17,255 Automatic Data Processing, Inc. $ADP Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA reduced its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 5.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 285,556 shares of the business services provider’s stock after selling 17,255 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Automatic Data Processing were worth $73,691,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Automatic Data Processing in the second quarter worth $8,097,229,000. Bank of America Corp DE purchased a new stake in Automatic Data Processing during the second quarter valued at about $1,231,175,000. Deutsche Bank AG purchased a new position in shares of Automatic Data Processing during the 2nd quarter valued at about $994,937,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Automatic Data Processing by 3.1% in 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 valued at $952,112,000 after purchasing an additional 129,376 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in Automatic Data Processing during the second quarter valued at about $725,513,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. 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 report on Thursday, July 30th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $290.00 target price on shares of Automatic Data Processing in a research note on Thursday, October 29th. UBS Group boosted their price target on Automatic Data Processing from $260.00 to $270.00 and gave the company a “neutral” rating in a report on Wednesday, July 22nd. Stifel Nicolaus boosted their price target on Automatic Data Processing from $285.00 to $305.00 and gave the company a “hold” rating in a report on Thursday, October 29th. Finally, Morgan Stanley upped their price target on Automatic Data Processing from $286.00 to $288.00 and gave the company an “equal weight” 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $285.00.

Automatic Data Processing Trading Down 0.4%

ADP opened at $302.06 on Tuesday. The stock has a market cap of $119.24 billion, a PE ratio of 26.78, a PEG ratio of 2.72 and a beta of 0.77. The company has a quick ratio of 1.05, a current ratio of 1.03 and a debt-to-equity ratio of 0.98. The business has a 50 day moving average of $279.47 and a 200-day moving average of $242.14. Automatic Data Processing, Inc. has a 52 week low of $188.16 and a 52 week high of $310.98.

Automatic Data Processing (NASDAQ:ADP) last released 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. The company had revenue of $5.49 billion for the quarter, compared to analyst estimates of $5.48 billion. Automatic Data Processing had a return on equity of 77.01% and a net margin of 20.33%. The firm’s revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the company posted $2.49 earnings per share. Equities research analysts predict that Automatic Data Processing, Inc. will post 12.38 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Virginia Magliulo sold 852 shares of the stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $310.01, for a total value of $264,128.52. Following the completion of the transaction, the vice president directly owned 14,865 shares in the company, valued at $4,608,298.65. This trade represents a 5.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Joseph Desilva sold 631 shares of the stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $282.87, for a total transaction of $178,490.97. Following the completion of the transaction, the vice president owned 18,824 shares of the company’s stock, valued at approximately $5,324,744.88. The trade was a 3.24% 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.

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.