Confluence Wealth Services Inc. cut its position in Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) by 14.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,192 shares of the business services provider’s stock after selling 1,676 shares during the period. Confluence Wealth Services Inc.’s holdings in Automatic Data Processing were worth $2,630,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of ADP. AMG National Trust Bank increased its stake in shares of Automatic Data Processing by 0.3% in the third quarter. AMG National Trust Bank now owns 11,660 shares of the business services provider’s stock worth $3,009,000 after acquiring an additional 35 shares during the period. Mesirow Financial Investment Management Inc. lifted its position in Automatic Data Processing by 0.3% during the third quarter. Mesirow Financial Investment Management Inc. now owns 13,477 shares of the business services provider’s stock valued at $3,478,000 after purchasing an additional 44 shares during the period. Keybank National Association OH lifted its position in Automatic Data Processing by 3.9% during the third quarter. Keybank National Association OH now owns 183,326 shares of the business services provider’s stock valued at $47,309,000 after purchasing an additional 6,803 shares during the period. Cornerstone Wealth Management LLC lifted its position in Automatic Data Processing by 4.1% during the third quarter. Cornerstone Wealth Management LLC now owns 2,544 shares of the business services provider’s stock valued at $657,000 after purchasing an additional 101 shares during the period. Finally, Csenge Advisory Group boosted its holdings in Automatic Data Processing by 20.7% in the third quarter. Csenge Advisory Group now owns 1,853 shares of the business services provider’s stock valued at $478,000 after purchasing an additional 318 shares during the last quarter. 80.03% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several equities research analysts have weighed in on the company. Jefferies Financial Group increased their price target on Automatic Data Processing from $225.00 to $250.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 28th. BMO Capital Markets raised their target price on Automatic Data Processing from $248.00 to $305.00 and gave the stock a “market perform” rating in a report on Wednesday, July 29th. Citigroup lifted their price target on Automatic Data Processing from $287.00 to $295.00 and gave the company a “neutral” rating in a research report on Thursday, October 29th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $290.00 price target on shares of Automatic Data Processing in a report on Thursday, October 29th. Finally, Stifel Nicolaus upped their price objective on Automatic Data Processing from $285.00 to $305.00 and gave the stock a “hold” rating in a research report on Thursday, October 29th. Three equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $285.00.
Read Our Latest Research Report on Automatic Data Processing
Insider Activity
In related news, VP Virginia Magliulo sold 852 shares of Automatic Data Processing stock in a transaction dated Thursday, November 5th. The stock was sold at an average price of $310.01, for a total value of $264,128.52. Following the completion of the transaction, the vice president owned 14,865 shares in the company, valued at $4,608,298.65. The trade was a 5.42% 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 Michael Bonarti sold 6,812 shares of Automatic Data Processing stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $310.00, for a total value of $2,111,720.00. Following the completion of the transaction, the vice president owned 81,849 shares of the company’s stock, valued at approximately $25,373,190. This represents a 7.68% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 50,207 shares of company stock worth $14,522,300. 0.15% of the stock is currently owned by corporate insiders.
Automatic Data Processing Stock Up 1.1%
ADP stock opened at $305.44 on Wednesday. The firm has a market cap of $120.58 billion, a PE ratio of 27.08, a P/E/G ratio of 2.71 and a beta of 0.77. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.03 and a current ratio of 1.03. The firm’s fifty day moving average is $279.85 and its 200 day moving average is $242.37. Automatic Data Processing, Inc. has a one year low of $188.16 and a one year high of $310.98.
Automatic Data Processing (NASDAQ:ADP – Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The business services provider reported $2.82 earnings per share for the quarter, topping analysts’ consensus estimates of $2.77 by $0.05. Automatic Data Processing had a net margin of 20.33% and a return on equity of 77.01%. The business had revenue of $5.49 billion during the quarter, compared to the consensus estimate of $5.48 billion. During the same quarter in the prior year, the firm posted $2.49 earnings per share. The company’s revenue was up 6.1% compared to the same quarter last year. On average, research analysts forecast that Automatic Data Processing, Inc. will post 12.38 EPS for the current 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.
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