high of $329.93.

Automatic Data Processing (NASDAQ:ADP) last posted its earnings results on Wednesday, October 29th. The business services provider reported $2.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.44 by $0.05. The business had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Automatic Data Processing had a net margin of 19.79% and a return on equity of 70.63%. The business’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period in the prior year, the company posted $2.33 EPS. Automatic Data Processing has set its FY 2026 guidance at 10.811-11.011 EPS. As a group, sell-side analysts forecast that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Insider Activity at Automatic Data Processing

In other news, VP Christopher D’ambrosio sold 597 shares of the company’s stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $296.90, for a total value of $177,249.30. Following the completion of the transaction, the vice president directly owned 10,541 shares in the company, valued at approximately $3,129,622.90. This represents a 5.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP David Foskett sold 1,373 shares of the firm’s stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $296.57, for a total value of $407,190.61. Following the transaction, the vice president directly owned 11,781 shares in the company, valued at approximately $3,493,891.17. This represents a 10.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 52,516 shares of company stock valued at $15,632,410 in the last ninety days. 0.20% of the stock is currently owned by corporate insiders.

About Automatic Data Processing

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.