MidFirst Bank Purchases Shares of 18,437 Automatic Data Processing, Inc. $ADP

MidFirst Bank acquired a new position in Automatic Data Processing, Inc. (NASDAQ:ADP) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 18,437 shares of the business services provider’s stock, valued at approximately $4,129,000.

Several other hedge funds have also modified their holdings of the company. Horizon Investments LLC boosted its stake in Automatic Data Processing by 34.1% during the fourth quarter. Horizon Investments LLC now owns 26,144 shares of the business services provider’s stock worth $6,725,000 after buying an additional 6,655 shares during the period. Compass Capital Management Inc. raised its stake in shares of Automatic Data Processing by 3.0% in the fourth quarter. Compass Capital Management Inc. now owns 203,710 shares of the business services provider’s stock valued at $52,400,000 after acquiring an additional 5,899 shares during the period. DNB Asset Management AS lifted its holdings in shares of Automatic Data Processing by 11.1% in the 4th quarter. DNB Asset Management AS now owns 152,697 shares of the business services provider’s stock worth $39,278,000 after acquiring an additional 15,287 shares during the last quarter. Fulton Bank N.A. lifted its holdings in shares of Automatic Data Processing by 192.0% in the 2nd quarter. Fulton Bank N.A. now owns 7,165 shares of the business services provider’s stock worth $1,605,000 after acquiring an additional 4,711 shares during the last quarter. Finally, Leonteq Securities AG purchased a new position in shares of Automatic Data Processing during the 4th quarter worth about $3,054,000. 80.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Wells Fargo & Company upped their price target on shares of Automatic Data Processing from $248.00 to $283.00 and gave the company an “equal weight” rating in a report on Thursday, July 30th. Jefferies Financial Group decreased their price objective on shares of Automatic Data Processing from $230.00 to $190.00 in a research note on Thursday, April 30th. Mizuho cut their target price on Automatic Data Processing from $332.00 to $305.00 in a research note on Thursday, April 30th. UBS Group upped their target price on Automatic Data Processing from $260.00 to $270.00 and gave the company a “neutral” rating in a research note on Wednesday, July 22nd. Finally, Morgan Stanley raised their price target on Automatic Data Processing from $240.00 to $286.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 30th. Three equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Automatic Data Processing currently has an average rating of “Hold” and a consensus target price of $273.50.

Insider Activity at Automatic Data Processing

In other news, VP David Kwon sold 2,414 shares of the company’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 sale, the vice president owned 9,660 shares of the company’s stock, valued at approximately $2,565,889.20. This represents a 19.99% decrease in their position. 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. Corporate insiders own 0.20% of the company’s stock.

Automatic Data Processing Price Performance

ADP opened at $266.06 on Tuesday. The company has a market capitalization of $105.69 billion, a price-to-earnings ratio of 24.32 and a beta of 0.81. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.82. Automatic Data Processing, Inc. has a 12-month low of $188.16 and a 12-month high of $310.08. The business’s fifty day simple moving average is $245.82 and its 200-day simple moving average is $225.35.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, July 29th. The business services provider reported $2.64 earnings per share 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 firm had revenue of $5.47 billion during the quarter, compared to the consensus estimate of $5.44 billion. During the same period in the previous year, the company posted $2.26 earnings per share. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. Automatic Data Processing has set its FY 2027 guidance at 12.120-12.340 EPS. On average, equities research analysts anticipate that Automatic Data Processing, Inc. will post 12.26 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be issued a $1.70 dividend. The ex-dividend date is Friday, September 11th. This represents a $6.80 annualized dividend and a dividend yield of 2.6%. Automatic Data Processing’s payout ratio is currently 62.16%.

Automatic Data Processing Company 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.