Automatic Data Processing: Still Expensive Given Macro Headwinds

Core Viewpoint - Shares of Automatic Data Processing, Inc. (ADP) have underperformed over the past year, losing approximately 15% of their value and missing out on a broader market rally [1] Company Performance - ADP's stock has declined by about 15% in the last year, indicating a significant underperformance compared to the market [1] Market Conditions - The decline in ADP's stock price is attributed to a combination of a slowing jobs market, which may impact the company's growth prospects [1]