Beaumont Financial Advisors LLC Lowers Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

12 Oct 2024, 05:44 by Renee Jackson · The Cerbat Gem

Beaumont Financial Advisors LLC reduced its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) by 23.7% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 2,207 shares of the business services provider’s stock after selling 685 shares during the period. Beaumont Financial Advisors LLC’s holdings in Automatic Data Processing were worth $611,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Kiely Wealth Advisory Group Inc. purchased a new position in Automatic Data Processing in the second quarter valued at $27,000. Keener Financial Planning LLC boosted its holdings in Automatic Data Processing by 230.3% in the first quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 76 shares during the period. Hexagon Capital Partners LLC boosted its holdings in Automatic Data Processing by 78.5% in the third quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider’s stock valued at $32,000 after purchasing an additional 51 shares during the period. Crewe Advisors LLC purchased a new position in Automatic Data Processing in the first quarter valued at $33,000. Finally, Pathway Financial Advisers LLC purchased a new position in Automatic Data Processing in the first quarter valued at $36,000. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Carlos A. Rodriguez sold 9,203 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the transaction, the director now owns 36,741 shares of the company’s stock, valued at $9,899,862.45. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Automatic Data Processing news, VP Michael A. Bonarti sold 26,442 shares of Automatic Data Processing stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $270.96, for a total value of $7,164,724.32. Following the sale, the vice president now owns 88,426 shares of the company’s stock, valued at approximately $23,959,908.96. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Carlos A. Rodriguez sold 9,203 shares of Automatic Data Processing stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $269.45, for a total value of $2,479,748.35. Following the completion of the sale, the director now directly owns 36,741 shares in the company, valued at $9,899,862.45. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 58,817 shares of company stock valued at $15,999,208 over the last quarter. 0.21% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Bank of America lifted their target price on Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Royal Bank of Canada restated a “sector perform” rating and issued a $267.00 price target on shares of Automatic Data Processing in a research note on Thursday, August 1st. StockNews.com cut Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday, September 19th. Barclays raised their price target on Automatic Data Processing from $282.00 to $310.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Finally, JPMorgan Chase & Co. raised their price target on Automatic Data Processing from $250.00 to $285.00 and gave the company an “underweight” rating in a research note on Tuesday, August 20th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, Automatic Data Processing currently has a consensus rating of “Hold” and an average target price of $267.83.

Read Our Latest Research Report on ADP

Automatic Data Processing Stock Up 0.5 %

ADP opened at $288.36 on Friday. The business’s 50-day simple moving average is $273.55 and its 200-day simple moving average is $255.33. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.01 and a current ratio of 1.01. Automatic Data Processing, Inc. has a one year low of $205.53 and a one year high of $288.50. The stock has a market capitalization of $117.60 billion, a P/E ratio of 31.65, a price-to-earnings-growth ratio of 3.13 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP – Get Free Report) last posted its earnings results on Wednesday, July 31st. The business services provider reported $2.09 EPS for the quarter, topping analysts’ consensus estimates of $2.06 by $0.03. Automatic Data Processing had a return on equity of 89.20% and a net margin of 19.54%. The business had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.74 billion. During the same quarter in the previous year, the firm earned $1.89 earnings per share. The business’s revenue was up 7.2% compared to the same quarter last year. Analysts anticipate that Automatic Data Processing, Inc. will post 10.04 EPS for the current year.

Automatic Data Processing Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date was Friday, September 13th. Automatic Data Processing’s dividend payout ratio is currently 61.47%.

About Automatic Data Processing

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