Automatic Data Processing, Inc. $ADP Stock Sold by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC reduced its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 11.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 141,238 shares of the business services provider's stock after selling 18,750 shares during the period. Commonwealth Equity Services LLC's holdings in Automatic Data Processing were worth $36,448,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Pathway Financial Advisers LLC acquired a new position in shares of Automatic Data Processing during the third quarter worth $39,000. Chicago Partners Investment Group LLC grew its stake in shares of Automatic Data Processing by 15.1% in the third quarter. Chicago Partners Investment Group LLC now owns 9,480 shares of the business services provider's stock worth $2,883,000 after purchasing an additional 1,243 shares during the last quarter. Covestor Ltd grew its stake in shares of Automatic Data Processing by 16.5% in the third quarter. Covestor Ltd now owns 538 shares of the business services provider's stock worth $139,000 after purchasing an additional 76 shares during the last quarter. Richardson Financial Services Inc. increased its holdings in Automatic Data Processing by 82.7% in the third quarter. Richardson Financial Services Inc. now owns 709 shares of the business services provider's stock valued at $183,000 after purchasing an additional 321 shares during the period. Finally, Ascent Group LLC increased its holdings in Automatic Data Processing by 19.9% in the third quarter. Ascent Group LLC now owns 19,301 shares of the business services provider's stock valued at $4,981,000 after purchasing an additional 3,200 shares during the period. Institutional investors and hedge funds own 80.03% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $290.00 target price on shares of Automatic Data Processing in a research report on Thursday, October 29th. BMO Capital Markets lifted 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. Wells Fargo & Company upped their price target on 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. Weiss Ratings raised Automatic Data Processing from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, September 22nd. Finally, Jefferies Financial Group increased their price target on Automatic Data Processing from $225.00 to $250.00 and gave the company an "underperform" rating in a research note on Wednesday, October 28th. Three investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Automatic Data Processing presently has an average rating of "Hold" and an average price target of $285.00.

Automatic Data Processing Price Performance

Automatic Data Processing stock opened at $303.35 on Monday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.03 and a current ratio of 1.03. Automatic Data Processing, Inc. has a 52-week low of $188.16 and a 52-week high of $310.98. The firm has a 50 day moving average price of $279.18 and a two-hundred day moving average price of $241.91. The firm has a market cap of $119.75 billion, a price-to-earnings ratio of 26.89, a PEG ratio of 2.72 and a beta of 0.77.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last issued its quarterly 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 net margin of 20.33% and a return on equity of 77.01%. The firm had revenue of $5.49 billion for the quarter, compared to the consensus estimate of $5.48 billion. During the same quarter in the previous year, the company earned $2.49 EPS. The company's revenue for the quarter was up 6.1% on a year-over-year basis. Equities analysts predict that Automatic Data Processing, Inc. will post 12.38 EPS for the current year.

More Automatic Data Processing News

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

Insider Activity at Automatic Data Processing

In related news, VP Virginia Magliulo sold 852 shares of Automatic Data Processing stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $310.01, for a total transaction of $264,128.52. Following the completion of the transaction, the vice president owned 14,865 shares of the company's stock, valued at $4,608,298.65. This trade represents a 5.42% decrease in their ownership of the stock. The sale was disclosed in a filing 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 the business's stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $310.00, for a total transaction of $2,111,720.00. Following the completion of the transaction, the vice president owned 81,849 shares in the company, valued at approximately $25,373,190. The trade was 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. Insiders sold a total of 50,207 shares of company stock valued at $14,522,300 over the last 90 days. 0.15% of the stock is owned by company insiders.

Automatic Data Processing Profile

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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