Congress Asset Management Co. MA Raises Stock Position in Automatic Data Processing (NASDAQ:ADP)

Congress Asset Management Co. MA lifted its position in Automatic Data Processing (NASDAQ:ADP) by 1.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,326 shares of the business services provider’s stock after buying an additional 101 shares during the period. Congress Asset Management Co. MA’s holdings in Automatic Data Processing were worth $860,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Cox Capital Mgt LLC lifted its stake in shares of Automatic Data Processing by 3.8% in the 2nd quarter. Cox Capital Mgt LLC now owns 16,455 shares of the business services provider’s stock valued at $2,721,000 after purchasing an additional 603 shares during the period. Dorsey Wright & Associates grew its holdings in shares of Automatic Data Processing by 9.6% during the second quarter. Dorsey Wright & Associates now owns 2,291 shares of the business services provider’s stock worth $379,000 after buying an additional 200 shares in the last quarter. Rockland Trust Co. grew its holdings in shares of Automatic Data Processing by 10.3% during the second quarter. Rockland Trust Co. now owns 9,474 shares of the business services provider’s stock worth $1,566,000 after buying an additional 883 shares in the last quarter. Carroll Financial Associates Inc. grew its holdings in shares of Automatic Data Processing by 52.5% during the second quarter. Carroll Financial Associates Inc. now owns 11,431 shares of the business services provider’s stock worth $1,889,000 after buying an additional 3,935 shares in the last quarter. Finally, First American Trust FSB purchased a new stake in shares of Automatic Data Processing in the second quarter valued at about $207,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

ADP has been the subject of a number of analyst reports. Jefferies Financial Group upped their price objective on shares of Automatic Data Processing to $176.00 and gave the company a “hold” rating in a report on Wednesday, July 31st. Wolfe Research lowered shares of Automatic Data Processing from an “outperform” rating to a “market perform” rating in a research note on Thursday, October 31st. Robert W. Baird increased their target price on shares of Automatic Data Processing from $167.00 to $178.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. BidaskClub lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, Bank of America lowered shares of Automatic Data Processing from a “buy” rating to a “neutral” rating in a research note on Wednesday, September 11th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. Automatic Data Processing has an average rating of “Hold” and a consensus target price of $179.56.

In other news, CEO Carlos A. Rodriguez sold 49,392 shares of the stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $161.70, for a total transaction of $7,986,686.40. Following the sale, the chief executive officer now owns 132,338 shares of the company’s stock, valued at $21,399,054.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Brock Albinson sold 6,683 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $167.87, for a total transaction of $1,121,875.21. Following the sale, the vice president now directly owns 6,302 shares in the company, valued at approximately $1,057,916.74. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by corporate insiders.

Shares of ADP traded up $0.83 during mid-day trading on Friday, hitting $162.93. 11,186 shares of the company’s stock were exchanged, compared to its average volume of 2,028,593. The company has a market cap of $67.94 billion, a price-to-earnings ratio of 29.86, a P/E/G ratio of 1.96 and a beta of 0.88. Automatic Data Processing has a fifty-two week low of $121.40 and a fifty-two week high of $174.50. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.05 and a current ratio of 1.01. The stock’s 50-day moving average is $161.09 and its 200-day moving average is $163.76.

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