Automatic Data Processing, Inc. $ADP Stock: Parr Mcknight Wealth Management Group LLC Reduces Holdings

Parr Mcknight Wealth Management Group LLC reduced its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 10.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,349 shares of the business services provider’s stock after selling 1,807 shares during the period. Parr Mcknight Wealth Management Group LLC’s holdings in Automatic Data Processing were worth $4,219,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. AIA Group Ltd increased its position in shares of Automatic Data Processing by 69.0% in the third quarter. AIA Group Ltd now owns 152,160 shares of the business services provider’s stock worth $39,266,000 after purchasing an additional 62,137 shares during the period. Third View Private Wealth LLC raised its stake in Automatic Data Processing by 3.3% in the third quarter. Third View Private Wealth LLC now owns 17,050 shares of the business services provider’s stock valued at $4,400,000 after purchasing an additional 546 shares in the last quarter. Provenance Wealth Advisors LLC lifted its position in Automatic Data Processing by 29,525.0% during the third quarter. Provenance Wealth Advisors LLC now owns 2,370 shares of the business services provider’s stock worth $612,000 after purchasing an additional 2,362 shares during the period. TrinityBridge Ltd lifted its position in Automatic Data Processing by 16.4% during the third quarter. TrinityBridge Ltd now owns 2,040 shares of the business services provider’s stock worth $527,000 after purchasing an additional 287 shares during the period. Finally, Associated Banc Corp bought a new stake in Automatic Data Processing during the third quarter worth about $1,562,000. 80.03% of the stock is currently owned by institutional investors.

Key Stories Impacting 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

Insider Activity at Automatic Data Processing

In other news, VP Joseph Desilva sold 631 shares of the stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $282.87, for a total value of $178,490.97. Following the completion of the transaction, the vice president directly owned 18,824 shares in the company, valued at approximately $5,324,744.88. This represents a 3.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP David Kwon sold 798 shares of the firm’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $280.00, for a total value of $223,440.00. Following the sale, the vice president directly owned 13,193 shares in the company, valued at approximately $3,694,040. This trade represents a 5.70% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 41,773 shares of company stock valued at $11,915,182. 0.15% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ADP shares. Stifel Nicolaus increased 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 note on Thursday, October 29th. Citigroup boosted their target price on shares of Automatic Data Processing from $287.00 to $295.00 and gave the company a “neutral” rating in a research report on Thursday, October 29th. Guggenheim reaffirmed a “buy” rating and set a $340.00 price target on shares of Automatic Data Processing in a report on Thursday, October 29th. UBS Group increased their price target on shares of Automatic Data Processing from $260.00 to $270.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 22nd. Finally, Wells Fargo & Company lifted their price objective on shares of Automatic Data Processing from $248.00 to $283.00 and gave the company an “equal weight” rating in a research note on Thursday, July 30th. Three 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 company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $285.00.

Automatic Data Processing Price Performance

ADP stock opened at $296.01 on Wednesday. The stock has a market cap of $116.85 billion, a price-to-earnings ratio of 26.24, a P/E/G ratio of 2.68 and a beta of 0.77. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.03 and a quick ratio of 1.05. The company has a 50 day simple moving average of $277.87 and a 200 day simple moving average of $241.22. Automatic Data Processing, Inc. has a 1 year low of $188.16 and a 1 year high of $309.40.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, October 28th. The business services provider reported $2.82 earnings per share for the quarter, beating analysts’ consensus estimates of $2.77 by $0.05. The firm had revenue of $5.49 billion for the quarter, compared to analyst estimates of $5.48 billion. Automatic Data Processing had a net margin of 20.33% and a return on equity of 77.01%. The company’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter last year, the business posted $2.49 earnings per share. Research analysts anticipate that Automatic Data Processing, Inc. will post 12.37 EPS for the current fiscal 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.