StoneRidge PMG Advisors LLC acquired a new stake in Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 2,050 shares of the business services provider’s stock, valued at approximately $529,000.
Several other institutional investors have also recently bought and sold shares of ADP. Polaris Financial Partners bought a new position in shares of Automatic Data Processing in the 3rd quarter valued at $25,000. Next Level Wealth Planning LLC bought a new position in Automatic Data Processing during the 3rd quarter worth approximately $26,000. Whipplewood Advisors LLC raised its holdings in Automatic Data Processing by 2,740.0% during the 1st quarter. Whipplewood Advisors LLC now owns 142 shares of the business services provider’s stock worth $29,000 after purchasing an additional 137 shares during the last quarter. Kelly Lawrence W & Associates Inc. CA acquired a new position in shares of Automatic Data Processing in the 2nd quarter worth approximately $34,000. Finally, Cornerstone Financial Management LLC lifted its position in shares of Automatic Data Processing by 59.2% in the 2nd quarter. Cornerstone Financial Management LLC now owns 156 shares of the business services provider’s stock worth $35,000 after purchasing an additional 58 shares during the period. Institutional investors and hedge funds own 80.03% of the company’s stock.
Insider Buying and Selling
In related news, CEO Maria Black sold 29,810 shares of Automatic Data Processing stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $280.91, for a total transaction of $8,373,927.10. Following the transaction, the chief executive officer owned 80,624 shares of the company’s stock, valued at $22,648,087.84. The trade was a 26.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael Bonarti sold 7,487 shares of Automatic Data Processing stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $300.00, for a total transaction of $2,246,100.00. Following the transaction, the vice president directly owned 81,849 shares in the company, valued at $24,554,700. This represents a 8.38% 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 have sold 50,207 shares of company stock valued at $14,522,300. 0.15% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
Several equities research analysts have recently weighed in on the stock. Wells Fargo & Company increased their price objective on shares of Automatic Data Processing from $248.00 to $283.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 30th. BMO Capital Markets boosted 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. Stifel Nicolaus upped their price target on shares of Automatic Data Processing from $285.00 to $305.00 and gave the company a “hold” rating in a research report on Thursday, October 29th. Cantor Fitzgerald increased their price target on Automatic Data Processing from $310.00 to $336.00 and gave the stock an “overweight” rating in a report on Friday, October 30th. Finally, Weiss Ratings upgraded Automatic Data Processing from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, September 22nd. Three investment 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. Based on data from MarketBeat, Automatic Data Processing has a consensus rating of “Hold” and an average target price of $285.00.
View Our Latest Research Report on ADP
Automatic Data Processing News Summary
Here are the key news stories impacting Automatic Data Processing this week:
- Positive Sentiment: ADP’s October employment report showed private employers added 86,000 jobs, above expectations of 69,000. Continued hiring could support demand for ADP’s payroll and human-resources services. October private-sector hiring report
- Neutral Sentiment: Three ADP vice presidents—Michael Bonarti, Virginia Magliulo and Jonathan Lehberger—reported share sales. Each transaction was made under a pre-arranged Rule 10b5-1 plan, so the sales are not necessarily a signal about their outlook for the company. SEC filing for Bonarti sale SEC filing for Magliulo sale SEC filing for Lehberger sale
- Negative Sentiment: Recent valuation commentary argues ADP may be priced above estimated fair value, including one analysis identifying a potential 13% gap. Such concerns could temper demand for the shares, particularly after a strong run-up. ADP fair-value analysis ADP cash-flow valuation analysis
Automatic Data Processing Stock Performance
NASDAQ ADP opened at $303.35 on Monday. The company has a market cap of $119.75 billion, a price-to-earnings ratio of 26.89, a P/E/G ratio of 2.72 and a beta of 0.77. Automatic Data Processing, Inc. has a 52 week low of $188.16 and a 52 week high of $310.98. The business has a 50 day moving average price of $279.18 and a 200-day moving average price of $241.91. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.98.
Automatic Data Processing (NASDAQ:ADP – Get Free Report) last issued its earnings results on Wednesday, October 28th. The business services provider reported $2.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.77 by $0.05. Automatic Data Processing had a return on equity of 77.01% and a net margin of 20.33%. The company had revenue of $5.49 billion for the quarter, compared to analysts’ expectations of $5.48 billion. During the same period last year, the business earned $2.49 EPS. Automatic Data Processing’s quarterly revenue was up 6.1% compared to the same quarter last year. As a group, equities analysts expect that Automatic Data Processing, Inc. will post 12.38 earnings per share for the current fiscal year.
About Automatic Data Processing
Automatic Data Processing, Inc (ADP) provides payroll processing and human resources technology and services to businesses of varying sizes. Its offerings include payroll administration, tax filing, benefits administration, workforce management, talent management, and human capital management software.
ADP also provides services such as compliance support and professional employer organization solutions, which help businesses manage employment responsibilities. Its products combine software with payroll and HR services to support organizations’ workforce operations.
Founded in 1949 as Automatic Payrolls, Inc, the company has grown from a payroll-processing business into a global provider of HR and workforce solutions.
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