Eagle Asset Management Inc. Acquires 557,645 Shares of Automatic Data Processing (NASDAQ:ADP)

Eagle Asset Management Inc. raised its holdings in shares of Automatic Data Processing (NASDAQ:ADP) by 222.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 807,822 shares of the business services provider’s stock after acquiring an additional 557,645 shares during the quarter. Eagle Asset Management Inc. owned approximately 0.19% of Automatic Data Processing worth $130,398,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Krane Funds Advisors LLC purchased a new position in shares of Automatic Data Processing during the second quarter valued at about $25,000. Horan Capital Advisors LLC. purchased a new position in shares of Automatic Data Processing during the third quarter valued at about $31,000. Mackey Komara & Dankovich LLC grew its position in shares of Automatic Data Processing by 428.8% during the second quarter. Mackey Komara & Dankovich LLC now owns 1,084 shares of the business services provider’s stock valued at $35,000 after purchasing an additional 879 shares in the last quarter. Virtus ETF Advisers LLC purchased a new position in shares of Automatic Data Processing during the second quarter valued at about $41,000. Finally, MRA Associates USA LLC purchased a new position in shares of Automatic Data Processing during the second quarter valued at about $42,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

In other Automatic Data Processing news, CEO Carlos A. Rodriguez sold 49,392 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $161.70, for a total transaction of $7,986,686.40. Following the completion of the transaction, the chief executive officer now owns 132,338 shares in the company, valued at $21,399,054.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Brock Albinson sold 6,683 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $167.87, for a total value of $1,121,875.21. Following the transaction, the vice president now owns 6,302 shares of the company’s stock, valued at approximately $1,057,916.74. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

A number of brokerages have recently weighed in on ADP. Barclays raised their price objective on Automatic Data Processing from $180.00 to $190.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. ValuEngine lowered Automatic Data Processing from a “hold” rating to a “sell” rating in a research report on Friday, November 1st. Jefferies Financial Group lifted their price target on Automatic Data Processing to $176.00 and gave the stock a “hold” rating in a research report on Wednesday, July 31st. Wolfe Research lowered Automatic Data Processing from an “outperform” rating to a “market perform” rating in a research report on Thursday, October 31st. Finally, BidaskClub lowered Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $179.56.

ADP traded up $0.63 on Friday, hitting $162.73. The company had a trading volume of 1,787,500 shares, compared to its average volume of 1,965,491. The company has a market cap of $67.94 billion, a PE ratio of 29.86, a PEG ratio of 1.96 and a beta of 0.88. Automatic Data Processing has a 12-month low of $121.40 and a 12-month high of $174.50. The company has a quick ratio of 1.05, a current ratio of 1.01 and a debt-to-equity ratio of 0.19. The business’s fifty day simple moving average is $161.15 and its 200 day simple moving average is $163.76.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings results on Wednesday, October 30th. The business services provider reported $1.34 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.33 by $0.01. The company had revenue of $3.50 billion during the quarter, compared to analyst estimates of $3.52 billion. Automatic Data Processing had a return on equity of 46.94% and a net margin of 16.52%. The firm’s revenue was up 5.6% on a year-over-year basis. During the same quarter last year, the business posted $1.20 earnings per share. On average, analysts anticipate that Automatic Data Processing will post 6.17 earnings per share for the current fiscal year.

About Automatic Data Processing

Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.

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Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

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