Gamble Jones Investment Counsel cut its holdings in shares of Automatic Data Processing (NASDAQ:ADP) by 25.2% in the 3rd quarter, according to the company in its most recent disclosure 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 period. Gamble Jones Investment Counsel’s holdings in Automatic Data Processing were worth $1,504,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the stock. Krane Funds Advisors LLC purchased a new stake in shares of Automatic Data Processing in the 2nd quarter valued at approximately $25,000. Horan Capital Advisors LLC. purchased a new stake in shares of Automatic Data Processing in the 3rd quarter valued at approximately $31,000. Virtus ETF Advisers LLC purchased a new stake in shares of Automatic Data Processing in the 2nd quarter valued at approximately $41,000. MRA Associates USA LLC purchased a new stake in shares of Automatic Data Processing in the 2nd quarter valued at approximately $42,000. Finally, Gradient Investments LLC lifted its position in shares of Automatic Data Processing by 126.2% in the 3rd quarter. Gradient Investments LLC now owns 276 shares of the business services provider’s stock valued at $45,000 after acquiring an additional 154 shares in the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.
Several research analysts have weighed in on the stock. Wolfe Research lowered shares of Automatic Data Processing from an “outperform” rating to a “market perform” rating in a research note on Thursday, October 31st. 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. BidaskClub lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. Robert W. Baird upped their price objective on shares of Automatic Data Processing from $167.00 to $178.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Finally, Barclays upped their price objective 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. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company’s stock. Automatic Data Processing currently has an average rating of “Hold” and a consensus price target of $179.56.
Automatic Data Processing stock traded up $0.63 during trading hours on Friday, hitting $162.73. The company had a trading volume of 1,787,500 shares, compared to its average volume of 1,965,491. The firm’s fifty day moving average is $161.15 and its 200-day moving average is $163.76. The firm has a market capitalization of $67.94 billion, a P/E ratio of 29.86, a price-to-earnings-growth ratio of 1.96 and a beta of 0.88. Automatic Data Processing has a fifty-two week low of $121.40 and a fifty-two week high of $174.50. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.01 and a quick ratio of 1.05.
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, topping analysts’ consensus estimates of $1.33 by $0.01. The company had revenue of $3.50 billion during the quarter, compared to the consensus estimate of $3.52 billion. Automatic Data Processing had a net margin of 16.52% and a return on equity of 46.94%. The firm’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period last year, the firm earned $1.20 EPS. Analysts anticipate that Automatic Data Processing will post 6.17 earnings per share for the current year.
In other news, CEO Carlos A. Rodriguez sold 49,392 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $161.70, for a total transaction of $7,986,686.40. Following the completion of the transaction, the chief executive officer now directly owns 132,338 shares of the company’s stock, valued at approximately $21,399,054.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Brock Albinson sold 6,683 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $167.87, for a total transaction of $1,121,875.21. Following the transaction, the vice president now directly owns 6,302 shares of the company’s stock, valued at $1,057,916.74. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by company insiders.
Automatic Data Processing Profile
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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