Cornerstone Wealth Management LLC lowered its position in shares of Automatic Data Processing (NASDAQ:ADP) by 38.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 81,958 shares of the business services provider’s stock after selling 50,494 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Automatic Data Processing were worth $722,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in ADP. Fundsmith Equity Fund L.P. acquired a new stake in shares of Automatic Data Processing during the second quarter valued at approximately $776,199,000. Millennium Management LLC increased its stake in Automatic Data Processing by 328.6% in the 2nd quarter. Millennium Management LLC now owns 2,221,504 shares of the business services provider’s stock valued at $297,993,000 after buying an additional 1,703,162 shares during the period. Senator Investment Group LP acquired a new position in Automatic Data Processing in the 2nd quarter valued at approximately $174,382,000. Morgan Stanley increased its stake in Automatic Data Processing by 11.7% in the 2nd quarter. Morgan Stanley now owns 7,671,784 shares of the business services provider’s stock valued at $1,029,094,000 after buying an additional 801,928 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in Automatic Data Processing by 48.9% in the 2nd quarter. PNC Financial Services Group Inc. now owns 2,300,258 shares of the business services provider’s stock valued at $308,556,000 after buying an additional 755,124 shares during the period. Institutional investors and hedge funds own 77.89% of the company’s stock.
ADP stock opened at $140.72 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.03 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $63.03 billion, a price-to-earnings ratio of 32.35, a price-to-earnings-growth ratio of 2.23 and a beta of 0.91. Automatic Data Processing has a 12 month low of $107.61 and a 12 month high of $153.51.
Automatic Data Processing (NASDAQ:ADP) last posted its earnings results on Wednesday, October 31st. The business services provider reported $1.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.09. The company had revenue of $3.32 billion during the quarter, compared to the consensus estimate of $3.28 billion. Automatic Data Processing had a net margin of 12.71% and a return on equity of 50.96%. The company’s revenue for the quarter was up 8.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.94 earnings per share. On average, equities research analysts predict that Automatic Data Processing will post 5.27 EPS for the current fiscal year.
ADP has been the topic of several research reports. Jefferies Financial Group initiated coverage on shares of Automatic Data Processing in a research note on Monday, October 1st. They issued a “hold” rating and a $160.00 price objective on the stock. Zacks Investment Research lowered shares of Automatic Data Processing from a “hold” rating to a “sell” rating in a research note on Thursday, October 4th. Moffett Nathanson initiated coverage on shares of Automatic Data Processing in a research note on Thursday, October 4th. They issued a “buy” rating and a $180.00 price objective on the stock. Credit Suisse Group initiated coverage on shares of Automatic Data Processing in a research note on Friday, August 10th. They issued an “outperform” rating and a $160.00 price objective on the stock. Finally, Argus upped their price objective on shares of Automatic Data Processing from $145.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, August 13th. Nine analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $148.69.
In other Automatic Data Processing news, VP Michael C. Eberhard sold 9,100 shares of the business’s stock in a transaction that occurred on Friday, September 21st. The shares were sold at an average price of $150.00, for a total value of $1,365,000.00. Following the completion of the sale, the vice president now directly owns 48,468 shares of the company’s stock, valued at $7,270,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Brock Albinson sold 3,345 shares of the company’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $144.35, for a total transaction of $482,850.75. Following the sale, the vice president now directly owns 6,081 shares of the company’s stock, valued at $877,792.35. The disclosure for this sale can be found here. Insiders sold 15,919 shares of company stock valued at $2,351,933 over the last three months. Insiders own 0.33% of the company’s stock.
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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