DAVENPORT & Co LLC Sells 3,057 Shares of Automatic Data Processing, Inc. $ADP

DAVENPORT & Co LLC trimmed its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 4.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 66,885 shares of the business services provider’s stock after selling 3,057 shares during the quarter. DAVENPORT & Co LLC’s holdings in Automatic Data Processing were worth $19,631,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Automatic Data Processing by 0.9% in the second quarter. Vanguard Group Inc. now owns 41,300,182 shares of the business services provider’s stock valued at $12,736,976,000 after buying an additional 350,298 shares during the period. State Street Corp increased its stake in Automatic Data Processing by 1.0% in the second quarter. State Street Corp now owns 18,782,407 shares of the business services provider’s stock valued at $5,820,445,000 after acquiring an additional 187,415 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Automatic Data Processing by 3.1% during the 2nd 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 buying an additional 345,798 shares in the last quarter. Laurel Wealth Advisors LLC lifted its holdings in shares of Automatic Data Processing by 30,110.7% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 4,668,758 shares of the business services provider’s stock worth $1,439,845,000 after acquiring an additional 4,653,304 shares during the last quarter. Finally, Invesco Ltd. boosted its position in Automatic Data Processing by 13.5% during the second quarter. Invesco Ltd. now owns 4,576,681 shares of the business services provider’s stock valued at $1,411,449,000 after buying an additional 544,968 shares during the period. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ADP. Citigroup began coverage on shares of Automatic Data Processing in a research note on Thursday, October 23rd. They issued a “neutral” rating and a $303.00 target price on the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of Automatic Data Processing in a research note on Monday. Wells Fargo & Company reduced their price target on Automatic Data Processing from $288.00 to $272.00 and set an “underweight” rating for the company in a report on Thursday, October 30th. JPMorgan Chase & Co. decreased their price target on Automatic Data Processing from $340.00 to $295.00 and set an “underweight” rating for the company in a research note on Thursday, October 30th. Finally, Jefferies Financial Group restated an “underperform” rating and issued a $230.00 target price (down previously from $245.00) on shares of Automatic Data Processing in a report on Tuesday, December 16th. Two analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Automatic Data Processing has an average rating of “Hold” and an average price target of $306.42.

Automatic Data Processing Price Performance

Shares of Automatic Data Processing stock opened at $257.97 on Thursday. The firm has a market cap of $104.34 billion, a PE ratio of 25.47 and a beta of 0.86. The stock has a 50 day moving average of $261.66 and a 200 day moving average of $287.15. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Automatic Data Processing, Inc. has a 12 month low of $247.18 and a 12 month high of $329.93.

Automatic Data Processing (NASDAQ:ADP) last announced its earnings results on Wednesday, October 29th. The business services provider reported $2.49 EPS for the quarter, topping analysts’ consensus estimates of $2.44 by $0.05. Automatic Data Processing had a return on equity of 70.63% and a net margin of 19.79%.The firm had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the previous year, the business earned $2.33 EPS. The company’s quarterly revenue was up 7.1% on a year-over-year basis. Automatic Data Processing has set its FY 2026 guidance at 10.811-11.011 EPS. On average, research analysts expect that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 1st. Shareholders of record on Friday, December 12th will be paid a $1.70 dividend. The ex-dividend date is Friday, December 12th. This is a positive change from Automatic Data Processing’s previous quarterly dividend of $1.54. This represents a $6.80 dividend on an annualized basis and a yield of 2.6%. Automatic Data Processing’s payout ratio is 67.13%.

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.