Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Sold by PAX Financial Group LLC

PAX Financial Group LLC cut its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 5.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,620 shares of the business services provider’s stock after selling 144 shares during the quarter. PAX Financial Group LLC’s holdings in Automatic Data Processing were worth $654,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. TD Asset Management Inc lifted its holdings in Automatic Data Processing by 14.2% in the 1st quarter. TD Asset Management Inc now owns 801,857 shares of the business services provider’s stock valued at $200,256,000 after purchasing an additional 99,515 shares in the last quarter. SG Americas Securities LLC raised its position in shares of Automatic Data Processing by 195.1% in the first quarter. SG Americas Securities LLC now owns 51,607 shares of the business services provider’s stock valued at $12,888,000 after buying an additional 34,118 shares during the last quarter. Cornerstone Wealth Group LLC purchased a new position in shares of Automatic Data Processing during the first quarter valued at approximately $2,924,000. Everence Capital Management Inc. lifted its stake in shares of Automatic Data Processing by 28.5% during the fourth quarter. Everence Capital Management Inc. now owns 17,150 shares of the business services provider’s stock valued at $3,995,000 after buying an additional 3,800 shares during the period. Finally, LVW Advisors LLC boosted its position in Automatic Data Processing by 23.8% during the first quarter. LVW Advisors LLC now owns 3,854 shares of the business services provider’s stock worth $962,000 after acquiring an additional 740 shares during the last quarter. 80.03% of the stock is owned by hedge funds and other institutional investors.

Automatic Data Processing Trading Up 0.1 %

ADP stock traded up $0.24 during midday trading on Tuesday, reaching $248.23. 478,742 shares of the company’s stock traded hands, compared to its average volume of 1,664,665. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.01 and a quick ratio of 1.01. Automatic Data Processing, Inc. has a fifty-two week low of $205.53 and a fifty-two week high of $256.84. The business has a 50-day moving average price of $244.21 and a two-hundred day moving average price of $244.67. The company has a market capitalization of $101.60 billion, a P/E ratio of 27.71, a PEG ratio of 2.49 and a beta of 0.78.

Automatic Data Processing (NASDAQ:ADP) last posted its earnings results on Wednesday, May 1st. The business services provider reported $2.88 earnings per share for the quarter, beating the consensus estimate of $2.79 by $0.09. Automatic Data Processing had a net margin of 19.56% and a return on equity of 93.09%. The business had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.22 billion. During the same quarter in the previous year, the business posted $2.52 EPS. The business’s quarterly revenue was up 7.6% on a year-over-year basis. Equities research analysts forecast that Automatic Data Processing, Inc. will post 9.16 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have weighed in on ADP shares. JPMorgan Chase & Co. cut their price target on Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating for the company in a report on Thursday, May 2nd. Evercore ISI upped their target price on Automatic Data Processing from $227.00 to $235.00 and gave the company an “underperform” rating in a research note on Tuesday, March 26th. TD Cowen decreased their price target on Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating on the stock in a research note on Thursday, May 2nd. Barclays upped their price objective on shares of Automatic Data Processing from $280.00 to $282.00 and gave the company an “overweight” rating in a research note on Thursday, May 2nd. Finally, StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Tuesday, July 2nd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $255.42.

Automatic Data Processing Profile

Automatic Data Processing, Inc provides cloud-based human capital management solutions worldwide. It operates in two segments, Employer Services and Professional Employer Organization (PEO). The Employer Services segment offers strategic, cloud-based platforms, and human resources (HR) outsourcing solutions.