Redwood Investment Management LLC Takes $730,000 Position in Automatic Data Processing, Inc. $ADP

Redwood Investment Management LLC purchased a new position in Automatic Data Processing, Inc. (NASDAQ:ADP) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,595 shares of the business services provider’s stock, valued at approximately $730,000.

A number of other large investors also recently modified their holdings of the company. Imprint Wealth LLC bought a new stake in Automatic Data Processing during the 3rd quarter worth approximately $25,000. Cornerstone Financial Management LLC purchased a new position in shares of Automatic Data Processing during the 4th quarter valued at $26,000. Bard Associates Inc. bought a new position in shares of Automatic Data Processing in the fourth quarter worth $28,000. Prosperity Bancshares Inc bought a new position in shares of Automatic Data Processing in the fourth quarter worth $33,000. Finally, High Point Wealth Management LLC purchased a new stake in shares of Automatic Data Processing in the fourth quarter worth $34,000. 80.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on ADP. Robert W. Baird reduced their target price on Automatic Data Processing from $300.00 to $270.00 in a research report on Thursday, April 30th. Guggenheim raised their price target on Automatic Data Processing from $270.00 to $300.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Weiss Ratings upgraded Automatic Data Processing from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, July 21st. Cantor Fitzgerald boosted their price objective on Automatic Data Processing from $295.00 to $310.00 and gave the stock an “overweight” rating in a report on Monday. Finally, TD Cowen upped their price objective 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. Three analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $273.50.

Insider Transactions at Automatic Data Processing

In other news, VP David Kwon sold 2,414 shares of the firm’s stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $265.62, for a total transaction of $641,206.68. Following the transaction, the vice president directly owned 9,660 shares of the company’s stock, valued at approximately $2,565,889.20. This trade represents a 19.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.20% of the stock is currently owned by insiders.

Automatic Data Processing Trading Up 1.2%

Shares of ADP opened at $269.78 on Tuesday. Automatic Data Processing, Inc. has a fifty-two week low of $188.16 and a fifty-two week high of $310.08. The firm has a market cap of $107.84 billion, a price-to-earnings ratio of 24.66 and a beta of 0.81. The firm has a 50 day moving average price of $236.77 and a 200-day moving average price of $224.42. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.04 and a current ratio of 1.05.

Automatic Data Processing (NASDAQ:ADP) last released 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. The company had revenue of $5.47 billion for the quarter, compared to analyst estimates of $5.44 billion. Automatic Data Processing had a net margin of 20.11% and a return on equity of 71.34%. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter last year, the firm earned $2.26 EPS. Automatic Data Processing has set its FY 2027 guidance at 12.120-12.340 EPS. As a group, equities research analysts forecast that Automatic Data Processing, Inc. will post 12.28 earnings per share for the current year.

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.