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Tealwood Asset Management Reduces Stake in Automatic Data Processing

Tealwood Asset Management Inc. has reduced its holdings in Automatic Data Processing, Inc. (NASDAQ: ADP) by 2.8%, as revealed in its latest Form 13F filing with the Securities and Exchange Commission. After selling 261 shares in the second quarter of 2023, the firm now owns 9,196 shares of the business services provider, which constitutes approximately 1.3% of its overall portfolio. This adjustment positions Automatic Data Processing as Tealwood’s 14th largest investment, valued at around $2.84 million.

Other institutional investors have similarly adjusted their stakes in Automatic Data Processing. Activest Wealth Management significantly increased its position by 2,600% in the first quarter, acquiring 81 shares worth approximately $25,000 after purchasing an additional 78 shares. Clarity Asset Management Inc. entered a new position valued at about $29,000, while von Borstel & Associates Inc. and Y.D. More Investments Ltd. made new investments valued at approximately $30,000 and $35,000, respectively. Abound Wealth Management raised its holdings by 58.1%, now owning 117 shares valued at around $36,000. Together, institutional investors currently hold 80.03% of the company’s stock.

Recent Insider Trading Activity

In related news, there have been notable transactions involving company executives. On September 3, 2023, Vice President Joseph Desilva sold 4,614 shares at an average price of $296.57, totaling approximately $1.37 million. Following this sale, Desilva retained 17,536 shares, valued at about $5.20 million, marking a 20.83% decline in his position.

Just a few days later, on September 9, Vice President Michael A. Bonarti sold 8,728 shares for an average of $298.43, resulting in a transaction valued at $2.60 million. After this sale, Bonarti’s remaining shares amounted to 80,531, worth approximately $24.03 million, reflecting a reduction of 9.78% in his holdings. Over the last 90 days, insiders have sold a combined total of 52,516 shares, valued at around $15.63 million, with corporate insiders owning approximately 0.20% of the stock.

Performance and Financial Outlook for ADP

As of Tuesday, shares of Automatic Data Processing opened at $292.66. The company has experienced a 52-week low of $272.18 and a high of $329.93. Its recent performance indicates a 50-day simple moving average of $300.20 and a 200-day simple moving average of $303.60. Automatic Data Processing maintains a market capitalization of $118.55 billion, with a price-to-earnings ratio of 29.32.

The company reported its latest earnings results on July 30, 2023, revealing earnings per share of $2.26, exceeding analysts’ expectations of $2.23 by $0.03. With a return on equity of 72.84% and a net margin of 19.84%, Automatic Data Processing generated revenues of $5.13 billion for the quarter, surpassing estimates of $5.05 billion. This represents a year-over-year revenue increase of 6.3%. For fiscal year 2026, the company has projected earnings per share between $10.811 and $11.011. Analysts anticipate that Automatic Data Processing will post an average of $9.93 earnings per share for the current year.

Additionally, the company announced a quarterly dividend of $1.54 per share, set to be paid on October 1, 2023, to shareholders of record as of September 12, 2023. This equates to an annualized dividend yield of 2.1% and reflects a payout ratio of 61.72%.

Automatic Data Processing, Inc. offers cloud-based human capital management solutions worldwide, operating in two segments: Employer Services and Professional Employer Organization (PEO). The Employer Services segment provides strategic, cloud-based platforms and human resources outsourcing solutions.

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