Automatic Data Processing, Inc. $ADP Shares Sold by Parr Mcknight Wealth Management Group LLC

Parr Mcknight Wealth Management Group LLC trimmed its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 10.0% during the third quarter, HoldingsChannel reports. The fund owned 16,349 shares of the business services provider’s stock after selling 1,807 shares during the quarter. Parr Mcknight Wealth Management Group LLC’s holdings in Automatic Data Processing were worth $4,219,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Polaris Financial Partners acquired a new position in shares of Automatic Data Processing during the third quarter worth $25,000. Next Level Wealth Planning LLC bought a new stake in shares of Automatic Data Processing in the third quarter worth $26,000. Whipplewood Advisors LLC grew its stake in shares of Automatic Data Processing by 2,740.0% in the first quarter. Whipplewood Advisors LLC now owns 142 shares of the business services provider’s stock worth $29,000 after purchasing an additional 137 shares during the last quarter. Kelly Lawrence W & Associates Inc. CA acquired a new stake in Automatic Data Processing in the second quarter valued at $34,000. Finally, Cornerstone Financial Management LLC increased its holdings in Automatic Data Processing by 59.2% in the second quarter. Cornerstone Financial Management LLC now owns 156 shares of the business services provider’s stock valued at $35,000 after purchasing an additional 58 shares during the period. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Automatic Data Processing

In other news, CEO Maria Black sold 29,810 shares of Automatic Data Processing stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $280.91, for a total value of $8,373,927.10. Following the completion of the transaction, the chief executive officer directly owned 80,624 shares of the company’s stock, valued at approximately $22,648,087.84. This trade represents a 26.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Brian L. Michaud sold 120 shares of the business’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $279.70, for a total value of $33,564.00. Following the completion of the transaction, the vice president directly owned 18,442 shares in the company, valued at $5,158,227.40. This represents a 0.65% decrease in their ownership of the stock. 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 have sold 41,773 shares of company stock valued at $11,915,182. 0.15% of the stock is owned by corporate insiders.

Automatic Data Processing Trading Down 0.9%

NASDAQ:ADP opened at $296.01 on Wednesday. The firm’s fifty day moving average is $277.87 and its 200-day moving average is $241.22. 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, Inc. has a 52 week low of $188.16 and a 52 week high of $309.40. The firm has a market cap of $116.85 billion, a P/E ratio of 26.24, a P/E/G ratio of 2.68 and a beta of 0.77.

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

Automatic Data Processing News Roundup

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

Analysts Set New Price Targets

Several brokerages recently issued reports on ADP. UBS Group raised their target price on Automatic Data Processing from $260.00 to $270.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 22nd. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $290.00 target price on shares of Automatic Data Processing in a report on Thursday, October 29th. Guggenheim reiterated a “buy” rating and issued a $340.00 price target on shares of Automatic Data Processing in a research report on Thursday, October 29th. Stifel Nicolaus increased their price target on Automatic Data Processing from $285.00 to $305.00 and gave the company a “hold” rating in a research note on Thursday, October 29th. Finally, Citigroup raised their price objective on Automatic Data Processing from $287.00 to $295.00 and gave the stock a “neutral” rating in a research report on Thursday, October 29th. Three equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $285.00.

Automatic Data Processing 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.