What happened Shares of Automatic Data Processing (NASDAQ: ADP) rose 13.2% in October, according to data from S&P Global Market Intelligence. The stock climbed thanks to momentum for the broader human resources software industry and better-than-expected quarterly results at the end of the month. ^SPX data by YCharts The Labor Department published jobs and economic data early last month, and the report showed that 660,000 non-farm jobs had been added in September. This figure came in below the Dow Jones economist target for 800,000 non-farm job additions in the month, but the data still generally indicated that the economy was continuing to recover from coronavirus-related challenges. So what ADP published first quarter results on Oct. 28, delivering sales and earnings for the period that came in ahead of the market's expectations. The company posted non-GAAP (adjusted) earnings per share of $1.41 on revenue of $3.47 billion. The average analyst estimate had called for per-share earnings of $0.98 on revenue of $3.27 billion. Now what ADP stock has continued to climb in November's trading, although its gains have lagged those of the S&P 500 index. The software company's share price is up roughly 3% in the month so far. ^SPX data by YCharts ADP expects that sales for the current fiscal year will come in somewhere between 1% lower and 1% higher than last year, and its adjusted EBIT margin is projected to decline between 100 and 150 basis points. Adjusted earnings per share are expected to be between 3% and 7% lower on an annual basis. ADP has a market capitalization of roughly $71.3 billion and trades at approximately 30 times this year's expected earnings. The stock also has a dividend yield of 2.2%, and the company has increased its annual payout for 44 years running. 10 stocks we like better than Automatic Data ProcessingWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Automatic Data Processing wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of October 20, 2020 Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source