Kestra Advisory Services LLC Acquires 8,448 Shares of Automatic Data Processing, Inc. $ADP

Key Points

• Kestra Advisory Services increased its ADP stake by 29.7% in the third quarter, adding 8,448 shares and bringing its holdings to 36,887 shares, valued at about $9.5 million.
• Analysts’ consensus rating is Hold, with an average price target of $285; ratings include three Buys, nine Holds, and two Sells.
• ADP reported quarterly earnings of $2.82 per share, beating estimates of $2.77, while revenue rose 6.1% year over year to $5.49 billion. Insiders sold 50,207 shares worth about $14.5 million over the past 90 days.

Kestra Advisory Services LLC boosted its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 29.7% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 36,887 shares of the business services provider's stock after buying an additional 8,448 shares during the quarter. Kestra Advisory Services LLC's holdings in Automatic Data Processing were worth $9,519,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Polaris Financial Partners purchased a new stake in Automatic Data Processing during the third quarter valued at about $25,000. Next Level Wealth Planning LLC bought a new stake in Automatic Data Processing during the 3rd quarter valued at $26,000. Pathway Financial Advisers LLC bought a new position in shares of Automatic Data Processing in the third quarter worth $39,000. Kelly Lawrence W & Associates Inc. CA bought a new stake in shares of Automatic Data Processing during the 2nd quarter valued at $34,000. Finally, Cornerstone Financial Management LLC boosted its stake in 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. Hedge funds and other institutional investors own 80.03% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Guggenheim reissued a "buy" rating and issued a $340.00 price target on shares of Automatic Data Processing in a report on Thursday, October 29th. Cantor Fitzgerald boosted their price objective on shares of Automatic Data Processing from $310.00 to $336.00 and gave the company an "overweight" rating in a research note on Friday, October 30th. Jefferies Financial Group upped their target price on shares of Automatic Data Processing from $225.00 to $250.00 and gave the stock an "underperform" rating in a report on Wednesday, October 28th. Stifel Nicolaus boosted their target price 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. Finally, Wells Fargo & Company increased their price target on shares of Automatic Data Processing from $248.00 to $283.00 and gave the stock an "equal weight" rating in a report on Thursday, July 30th. Three equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $285.00.

Insider Transactions at Automatic Data Processing

In related news, VP Joseph Desilva sold 631 shares of the business's stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $282.87, for a total transaction of $178,490.97. Following the sale, the vice president owned 18,824 shares of the company's stock, valued at $5,324,744.88. The trade was a 3.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Jonathan S. Lehberger sold 770 shares of the business's stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $300.35, for a total value of $231,269.50. Following the completion of the sale, the vice president directly owned 4,961 shares in the company, valued at $1,490,036.35. This trade represents a 13.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 50,207 shares of company stock worth $14,522,300. 0.15% of the stock is owned by corporate insiders.

Automatic Data Processing Trading Down 0.4%

Shares of ADP opened at $302.06 on Tuesday. Automatic Data Processing, Inc. has a fifty-two week low of $188.16 and a fifty-two week high of $310.98. The firm has a market cap of $119.24 billion, a price-to-earnings ratio of 26.51, a PEG ratio of 2.72 and a beta of 0.77. The firm has a 50 day moving average price of $279.47 and a 200-day moving average price of $242.14. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.05 and a current ratio of 1.03.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last issued its earnings results on Wednesday, October 28th. The business services provider reported $2.82 EPS for the quarter, topping the consensus estimate of $2.77 by $0.05. The company had revenue of $5.49 billion for the quarter, compared to the consensus estimate of $5.48 billion. Automatic Data Processing had a net margin of 20.33% and a return on equity of 77.01%. The firm's revenue for the quarter was up 6.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.49 earnings per share. As a group, equities research analysts forecast that Automatic Data Processing, Inc. will post 12.38 earnings per share for the current year.

Automatic Data Processing Company 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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