Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Purchased by Truist Financial Corp

Truist Financial Corp raised its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 851,390 shares of the business services provider’s stock after purchasing an additional 5,900 shares during the quarter. Truist Financial Corp owned about 0.21% of Automatic Data Processing worth $203,218,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in ADP. Bank of Nova Scotia boosted its position in Automatic Data Processing by 21.6% during the 4th quarter. Bank of Nova Scotia now owns 66,515 shares of the business services provider’s stock worth $15,495,000 after acquiring an additional 11,799 shares during the period. CWA Asset Management Group LLC lifted its holdings in Automatic Data Processing by 47.2% in the fourth quarter. CWA Asset Management Group LLC now owns 3,319 shares of the business services provider’s stock worth $773,000 after purchasing an additional 1,064 shares during the period. Rafferty Asset Management LLC grew its position in Automatic Data Processing by 20.2% in the 4th quarter. Rafferty Asset Management LLC now owns 80,709 shares of the business services provider’s stock valued at $18,803,000 after buying an additional 13,577 shares in the last quarter. Belpointe Asset Management LLC increased its stake in Automatic Data Processing by 29.8% during the 4th quarter. Belpointe Asset Management LLC now owns 4,248 shares of the business services provider’s stock valued at $990,000 after buying an additional 975 shares during the period. Finally, Blueshift Asset Management LLC bought a new stake in shares of Automatic Data Processing during the 4th quarter worth about $1,497,000. Institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Stock Performance

Shares of ADP opened at $276.73 on Tuesday. Automatic Data Processing, Inc. has a one year low of $205.53 and a one year high of $281.54. The company has a 50-day moving average of $268.23 and a two-hundred day moving average of $252.95. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.01 and a quick ratio of 1.01. The stock has a market cap of $113.26 billion, a price-to-earnings ratio of 30.89, a PEG ratio of 3.02 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, July 31st. The business services provider reported $2.09 earnings per share for the quarter, topping the consensus estimate of $2.06 by $0.03. The firm had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.74 billion. Automatic Data Processing had a net margin of 19.54% and a return on equity of 89.20%. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.89 EPS. On average, equities research analysts expect that Automatic Data Processing, Inc. will post 10.04 earnings per share for the current year.

Automatic Data Processing Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend is Friday, September 13th. Automatic Data Processing’s dividend payout ratio is currently 62.50%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Jefferies Financial Group raised their price objective on shares of Automatic Data Processing from $250.00 to $260.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Bank of America lifted their price target on Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Barclays upped their price objective on Automatic Data Processing from $282.00 to $310.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Stifel Nicolaus lifted their target price on Automatic Data Processing from $271.00 to $287.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $267.00 price target on shares of Automatic Data Processing in a report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Automatic Data Processing presently has a consensus rating of “Hold” and an average target price of $267.83.

Insiders Place Their Bets

In other news, VP David Kwon sold 846 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $270.60, for a total value of $228,927.60. Following the completion of the sale, the vice president now directly owns 10,410 shares of the company’s stock, valued at $2,816,946. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP David Kwon sold 846 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.60, for a total value of $228,927.60. Following the transaction, the vice president now directly owns 10,410 shares of the company’s stock, valued at $2,816,946. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Don Mcguire sold 3,179 shares of Automatic Data Processing stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total value of $872,254.02. Following the sale, the vice president now directly owns 41,696 shares of the company’s stock, valued at approximately $11,440,548.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 58,817 shares of company stock worth $15,999,208. 0.26% of the stock is currently owned by company insiders.

Automatic Data Processing Company Profile

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.