StoneRidge PMG Advisors LLC Acquires 2,050 Shares of Automatic Data Processing, Inc. $ADP

StoneRidge PMG Advisors LLC bought a new position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) in the third quarter, according to the company in its most recent filing with the SEC. The firm bought 2,050 shares of the business services provider’s stock, valued at approximately $529,000.

Several other institutional investors have also recently bought and sold shares of the business. BlackRock Inc. acquired a new position in Automatic Data Processing during the 2nd quarter worth about $8,097,229,000. Bank of America Corp DE acquired a new position in Automatic Data Processing during the 2nd quarter worth $1,231,175,000. Deutsche Bank AG acquired a new position in Automatic Data Processing during the 2nd quarter worth $994,937,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Automatic Data Processing by 3.1% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,251,447 shares of the business services provider’s stock worth $952,112,000 after buying an additional 129,376 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in Automatic Data Processing in the 2nd quarter valued at $725,513,000. Institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Stock Performance

Shares of ADP stock opened at $303.35 on Monday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.03 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 $310.98. The company’s 50 day moving average price is $279.18 and its two-hundred day moving average price is $241.91. The company has a market capitalization of $119.75 billion, a P/E ratio of 26.89, a price-to-earnings-growth ratio of 2.72 and a beta of 0.77.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, October 28th. The business services provider reported $2.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.77 by $0.05. The company had revenue of $5.49 billion during the quarter, compared to the consensus estimate of $5.48 billion. Automatic Data Processing had a net margin of 20.33% and a return on equity of 77.01%. The firm’s revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.49 earnings per share. On average, analysts expect that Automatic Data Processing, Inc. will post 12.38 earnings per share for the current fiscal year.

Automatic Data Processing News Summary

Here are the key news stories impacting Automatic Data Processing this week:

• Positive Sentiment: ADP’s October employment report showed private employers added 86,000 jobs, above expectations of 69,000. Continued hiring could support demand for ADP’s payroll and human-resources services. October private-sector hiring report
• Neutral Sentiment: Three ADP vice presidents—Michael Bonarti, Virginia Magliulo and Jonathan Lehberger—reported share sales. Each transaction was made under a pre-arranged Rule 10b5-1 plan, so the sales are not necessarily a signal about their outlook for the company. SEC filing for Bonarti sale SEC filing for Magliulo sale SEC filing for Lehberger sale
• Negative Sentiment: Recent valuation commentary argues ADP may be priced above estimated fair value, including one analysis identifying a potential 13% gap. Such concerns could temper demand for the shares, particularly after a strong run-up. ADP fair-value analysis ADP cash-flow valuation analysis

Analysts Set New Price Targets

A number of research firms have recently weighed in on ADP. BMO Capital Markets boosted their target price on Automatic Data Processing from $248.00 to $305.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 29th. Morgan Stanley lifted their price objective on Automatic Data Processing from $286.00 to $288.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 29th. Jefferies Financial Group boosted their price objective on Automatic Data Processing from $225.00 to $250.00 and gave the stock an “underperform” rating in a report on Wednesday, October 28th. Cantor Fitzgerald boosted their price objective on Automatic Data Processing from $310.00 to $336.00 and gave the stock an “overweight” rating in a report on Friday, October 30th. Finally, Citigroup increased their price objective on shares of Automatic Data Processing from $287.00 to $295.00 and gave the company a “neutral” rating in a report on Thursday, October 29th. Three equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Automatic Data Processing currently has a consensus rating of “Hold” and a consensus target price of $285.00.

Insider Activity

In other Automatic Data Processing news, VP Virginia Magliulo sold 2,927 shares of Automatic Data Processing stock in a transaction dated Friday, October 30th. The stock was sold at an average price of $293.70, for a total value of $859,659.90. Following the sale, the vice president owned 14,865 shares of the company’s stock, valued at $4,365,850.50. This trade represents a 16.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael Bonarti sold 7,487 shares of the business’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $300.00, for a total value of $2,246,100.00. Following the completion of the sale, the vice president owned 81,849 shares in the company, valued at approximately $24,554,700. This trade represents a 8.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 50,207 shares of company stock worth $14,522,300. 0.15% of the stock is currently owned by insiders.

Automatic Data Processing Company Profile

Automatic Data Processing, Inc (ADP) provides payroll processing and human resources technology and services to businesses of varying sizes. Its offerings include payroll administration, tax filing, benefits administration, workforce management, talent management, and human capital management software.

ADP also provides services such as compliance support and professional employer organization solutions, which help businesses manage employment responsibilities. Its products combine software with payroll and HR services to support organizations’ workforce operations.

Founded in 1949 as Automatic Payrolls, Inc, the company has grown from a payroll-processing business into a global provider of HR and workforce solutions.