Canandaigua National Bank & Trust Co. decreased its holdings in shares of Automatic Data Processing (NASDAQ:ADP) by 3.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,127 shares of the business services provider’s stock after selling 866 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in Automatic Data Processing were worth $3,786,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of ADP. IFM Investors Pty Ltd grew its holdings in Automatic Data Processing by 45.2% during the second quarter. IFM Investors Pty Ltd now owns 19,977 shares of the business services provider’s stock valued at $2,680,000 after purchasing an additional 6,220 shares during the period. YHB Investment Advisors Inc. grew its holdings in Automatic Data Processing by 5.9% during the second quarter. YHB Investment Advisors Inc. now owns 7,896 shares of the business services provider’s stock valued at $1,059,000 after purchasing an additional 440 shares during the period. Marshwinds Advisory Co. acquired a new position in Automatic Data Processing during the second quarter valued at approximately $1,704,000. Farmers Trust Co. acquired a new position in Automatic Data Processing during the second quarter valued at approximately $564,000. Finally, Salem Capital Management Inc. acquired a new position in Automatic Data Processing during the second quarter valued at approximately $362,000. Institutional investors own 77.94% of the company’s stock.
Shares of ADP opened at $141.41 on Tuesday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.03 and a current ratio of 1.03. Automatic Data Processing has a twelve month low of $107.61 and a twelve month high of $153.51. The company has a market capitalization of $61.56 billion, a price-to-earnings ratio of 32.51, a P/E/G ratio of 2.14 and a beta of 0.91.
Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Wednesday, October 31st. The business services provider reported $1.20 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.11 by $0.09. Automatic Data Processing had a net margin of 12.71% and a return on equity of 50.96%. The firm had revenue of $3.32 billion for the quarter, compared to analyst estimates of $3.28 billion. During the same quarter in the previous year, the firm posted $0.94 earnings per share. The business’s revenue was up 8.0% on a year-over-year basis. Analysts anticipate that Automatic Data Processing will post 5.26 earnings per share for the current year.
ADP has been the subject of a number of analyst reports. Zacks Investment Research cut shares of Automatic Data Processing from a “strong-buy” rating to a “hold” rating and set a $152.00 price objective for the company. in a report on Thursday, July 12th. Wolfe Research initiated coverage on shares of Automatic Data Processing in a report on Tuesday, July 17th. They set an “outperform” rating for the company. BidaskClub cut shares of Automatic Data Processing from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 1st. Credit Suisse Group initiated coverage on shares of Automatic Data Processing in a report on Friday, August 10th. They set an “outperform” rating and a $160.00 price objective for the company. Finally, Argus boosted their price objective on shares of Automatic Data Processing from $145.00 to $150.00 and gave the company a “buy” rating in a report on Monday, August 13th. Nine analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Automatic Data Processing has an average rating of “Buy” and a consensus target price of $148.69.
In other news, VP Don Mcguire sold 1,140 shares of the business’s stock in a transaction on Thursday, September 6th. The shares were sold at an average price of $145.78, for a total value of $166,189.20. Following the sale, the vice president now owns 6,476 shares of the company’s stock, valued at $944,071.28. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Michael A. Bonarti sold 2,334 shares of the business’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $144.77, for a total transaction of $337,893.18. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,919 shares of company stock worth $2,351,933. Insiders own 0.33% of the company’s stock.
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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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