Gamble Jones Investment Counsel decreased its position in shares of Automatic Data Processing (NASDAQ:ADP) by 25.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,316 shares of the business services provider’s stock after selling 3,137 shares during the quarter. Gamble Jones Investment Counsel’s holdings in Automatic Data Processing were worth $1,504,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Krane Funds Advisors LLC bought a new position in Automatic Data Processing during the 2nd quarter worth approximately $25,000. Horan Capital Advisors LLC. bought a new position in Automatic Data Processing in the third quarter valued at approximately $31,000. Virtus ETF Advisers LLC bought a new position in Automatic Data Processing in the second quarter valued at approximately $41,000. MRA Associates USA LLC bought a new position in Automatic Data Processing in the second quarter valued at approximately $42,000. Finally, Gradient Investments LLC lifted its stake in Automatic Data Processing by 126.2% in the third quarter. Gradient Investments LLC now owns 276 shares of the business services provider’s stock valued at $45,000 after buying an additional 154 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have weighed in on ADP. Barclays lifted their price target on shares of Automatic Data Processing from $180.00 to $190.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. BidaskClub lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. Bank of America lowered shares of Automatic Data Processing from a “buy” rating to a “neutral” rating in a research note on Wednesday, September 11th. Jefferies Financial Group lifted their price target on shares of Automatic Data Processing to $176.00 and gave the company a “hold” rating in a research note on Wednesday, July 31st. Finally, Cowen began coverage on shares of Automatic Data Processing in a research note on Wednesday, September 11th. They issued an “outperform” rating and a $195.00 price target on the stock. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $179.56.
In other news, CEO Carlos A. Rodriguez sold 49,392 shares of the business’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $161.70, for a total value of $7,986,686.40. Following the completion of the sale, the chief executive officer now owns 132,338 shares of the company’s stock, valued at $21,399,054.60. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Brock Albinson sold 6,683 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $167.87, for a total transaction of $1,121,875.21. Following the completion of the sale, the vice president now directly owns 6,302 shares of the company’s stock, valued at approximately $1,057,916.74. The disclosure for this sale can be found here. 0.31% of the stock is owned by insiders.
Shares of NASDAQ ADP traded up $0.63 during midday trading on Friday, reaching $162.73. The company’s stock had a trading volume of 1,787,500 shares, compared to its average volume of 1,965,491. Automatic Data Processing has a fifty-two week low of $121.40 and a fifty-two week high of $174.50. The stock has a market capitalization of $67.94 billion, a price-to-earnings ratio of 29.86, a PEG ratio of 1.96 and a beta of 0.88. The stock has a 50 day simple moving average of $161.15 and a 200-day simple moving average of $163.76. The company has a current ratio of 1.01, a quick ratio of 1.05 and a debt-to-equity ratio of 0.19.
Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, October 30th. The business services provider reported $1.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.33 by $0.01. Automatic Data Processing had a net margin of 16.52% and a return on equity of 46.94%. The firm had revenue of $3.50 billion for the quarter, compared to the consensus estimate of $3.52 billion. During the same period in the previous year, the company earned $1.20 earnings per share. The company’s quarterly revenue was up 5.6% on a year-over-year basis. As a group, equities analysts anticipate that Automatic Data Processing will post 6.17 EPS for the current year.
About Automatic Data Processing
Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.
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