Lakeview Capital Partners LLC reduced its holdings in shares of Automatic Data Processing (NASDAQ:ADP) by 6.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,906 shares of the business services provider’s stock after selling 135 shares during the quarter. Lakeview Capital Partners LLC’s holdings in Automatic Data Processing were worth $308,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in the company. Cox Capital Mgt LLC lifted its stake in Automatic Data Processing by 3.8% in the second quarter. Cox Capital Mgt LLC now owns 16,455 shares of the business services provider’s stock worth $2,721,000 after purchasing an additional 603 shares during the last quarter. Dorsey Wright & Associates increased its position in shares of Automatic Data Processing by 9.6% in the 2nd quarter. Dorsey Wright & Associates now owns 2,291 shares of the business services provider’s stock valued at $379,000 after acquiring an additional 200 shares during the period. Rockland Trust Co. increased its position in shares of Automatic Data Processing by 10.3% in the 2nd quarter. Rockland Trust Co. now owns 9,474 shares of the business services provider’s stock valued at $1,566,000 after acquiring an additional 883 shares during the period. Carroll Financial Associates Inc. increased its position in shares of Automatic Data Processing by 52.5% in the 2nd quarter. Carroll Financial Associates Inc. now owns 11,431 shares of the business services provider’s stock valued at $1,889,000 after acquiring an additional 3,935 shares during the period. Finally, First American Trust FSB acquired a new position in shares of Automatic Data Processing in the 2nd quarter valued at $207,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms recently issued reports on ADP. Cowen began coverage on Automatic Data Processing in a research report on Wednesday, September 11th. They issued an “outperform” rating and a $195.00 target price on the stock. Barclays upped their target price on Automatic Data Processing from $180.00 to $190.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. upped their price target on shares of Automatic Data Processing from $170.00 to $177.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Credit Suisse Group reaffirmed a “buy” rating and issued a $185.00 price target on shares of Automatic Data Processing in a report on Monday, November 4th. Finally, ValuEngine lowered shares of Automatic Data Processing from a “hold” rating to a “sell” rating in a report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $179.56.
ADP stock traded up $0.63 during trading on Friday, reaching $162.73. 1,787,500 shares of the company were exchanged, compared to its average volume of 1,965,491. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.05 and a current ratio of 1.01. The company has a market cap of $67.94 billion, a P/E ratio of 29.86, a PEG ratio of 1.96 and a beta of 0.88. The stock’s 50 day moving average price is $161.15 and its 200 day moving average price is $163.76. Automatic Data Processing has a 52-week low of $121.40 and a 52-week high of $174.50.
Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Wednesday, October 30th. The business services provider reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.01. The firm had revenue of $3.50 billion during the quarter, compared to analyst estimates of $3.52 billion. Automatic Data Processing had a return on equity of 46.94% and a net margin of 16.52%. Automatic Data Processing’s quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.20 earnings per share. As a group, equities research analysts forecast that Automatic Data Processing will post 6.17 EPS for the current year.
In other news, VP Brock Albinson sold 6,683 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $167.87, for a total value of $1,121,875.21. Following the completion of the sale, the vice president now owns 6,302 shares of the company’s stock, valued at approximately $1,057,916.74. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Carlos A. Rodriguez sold 49,392 shares of the stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $161.70, for a total value of $7,986,686.40. Following the completion of the sale, the chief executive officer now directly owns 132,338 shares of the company’s stock, valued at approximately $21,399,054.60. The disclosure for this sale can be found here. Corporate insiders own 0.31% 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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