Heritage Way Advisors LLC boosted its stake in shares of Automatic Data Processing (NYSE:ADP) by 6.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,575 shares of the business services provider’s stock after buying an additional 1,225 shares during the period. Automatic Data Processing accounts for approximately 1.9% of Heritage Way Advisors LLC’s portfolio, making the stock its 12th largest position. Heritage Way Advisors LLC’s holdings in Automatic Data Processing were worth $2,211,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in ADP. Goelzer Investment Management Inc. raised its position in Automatic Data Processing by 0.3% in the first quarter. Goelzer Investment Management Inc. now owns 4,239 shares of the business services provider’s stock valued at $434,000 after buying an additional 12 shares in the last quarter. Guardian Life Insurance Co. of America raised its stake in shares of Automatic Data Processing by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 1,740 shares of the business services provider’s stock valued at $178,000 after buying an additional 12 shares during the period. Flagship Harbor Advisors LLC raised its stake in shares of Automatic Data Processing by 0.6% in the first quarter. Flagship Harbor Advisors LLC now owns 2,778 shares of the business services provider’s stock valued at $282,000 after buying an additional 16 shares during the period. Middleton & Co Inc MA raised its stake in shares of Automatic Data Processing by 0.4% in the first quarter. Middleton & Co Inc MA now owns 5,306 shares of the business services provider’s stock valued at $543,000 after buying an additional 20 shares during the period. Finally, Parallel Advisors LLC raised its stake in shares of Automatic Data Processing by 0.6% in the first quarter. Parallel Advisors LLC now owns 4,495 shares of the business services provider’s stock valued at $438,000 after buying an additional 26 shares during the period.

Automatic Data Processing (ADP) opened at 103.18 on Wednesday. The firm has a market cap of $46.16 billion and a P/E ratio of 26.70. The stock has a 50 day moving average of $102.30 and a 200-day moving average of $101.71. Automatic Data Processing has a 12 month low of $85.48 and a 12 month high of $105.68.

Automatic Data Processing (NYSE:ADP) last posted its quarterly earnings results on Wednesday, May 3rd. The business services provider reported $1.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.23 by $0.08. The firm had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.42 billion. Automatic Data Processing had a net margin of 17.24% and a return on equity of 59.56%. The firm’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.17 earnings per share. Equities research analysts predict that Automatic Data Processing will post $3.71 earnings per share for the current fiscal year.

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Several brokerages recently issued reports on ADP. Goldman Sachs Group, Inc. (The) lowered shares of Automatic Data Processing from a “buy” rating to a “neutral” rating and decreased their price target for the company from $115.00 to $108.00 in a report on Tuesday, June 20th. Barclays PLC reaffirmed a “buy” rating on shares of Automatic Data Processing in a report on Thursday, April 27th. BMO Capital Markets reaffirmed a “hold” rating and set a $98.00 price target on shares of Automatic Data Processing in a report on Wednesday, April 5th. BidaskClub lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Finally, William Blair lowered shares of Automatic Data Processing from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $98.43.

In other Automatic Data Processing news, CEO Carlos A. Rodriguez sold 49,392 shares of Automatic Data Processing stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $100.01, for a total value of $4,939,693.92. Following the transaction, the chief executive officer now owns 159,403 shares in the company, valued at $15,941,894.03. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Michael A. Bonarti sold 2,932 shares of Automatic Data Processing stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $101.98, for a total transaction of $299,005.36. Following the completion of the transaction, the insider now owns 46,256 shares in the company, valued at approximately $4,717,186.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 54,257 shares of company stock worth $5,435,827.

About Automatic Data Processing

Automatic Data Processing, Inc (ADP) is a provider of human capital management (HCM) solutions to employers, offering solutions to businesses of various sizes. The Company also provides business process outsourcing solutions. Its segments include Employer Services and Professional Employer Organization (PEO) Services.

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Institutional Ownership by Quarter for Automatic Data Processing (NYSE:ADP)

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