Empirical Financial Trims Stake in Automatic Data Processing

Institutional investor reduces holdings in payroll processing giant ADP by 19% in Q4

Apr. 2, 2026 at 8:26am

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Empirical Financial Services LLC d.b.a. Empirical Wealth Management, an institutional investor, reduced its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 19% in the fourth quarter, according to a recent SEC filing. The firm now owns 50,376 shares of the business services provider's stock, valued at $12.96 million.

Why it matters

This transaction provides insight into the investment strategy and portfolio adjustments of Empirical Financial Services, a notable institutional investor. The reduction in ADP holdings may signal a shift in the firm's outlook on the payroll processing company or broader macroeconomic factors influencing its investment decisions.

The details

According to the SEC filing, Empirical Financial Services sold 11,854 shares of Automatic Data Processing during the fourth quarter. The firm now holds 50,376 shares of the company, valued at $12.96 million as of the most recent reporting period. ADP is a leading provider of cloud-based human capital management and payroll solutions for employers of all sizes.

  • The transaction occurred in the fourth quarter of 2025.

The players

Empirical Financial Services LLC d.b.a. Empirical Wealth Management

An institutional investor that manages a portfolio of investments, including a position in Automatic Data Processing, Inc.

Automatic Data Processing, Inc.

A global provider of cloud-based human capital management and payroll solutions for employers.

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The takeaway

This transaction highlights the ongoing portfolio adjustments and investment strategies of institutional investors like Empirical Financial Services. While the reasons behind the ADP stake reduction are not explicitly stated, it provides a data point on the shifting sentiment around the payroll processing company among professional money managers.