Hohimer Wealth Management LLC Sells 12,240 Shares of Automatic Data Processing, Inc. $ADP

Hohimer Wealth Management LLC lowered its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 86.3% in the third quarter, Holdings Channel reports. The institutional investor owned 1,949 shares of the business services provider’s stock after selling 12,240 shares during the period. Hohimer Wealth Management LLC’s holdings in Automatic Data Processing were worth $503,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of ADP. Polaris Financial Partners purchased a new position in shares of Automatic Data Processing in the 3rd quarter valued at $25,000. Next Level Wealth Planning LLC purchased a new stake in shares of Automatic Data Processing during the 3rd quarter worth $26,000. Pathway Financial Advisers LLC purchased a new stake in shares of Automatic Data Processing during the 3rd quarter worth $39,000. Kelly Lawrence W & Associates Inc. CA bought a new stake in Automatic Data Processing during the second quarter valued at about $34,000. Finally, Cornerstone Financial Management LLC boosted its position in Automatic Data Processing by 59.2% during the second quarter. Cornerstone Financial Management LLC now owns 156 shares of the business services provider’s stock valued at $35,000 after purchasing an additional 58 shares in the last quarter. Institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Trading Down 0.4%

Shares of Automatic Data Processing stock opened at $302.06 on Tuesday. The firm’s 50 day simple moving average is $279.47 and its two-hundred day simple moving average is $242.14. The firm has a market capitalization of $119.24 billion, a price-to-earnings ratio of 26.78, a PEG ratio of 2.72 and a beta of 0.77. Automatic Data Processing, Inc. has a 12-month low of $188.16 and a 12-month high of $310.98. The company has a current ratio of 1.03, a quick ratio of 1.05 and a debt-to-equity ratio of 0.98.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, October 28th. The business services provider reported $2.82 EPS for the quarter, topping the consensus estimate of $2.77 by $0.05. The business had revenue of $5.49 billion during the quarter, compared to the consensus estimate of $5.48 billion. Automatic Data Processing had a net margin of 20.33% and a return on equity of 77.01%. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.49 earnings per share. Analysts predict that Automatic Data Processing, Inc. will post 12.38 EPS for the current year.

Insider Transactions at Automatic Data Processing

In other Automatic Data Processing news, VP David Kwon sold 798 shares of Automatic Data Processing stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $280.00, for a total transaction of $223,440.00. Following the completion of the sale, the vice president owned 13,193 shares of the company’s stock, valued at approximately $3,694,040. The trade was a 5.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael A. Bonarti sold 7,487 shares of the business’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $300.00, for a total value of $2,246,100.00. Following the sale, the vice president owned 81,849 shares in the company, valued at approximately $24,554,700. The trade was a 8.38% decrease in their position. 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. Insiders sold 50,207 shares of company stock worth $14,522,300 over the last 90 days. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on ADP. Jefferies Financial Group lifted their target price on Automatic Data Processing from $225.00 to $250.00 and gave the company an “underperform” rating in a research note on Wednesday, October 28th. Cantor Fitzgerald increased their price target on shares of Automatic Data Processing from $310.00 to $336.00 and gave the company an “overweight” rating in a research report on Friday, October 30th. Weiss Ratings upgraded shares of Automatic Data Processing from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, September 22nd. Stifel Nicolaus raised their price target on shares of Automatic Data Processing from $285.00 to $305.00 and gave the company a “hold” rating in a report on Thursday, October 29th. Finally, Wells Fargo & Company lifted their price objective on shares of Automatic Data Processing from $248.00 to $283.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 30th. Three equities 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. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $285.00.

Automatic Data Processing Profile

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.

Founded in 1949 as Automatic Payrolls, Inc, the company has grown from a payroll-processing business into a global provider of HR and workforce solutions.