47,740 Automatic Data Processing, Inc. $ADP Shares Purchased by Retirement Systems of Alabama

Retirement Systems of Alabama increased its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 21.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 270,751 shares of the business services provider’s stock after acquiring an additional 47,740 shares during the quarter. Retirement Systems of Alabama’s holdings in Automatic Data Processing were worth $69,870,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. purchased a new position in Automatic Data Processing during the 2nd quarter valued at approximately $13,283,000. Royal Capital Wealth Management LLC bought a new stake in Automatic Data Processing in the 2nd quarter worth approximately $1,226,000. Canada Pension Plan Investment Board bought a new stake in Automatic Data Processing in the 2nd quarter worth approximately $152,706,000. Murphy Pohlad Asset Management LLC purchased a new stake in shares of Automatic Data Processing during the 2nd quarter worth approximately $1,044,000. Finally, Fulton Bank N.A. raised its holdings in shares of Automatic Data Processing by 192.0% during the 2nd quarter. Fulton Bank N.A. now owns 7,165 shares of the business services provider’s stock worth $1,605,000 after acquiring an additional 4,711 shares in the last quarter. Institutional investors own 80.03% of the company’s stock.

Insider Transactions at Automatic Data Processing

In related news, VP David Kwon sold 798 shares of the stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $280.00, for a total transaction of $223,440.00. Following the sale, the vice president owned 13,193 shares in the company, valued at approximately $3,694,040. This represents a 5.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Jonathan S. Lehberger sold 770 shares of the firm’s stock in a transaction 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 completion of the sale, the vice president owned 4,961 shares of the company’s stock, valued at approximately $1,490,036.35. This represents a 13.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 50,207 shares of company stock worth $14,522,300. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on ADP shares. Citigroup increased their target price on Automatic Data Processing from $287.00 to $295.00 and gave the company a “neutral” rating in a research report on Thursday, October 29th. Weiss Ratings upgraded shares of Automatic Data Processing from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, September 22nd. Wells Fargo & Company upped their price target on shares of Automatic Data Processing from $248.00 to $283.00 and gave the company an “equal weight” rating in a research note on Thursday, July 30th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $290.00 price objective on shares of Automatic Data Processing in a research report on Thursday, October 29th. Finally, Stifel Nicolaus increased their price objective on shares of Automatic Data Processing from $285.00 to $305.00 and gave the company a “hold” rating in a research report on Thursday, October 29th. Three research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $285.00.

Automatic Data Processing Trading Down 0.4%

ADP opened at $302.06 on Tuesday. The firm has a market cap of $119.24 billion, a P/E ratio of 26.78, a P/E/G ratio of 2.72 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 has a current ratio of 1.03, a quick ratio of 1.05 and a debt-to-equity ratio of 0.98. The stock has a 50-day moving average of $279.47 and a 200 day moving average of $242.14.

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 for the quarter, topping the consensus estimate of $2.77 by $0.05. Automatic Data Processing had a return on equity of 77.01% and a net margin of 20.33%. The company had revenue of $5.49 billion for the quarter, compared to analysts’ expectations of $5.48 billion. During the same period in the previous year, the firm posted $2.49 earnings per share. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. As a group, research analysts forecast that Automatic Data Processing, Inc. will post 12.38 EPS for the current year.

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.