Leuthold Group LLC Acquires New Stake in Automatic Data Processing, Inc. $ADP

Leuthold Group LLC acquired a new position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) in the third quarter, Holdings Channel reports. The fund acquired 23,508 shares of the business services provider’s stock, valued at approximately $6,066,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Running Oak Capital LLC increased its holdings in shares of Automatic Data Processing by 2.8% in the third quarter. Running Oak Capital LLC now owns 48,551 shares of the business services provider’s stock valued at $12,560,000 after purchasing an additional 1,341 shares during the period. Retirement Systems of Alabama raised its stake in shares of Automatic Data Processing by 21.4% during the third quarter. Retirement Systems of Alabama now owns 270,751 shares of the business services provider’s stock worth $69,870,000 after purchasing an additional 47,740 shares during the last quarter. Fulcrum Asset Management LLP raised its stake in shares of Automatic Data Processing by 19.5% during the third quarter. Fulcrum Asset Management LLP now owns 2,264 shares of the business services provider’s stock worth $593,000 after purchasing an additional 369 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Automatic Data Processing by 19.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 103,873 shares of the business services provider’s stock worth $27,418,000 after purchasing an additional 17,248 shares during the period. Finally, StoneRidge PMG Advisors LLC acquired a new stake in shares of Automatic Data Processing during the third quarter worth $529,000. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. BMO Capital Markets lifted their price objective on shares of Automatic Data Processing from $248.00 to $305.00 and gave the company a “market perform” rating in a research report on Wednesday, July 29th. Wells Fargo & Company upped their price objective on shares of Automatic Data Processing from $248.00 to $283.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 30th. UBS Group raised their target price on shares of Automatic Data Processing from $260.00 to $270.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 22nd. Weiss Ratings upgraded shares of Automatic Data Processing from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, September 22nd. Finally, Cantor Fitzgerald lifted their target price on shares of Automatic Data Processing from $310.00 to $336.00 and gave the company an “overweight” rating in a report on Friday, October 30th. 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.com, the stock currently has a consensus rating of “Hold” and an average target price of $285.00.

Automatic Data Processing Trading Down 0.4%

Shares of ADP stock opened at $302.06 on Tuesday. Automatic Data Processing, Inc. has a fifty-two week low of $188.16 and a fifty-two week high of $310.98. The stock 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. The business has a fifty day simple moving average of $279.47 and a 200-day simple moving average of $242.14. The company has a quick ratio of 1.05, a current ratio of 1.03 and a debt-to-equity ratio of 0.98.

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 (EPS) 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 business had revenue of $5.49 billion during the quarter, compared to the consensus estimate of $5.48 billion. During the same quarter in the previous year, the company posted $2.49 EPS. The business’s revenue was up 6.1% on a year-over-year basis. On average, analysts forecast that Automatic Data Processing, Inc. will post 12.38 earnings per share for the current fiscal year.

Insider Activity

In other Automatic Data Processing news, VP David Kwon sold 798 shares of Automatic Data Processing stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $280.00, for a total transaction of $223,440.00. Following the completion of the transaction, the vice president owned 13,193 shares in the company, valued at approximately $3,694,040. The trade was a 5.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael Bonarti sold 7,487 shares of Automatic Data Processing stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $300.00, for a total transaction of $2,246,100.00. Following the transaction, the vice president owned 81,849 shares of the company’s stock, valued at approximately $24,554,700. The trade was a 8.38% 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 in the last three months. Company insiders own 0.15% of the company’s stock.

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.