WBI Investments Inc. Takes $8.86 Million Position in Automatic Data Processing (ADP)

WBI Investments Inc. purchased a new position in Automatic Data Processing (NYSE:ADP) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 86,445 shares of the business services provider’s stock, valued at approximately $8,857,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. SVA Plumb Wealth Management LLC raised its holdings in shares of Automatic Data Processing by 26.8% in the second quarter. SVA Plumb Wealth Management LLC now owns 3,309 shares of the business services provider’s stock worth $339,000 after buying an additional 700 shares during the period. FNY Partners Fund LP purchased a new position in Automatic Data Processing during the 2nd quarter worth $1,024,000. Stephens Inc. AR increased its holdings in Automatic Data Processing by 3.6% during the 2nd quarter. Stephens Inc. AR now owns 67,788 shares of the business services provider’s stock worth $6,946,000 after purchasing an additional 2,348 shares during the period. Riverhead Capital Management LLC increased its holdings in Automatic Data Processing by 6.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 8,916 shares of the business services provider’s stock worth $914,000 after purchasing an additional 541 shares during the period. Finally, Oak Ridge Investments LLC purchased a new position in Automatic Data Processing during the 2nd quarter worth $234,000.

In other news, VP Maria Black sold 631 shares of the firm’s stock in a transaction on Saturday, September 2nd. The stock was sold at an average price of $106.64, for a total value of $67,289.84. Following the completion of the sale, the vice president now owns 10,550 shares of the company’s stock, valued at approximately $1,125,052. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Brock Albinson sold 3,663 shares of the firm’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $106.54, for a total value of $390,256.02. Following the completion of the sale, the vice president now directly owns 6,287 shares of the company’s stock, valued at approximately $669,816.98. The disclosure for this sale can be found here.

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Several research analysts have commented on the company. Zacks Investment Research downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Tuesday, October 17th. Royal Bank Of Canada restated a “hold” rating and set a $95.00 price objective on shares of Automatic Data Processing in a report on Friday, September 15th. BMO Capital Markets restated a “market perform” rating and set a $105.00 price objective on shares of Automatic Data Processing in a report on Wednesday, August 9th. BidaskClub upgraded Automatic Data Processing from a “hold” rating to a “buy” rating in a report on Saturday, September 9th. Finally, Robert W. Baird restated a “neutral” rating and set a $95.00 price objective on shares of Automatic Data Processing in a report on Sunday, July 30th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $111.57.

Automatic Data Processing (ADP) opened at $112.24 on Friday.

Automatic Data Processing (NYSE:ADP) last posted its quarterly earnings data on Thursday, November 2nd. The business services provider reported $0.91 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.85 by $0.06. The firm had revenue of $3.08 billion during the quarter, compared to analysts’ expectations of $3.06 billion. Automatic Data Processing had a return on equity of 26.39% and a net margin of 8.67%. The business’s quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.86 EPS.

Automatic Data Processing Profile

Automatic Data Processing, Inc (ADP) is a provider of human capital management (HCM) solutions to employers, offering solutions to businesses of various sizes. The Company also provides business process outsourcing solutions. Its segments include Employer Services and Professional Employer Organization (PEO) Services.

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

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