Woodley Farra Manion Portfolio Management Inc. Sells 2,593 Shares of Automatic Data Processing, Inc. $ADP

Woodley Farra Manion Portfolio Management Inc. cut its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 153,088 shares of the business services provider’s stock after selling 2,593 shares during the period. Automatic Data Processing comprises approximately 2.0% of Woodley Farra Manion Portfolio Management Inc.’s portfolio, making the stock its 23rd largest position. Woodley Farra Manion Portfolio Management Inc.’s holdings in Automatic Data Processing were worth $39,765,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Keybank National Association OH increased its holdings in Automatic Data Processing by 3.9% in the third quarter. Keybank National Association OH now owns 183,326 shares of the business services provider’s stock valued at $47,309,000 after purchasing an additional 6,803 shares during the period. Cornerstone Wealth Management LLC raised its position in Automatic Data Processing by 4.1% during the 3rd quarter. Cornerstone Wealth Management LLC now owns 2,544 shares of the business services provider’s stock worth $657,000 after purchasing an additional 101 shares during the last quarter. Csenge Advisory Group raised its position in Automatic Data Processing by 20.7% during the 3rd quarter. Csenge Advisory Group now owns 1,853 shares of the business services provider’s stock worth $478,000 after purchasing an additional 318 shares during the last quarter. D Orazio & Associates Inc. lifted its holdings in Automatic Data Processing by 39.6% during the 3rd quarter. D Orazio & Associates Inc. now owns 1,903 shares of the business services provider’s stock worth $491,000 after buying an additional 540 shares during the period. Finally, New York Life Investment Management LLC lifted its holdings in Automatic Data Processing by 0.6% during the 3rd quarter. New York Life Investment Management LLC now owns 68,585 shares of the business services provider’s stock worth $17,699,000 after buying an additional 381 shares during the period. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Automatic Data Processing news, VP Jonathan S. Lehberger sold 770 shares of the stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $300.35, for a total value of $231,269.50. Following the transaction, the vice president owned 4,961 shares in the company, valued at approximately $1,490,036.35. This represents a 13.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael A. Bonarti sold 6,812 shares of the firm’s stock in a transaction that occurred on Thursday, November 5th. The shares were sold at an average price of $310.00, for a total value of $2,111,720.00. Following the completion of the sale, the vice president directly owned 81,849 shares of the company’s stock, valued at $25,373,190. This trade represents a 7.68% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 50,207 shares of company stock worth $14,522,300 over the last 90 days. 0.15% of the stock is owned by company insiders.

Automatic Data Processing Stock Up 1.1%

Shares of NASDAQ ADP opened at $305.44 on Wednesday. The firm has a market cap of $120.58 billion, a PE ratio of 27.08, a P/E/G ratio of 2.71 and a beta of 0.77. Automatic Data Processing, Inc. has a 12-month low of $188.16 and a 12-month high of $310.98. The company’s fifty day simple moving average is $279.85 and its 200 day simple moving average is $242.37. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.98.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results on Wednesday, October 28th. The business services provider reported $2.82 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $5.49 billion during the quarter, compared to the consensus estimate of $5.48 billion. During the same period in the previous year, the firm posted $2.49 earnings per share. The business’s revenue was up 6.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Automatic Data Processing, Inc. will post 12.38 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ADP has been the topic of a number of analyst reports. Jefferies Financial Group upped their price target on Automatic Data Processing from $225.00 to $250.00 and gave the company an “underperform” rating in a research report on Wednesday, October 28th. Guggenheim restated a “buy” rating and set a $340.00 price objective on shares of Automatic Data Processing in a research report on Thursday, October 29th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $290.00 price objective on shares of Automatic Data Processing in a research note on Thursday, October 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 note on Thursday, October 29th. Finally, Citigroup upped their target price on Automatic Data Processing from $287.00 to $295.00 and gave the company a “neutral” rating in a report on Thursday, October 29th. Three analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Automatic Data Processing presently has an average rating of “Hold” and a consensus price target of $285.00.

About Automatic Data Processing

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.