Rakuten Investment Management Inc. purchased a new position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) in the 3rd quarter, Holdings Channel reports. The firm purchased 105,927 shares of the business services provider’s stock, valued at approximately $27,732,000.
Several other institutional investors and hedge funds have also made changes to their positions in the business. BlackRock Inc. purchased a new position in shares of Automatic Data Processing in the 2nd quarter valued at about $8,097,229,000. Bank of America Corp DE purchased a new stake in Automatic Data Processing during the second quarter worth approximately $1,231,175,000. Deutsche Bank AG purchased a new stake in Automatic Data Processing during the second quarter worth approximately $994,937,000. Bank of New York Mellon Corp purchased a new stake in Automatic Data Processing during the second quarter worth approximately $725,513,000. Finally, Legal & General Group Plc acquired a new position in Automatic Data Processing in the second quarter valued at approximately $562,425,000. 80.03% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In related news, CEO Maria Black sold 29,810 shares of the stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $280.91, for a total transaction of $8,373,927.10. Following the completion of the sale, the chief executive officer owned 80,624 shares in the company, valued at $22,648,087.84. This represents a 26.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Virginia Magliulo sold 2,927 shares of the firm’s stock in a transaction on Friday, October 30th. The stock was sold at an average price of $293.70, for a total transaction of $859,659.90. Following the transaction, the vice president directly owned 14,865 shares in the company, valued at $4,365,850.50. The trade was a 16.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 41,773 shares of company stock worth $11,915,182. Corporate insiders own 0.15% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts have commented on the stock. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $290.00 price target on shares of Automatic Data Processing in a research note on Thursday, October 29th. Stifel Nicolaus boosted their price objective on shares of Automatic Data Processing from $285.00 to $305.00 and gave the stock a “hold” rating in a research report on Thursday, October 29th. BMO Capital Markets upped their target price on shares of Automatic Data Processing from $248.00 to $305.00 and gave the company a “market perform” rating in a report on Wednesday, July 29th. Wells Fargo & Company increased their target price on shares of Automatic Data Processing from $248.00 to $283.00 and gave the company an “equal weight” rating in a research report on Thursday, July 30th. Finally, Morgan Stanley lifted their price target on shares of Automatic Data Processing from $286.00 to $288.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 29th. Three research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Automatic Data Processing presently has an average rating of “Hold” and a consensus target price of $285.00.
Get Our Latest Stock Analysis on Automatic Data Processing
Trending Headlines about Automatic Data Processing
Here are the key news stories impacting Automatic Data Processing this week:
- Positive Sentiment: Cantor Fitzgerald raised its price target to $336 from $310 and maintained an “overweight” rating. ADP also recently beat quarterly EPS and revenue estimates, with revenue up 6.1% year over year. Cantor Fitzgerald ratings
- Neutral Sentiment: ADP was highlighted as a Dividend Aristocrat with a long history of annual payout increases, supporting its appeal to income-focused investors; the article did not report a new dividend increase. Dividend Aristocrats article
- Negative Sentiment: Two ADP vice presidents disclosed share sales: Michael Bonarti sold 7,487 shares for about $2.25 million, and Virginia Magliulo sold 2,927 shares for about $860,000. Both transactions were conducted under pre-arranged Rule 10b5-1 plans, which makes them a less direct bearish signal, but insider selling can still weigh on sentiment. Bonarti SEC filing Magliulo SEC filing
Automatic Data Processing Trading Down 0.9%
NASDAQ:ADP opened at $296.01 on Wednesday. The company has a market capitalization of $116.85 billion, a PE ratio of 26.24, a P/E/G ratio of 2.68 and a beta of 0.77. Automatic Data Processing, Inc. has a 52-week low of $188.16 and a 52-week high of $309.40. The stock’s 50 day moving average price is $277.87 and its 200 day moving average price is $241.22. The company has a quick ratio of 1.05, a current ratio of 1.03 and a debt-to-equity ratio of 0.98.
Automatic Data Processing (NASDAQ:ADP – Get Free Report) last posted its quarterly earnings data on Wednesday, October 28th. The business services provider reported $2.82 earnings per share for the quarter, beating the consensus estimate of $2.77 by $0.05. The business had revenue of $5.49 billion during the quarter, compared to the consensus estimate of $5.48 billion. Automatic Data Processing had a return on equity of 77.01% and a net margin of 20.33%. The company’s revenue was up 6.1% compared to the same quarter last year. During the same period in the prior year, the company earned $2.49 earnings per share. On average, research analysts anticipate that Automatic Data Processing, Inc. will post 12.37 EPS for the current year.
Automatic Data Processing Company Profile
Automatic Data Processing, Inc (NASDAQ: ADP) is a global provider of human capital management and business outsourcing solutions. The company helps employers manage payroll, human resources, workforce administration, benefits, tax compliance, time and attendance, talent management, and related employment processes.
ADP offers cloud-based platforms and services designed for businesses of various sizes, from small enterprises to large organizations. Its portfolio includes payroll processing, human resources management, employee benefits administration, retirement services, workforce management, data analytics, and professional employer organization services through ADP TotalSource.
Founded in 1949, ADP serves businesses in the United States and international markets.
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