Automatic Data Processing, Inc. $ADP Stock Bought by Keybank National Association OH

Keybank National Association OH raised its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 3.9% in the 3rd quarter, Holdings Channel.com reports. The fund owned 183,326 shares of the business services provider’s stock after buying an additional 6,803 shares during the period. Keybank National Association OH’s holdings in Automatic Data Processing were worth $47,309,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in Automatic Data Processing in the 2nd quarter valued at $8,097,229,000. Bank of America Corp DE bought a new stake in Automatic Data Processing during the 2nd quarter worth about $1,231,175,000. Deutsche Bank AG bought a new stake in Automatic Data Processing during the 2nd quarter worth about $994,937,000. Bank of New York Mellon Corp bought a new stake in Automatic Data Processing during the 2nd quarter worth about $725,513,000. Finally, Legal & General Group Plc acquired a new position in shares of Automatic Data Processing during the 2nd quarter worth about $562,425,000. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Automatic Data Processing Price Performance

Shares of ADP opened at $305.44 on Wednesday. The company has a market cap of $120.58 billion, a price-to-earnings ratio of 27.08, a PEG ratio of 2.71 and a beta of 0.77. Automatic Data Processing, Inc. has a 1-year low of $188.16 and a 1-year 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 current ratio of 1.03, a quick 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 (EPS) for the quarter, topping the consensus estimate of $2.77 by $0.05. The firm had revenue of $5.49 billion for the quarter, compared to analyst estimates of $5.48 billion. Automatic Data Processing had a net margin of 20.33% and a return on equity of 77.01%. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.49 earnings per share. On average, research analysts forecast that Automatic Data Processing, Inc. will post 12.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, VP David Kwon sold 798 shares of the company’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $280.00, for a total value of $223,440.00. Following the sale, the vice president directly owned 13,193 shares of the company’s stock, valued at approximately $3,694,040. This represents a 5.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Virginia Magliulo sold 2,927 shares of the firm’s stock in a transaction dated Friday, October 30th. The shares were sold at an average price of $293.70, for a total transaction of $859,659.90. Following the completion of 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 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. Over the last quarter, insiders have sold 50,207 shares of company stock worth $14,522,300. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on ADP shares. Morgan Stanley raised their price objective on Automatic Data Processing from $286.00 to $288.00 and gave the company an “equal weight” rating in a report on Thursday, October 29th. Wells Fargo & Company lifted their target price on Automatic Data Processing from $248.00 to $283.00 and gave the company an “equal weight” rating in a research report on Thursday, July 30th. Citigroup upped their target price on Automatic Data Processing from $287.00 to $295.00 and gave the stock a “neutral” rating in a report on Thursday, October 29th. BMO Capital Markets increased their price target on 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. Finally, Cantor Fitzgerald increased their price target on Automatic Data Processing from $310.00 to $336.00 and gave the company an “overweight” rating in a research report on Friday, October 30th. Three research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price 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.