Automatic Data Processing (ADP) Stake Lowered by Comerica Bank

Comerica Bank trimmed its position in shares of Automatic Data Processing (NASDAQ:ADP) by 10.2% in the 3rd quarter, Holdings Channel reports. The fund owned 175,292 shares of the business services provider’s stock after selling 19,879 shares during the quarter. Comerica Bank’s holdings in Automatic Data Processing were worth $24,969,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of ADP. Atria Investments LLC increased its position in shares of Automatic Data Processing by 1.3% during the third quarter. Atria Investments LLC now owns 27,201 shares of the business services provider’s stock valued at $4,098,000 after buying an additional 350 shares during the period. Spearhead Capital Advisors LLC increased its position in shares of Automatic Data Processing by 0.8% during the third quarter. Spearhead Capital Advisors LLC now owns 47,246 shares of the business services provider’s stock valued at $7,054,000 after buying an additional 373 shares during the period. First Midwest Bank Trust Division increased its position in shares of Automatic Data Processing by 5.1% during the second quarter. First Midwest Bank Trust Division now owns 7,859 shares of the business services provider’s stock valued at $1,054,000 after buying an additional 380 shares during the period. Arizona State Retirement System increased its position in shares of Automatic Data Processing by 0.4% during the third quarter. Arizona State Retirement System now owns 108,581 shares of the business services provider’s stock valued at $16,359,000 after buying an additional 383 shares during the period. Finally, Windward Capital Management Co. CA increased its position in shares of Automatic Data Processing by 2.0% during the third quarter. Windward Capital Management Co. CA now owns 19,624 shares of the business services provider’s stock valued at $2,957,000 after buying an additional 389 shares during the period. 77.89% of the stock is owned by hedge funds and other institutional investors.

Several brokerages recently issued reports on ADP. Zacks Investment Research upgraded shares of Automatic Data Processing from a “sell” rating to a “hold” rating in a research report on Friday, October 26th. Jefferies Financial Group boosted their price target on shares of Automatic Data Processing to $167.00 and gave the company a “hold” rating in a research report on Thursday. Citigroup boosted their price target on shares of Automatic Data Processing from $137.00 to $147.00 and gave the company a “neutral” rating in a research report on Thursday. BMO Capital Markets reduced their price target on shares of Automatic Data Processing from $155.00 to $150.00 and set a “market perform” rating on the stock in a research report on Thursday. Finally, BidaskClub cut shares of Automatic Data Processing from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 1st. Nine investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Automatic Data Processing presently has an average rating of “Buy” and a consensus target price of $148.69.

In other news, VP Brock Albinson sold 3,345 shares of the company’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $144.35, for a total value of $482,850.75. Following the transaction, the vice president now owns 6,081 shares in the company, valued at $877,792.35. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Don Mcguire sold 1,140 shares of the company’s stock in a transaction that occurred on Thursday, September 6th. The stock was sold at an average price of $145.78, for a total transaction of $166,189.20. Following the completion of the transaction, the vice president now owns 6,476 shares in the company, valued at approximately $944,071.28. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,919 shares of company stock worth $2,351,933. Corporate insiders own 0.33% of the company’s stock.

Shares of ADP opened at $140.72 on Friday. The stock has a market capitalization of $61.56 billion, a price-to-earnings ratio of 32.35, a price-to-earnings-growth ratio of 2.14 and a beta of 0.91. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.05 and a current ratio of 1.03. Automatic Data Processing has a fifty-two week low of $107.61 and a fifty-two week high of $153.51.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings data on Wednesday, October 31st. The business services provider reported $1.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.11 by $0.09. The business had revenue of $3.32 billion for the quarter, compared to analysts’ expectations of $3.28 billion. Automatic Data Processing had a net margin of 12.71% and a return on equity of 50.96%. The business’s revenue was up 8.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.94 earnings per share. As a group, equities analysts predict that Automatic Data Processing will post 5.26 earnings per share for the current 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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