1,676 Automatic Data Processing, Inc. $ADP Shares Sold by Confluence Wealth Services Inc.

Confluence Wealth Services Inc. decreased its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 14.1% during the 3rd quarter, Holdings Channel reports. The firm owned 10,192 shares of the business services provider’s stock after selling 1,676 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Automatic Data Processing were worth $2,630,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. AMG National Trust Bank increased its stake in shares of Automatic Data Processing by 0.3% during the third quarter. AMG National Trust Bank now owns 11,660 shares of the business services provider’s stock worth $3,009,000 after purchasing an additional 35 shares in the last quarter. Mesirow Financial Investment Management Inc. raised its position in shares of Automatic Data Processing by 0.3% during the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 13,477 shares of the business services provider’s stock worth $3,478,000 after purchasing an additional 44 shares during the last quarter. Keybank National Association OH raised its position in shares of Automatic Data Processing by 3.9% during the 3rd quarter. Keybank National Association OH now owns 183,326 shares of the business services provider’s stock worth $47,309,000 after purchasing an additional 6,803 shares during the last quarter. Cornerstone Wealth Management LLC lifted its stake in Automatic Data Processing by 4.1% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 2,544 shares of the business services provider’s stock valued at $657,000 after buying an additional 101 shares in the last quarter. Finally, Csenge Advisory Group lifted its stake in Automatic Data Processing by 20.7% in the 3rd quarter. Csenge Advisory Group now owns 1,853 shares of the business services provider’s stock valued at $478,000 after buying an additional 318 shares in the last quarter. Institutional investors and hedge funds own 80.03% of the company’s stock.

Insider Buying and Selling at Automatic Data Processing

In other news, VP David Kwon sold 798 shares of the company’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $280.00, for a total value of $223,440.00. Following the completion of the sale, the vice president directly owned 13,193 shares in the company, valued at $3,694,040. This represents a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Virginia Magliulo sold 2,927 shares of the stock in a transaction that occurred on Friday, October 30th. The shares were sold at an average price of $293.70, for a total value of $859,659.90. Following the completion of the sale, the vice president directly owned 14,865 shares of the company’s stock, valued at approximately $4,365,850.50. This represents a 16.45% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 50,207 shares of company stock worth $14,522,300. 0.15% of the stock is owned by company insiders.

Automatic Data Processing Stock Performance

NASDAQ:ADP opened at $305.44 on Wednesday. The company’s 50-day moving average price is $279.85 and its 200-day moving average price 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. The company has a market cap of $120.58 billion, a P/E ratio of 27.08, a P/E/G ratio of 2.71 and a beta of 0.77. Automatic Data Processing, Inc. has a twelve month low of $188.16 and a twelve month high of $310.98.

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 for the quarter, topping analysts’ consensus estimates 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%. Automatic Data Processing’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the business posted $2.49 earnings per share. On average, sell-side analysts forecast that Automatic Data Processing, Inc. will post 12.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on ADP shares. Morgan Stanley lifted their price objective on Automatic Data Processing from $286.00 to $288.00 and gave the stock an “equal weight” rating in a report on Thursday, October 29th. Wells Fargo & Company raised 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. BMO Capital Markets lifted their price target on Automatic Data Processing from $248.00 to $305.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 29th. Guggenheim reiterated a “buy” rating and set a $340.00 price target on shares of Automatic Data Processing in a research report on Thursday, October 29th. Finally, Weiss Ratings raised Automatic Data Processing from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, September 22nd. Three research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Automatic Data Processing currently has an average rating of “Hold” and a consensus price target 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.