Notis McConarty Edward cut its position in Automatic Data Processing (NASDAQ:ADP) by 2.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,670 shares of the business services provider’s stock after selling 1,086 shares during the quarter. Automatic Data Processing comprises about 4.2% of Notis McConarty Edward’s holdings, making the stock its 2nd largest position. Notis McConarty Edward’s holdings in Automatic Data Processing were worth $8,874,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the business. Ronna Sue Cohen increased its stake in Automatic Data Processing by 15,564.1% in the 1st quarter. Ronna Sue Cohen now owns 3,468,349 shares of the business services provider’s stock worth $3,468,000 after acquiring an additional 3,446,207 shares during the last quarter. Thoroughbred Financial Services LLC boosted its holdings in Automatic Data Processing by 17,208.5% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 729,208 shares of the business services provider’s stock valued at $72,921,000 after acquiring an additional 724,995 shares during the period. Ellis Investment Partners LLC boosted its holdings in Automatic Data Processing by 15,521.9% during the 1st quarter. Ellis Investment Partners LLC now owns 708,766 shares of the business services provider’s stock valued at $708,000 after acquiring an additional 704,229 shares during the period. FMR LLC boosted its holdings in Automatic Data Processing by 90.4% during the 4th quarter. FMR LLC now owns 1,439,697 shares of the business services provider’s stock valued at $188,772,000 after acquiring an additional 683,417 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Automatic Data Processing by 8.6% during the 4th quarter. Geode Capital Management LLC now owns 6,258,804 shares of the business services provider’s stock valued at $819,520,000 after acquiring an additional 496,843 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.
In other news, VP Dermot J. O’brien sold 1,771 shares of the stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $162.04, for a total value of $286,972.84. Following the completion of the transaction, the vice president now owns 14,896 shares of the company’s stock, valued at approximately $2,413,747.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.33% of the stock is currently owned by corporate insiders.
Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings results on Wednesday, July 31st. The business services provider reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.01. The business had revenue of $3.50 billion during the quarter, compared to analyst estimates of $3.50 billion. Automatic Data Processing had a return on equity of 47.48% and a net margin of 16.17%. Automatic Data Processing’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.99 EPS. As a group, equities analysts predict that Automatic Data Processing will post 6.15 earnings per share for the current fiscal year.
Several equities research analysts recently weighed in on the company. Zacks Investment Research upgraded Automatic Data Processing from a “hold” rating to a “buy” rating and set a $179.00 target price for the company in a report on Friday, June 21st. JPMorgan Chase & Co. increased their target price on Automatic Data Processing from $170.00 to $177.00 and gave the company a “neutral” rating in a report on Thursday. Barclays increased their target price on Automatic Data Processing from $180.00 to $190.00 and gave the company an “overweight” rating in a report on Monday. Jefferies Financial Group increased their target price on Automatic Data Processing to $176.00 and gave the company a “hold” rating in a report on Wednesday, July 31st. Finally, Sanford C. Bernstein cut Automatic Data Processing from an “outperform” rating to a “market perform” rating in a report on Tuesday, April 30th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $170.64.
Automatic Data Processing Company Profile
Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.
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