HighTower Advisors LLC Has $59.36 Million Stock Position in Automatic Data Processing, Inc. $ADP

HighTower Advisors LLC lowered its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.9% in the 2nd quarter, Holdings Channel.com reports. The fund owned 265,046 shares of the business services provider’s stock after selling 2,385 shares during the period. HighTower Advisors LLC’s holdings in Automatic Data Processing were worth $59,357,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. California State Teachers Retirement System lifted its holdings in Automatic Data Processing by 22,166.8% during the 2nd quarter. California State Teachers Retirement System now owns 140,971,822 shares of the business services provider’s stock worth $31,570,640,000 after buying an additional 140,338,719 shares during the period. BlackRock Inc. acquired a new stake in shares of Automatic Data Processing in the second quarter valued at about $8,097,229,000. State Street Corp raised its position in shares of Automatic Data Processing by 0.7% during the fourth quarter. State Street Corp now owns 18,940,841 shares of the business services provider’s stock worth $4,903,769,000 after acquiring an additional 133,039 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Automatic Data Processing by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 11,576,572 shares of the business services provider’s stock worth $2,977,777,000 after acquiring an additional 136,876 shares during the last quarter. Finally, Capital Research Global Investors lifted its stake in shares of Automatic Data Processing by 4.6% in the fourth quarter. Capital Research Global Investors now owns 8,393,607 shares of the business services provider’s stock worth $2,159,088,000 after acquiring an additional 372,413 shares during the period. Institutional investors and hedge funds own 80.03% of the company’s stock.

Automatic Data Processing Stock Performance

ADP stock opened at $277.62 on Tuesday. The firm has a market cap of $110.29 billion, a PE ratio of 25.38, a price-to-earnings-growth ratio of 2.52 and a beta of 0.82. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.82. The stock has a 50-day moving average price of $263.42 and a 200-day moving average price of $230.79. Automatic Data Processing, Inc. has a 1-year low of $188.16 and a 1-year high of $302.68.

Automatic Data Processing (NASDAQ:ADP) last announced its earnings results on Wednesday, July 29th. The business services provider reported $2.64 EPS for the quarter, beating the consensus estimate of $2.59 by $0.05. Automatic Data Processing had a return on equity of 71.34% and a net margin of 20.11%.The company had revenue of $5.47 billion for the quarter, compared to analyst estimates of $5.44 billion. During the same quarter in the prior year, the company earned $2.26 EPS. The firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. 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 Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Friday, September 11th. This represents a $6.80 annualized dividend and a dividend yield of 2.4%. Automatic Data Processing’s dividend payout ratio (DPR) is 62.16%.

Insider Activity at Automatic Data Processing

In other news, CEO Maria Black sold 29,810 shares of the company’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $280.91, for a total transaction of $8,373,927.10. Following the transaction, the chief executive officer owned 80,624 shares in the company, valued at approximately $22,648,087.84. This represents a 26.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Brian L. Michaud sold 120 shares of the firm’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $279.70, for a total value of $33,564.00. Following the completion of the sale, the vice president owned 18,442 shares of the company’s stock, valued at approximately $5,158,227.40. This represents a 0.65% decrease in their ownership of the stock. 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. Over the last 90 days, insiders have sold 33,773 shares of company stock worth $9,450,629. 0.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on ADP shares. BMO Capital Markets upped their target price on Automatic Data Processing from $248.00 to $305.00 and gave the company a “market perform” rating in a report on Wednesday, July 29th. Morgan Stanley raised their price target on shares of Automatic Data Processing from $240.00 to $286.00 and gave the stock an “equal weight” rating in a report on Thursday, July 30th. TD Cowen boosted their price target on shares of Automatic Data Processing from $216.00 to $223.00 and gave the stock a “hold” rating in a research report on Monday, July 6th. Cantor Fitzgerald upped their price objective on shares of Automatic Data Processing from $295.00 to $310.00 and gave the company an “overweight” rating in a research note on Monday, August 3rd. Finally, Guggenheim increased their price objective on shares of Automatic Data Processing from $270.00 to $300.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Three investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $273.50.

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.