State Treasurer State of Michigan cut its stake in shares of Automatic Data Processing (NASDAQ:ADP) by 6.2% in the second quarter, Holdings Channel reports. The firm owned 322,181 shares of the business services provider’s stock after selling 21,400 shares during the quarter. State Treasurer State of Michigan’s holdings in Automatic Data Processing were worth $53,266,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in the stock. Greenleaf Trust lifted its holdings in Automatic Data Processing by 3.7% during the second quarter. Greenleaf Trust now owns 8,043 shares of the business services provider’s stock worth $1,330,000 after acquiring an additional 285 shares in the last quarter. TCG Advisors LP acquired a new position in Automatic Data Processing during the first quarter worth approximately $161,000. Parallel Advisors LLC increased its position in Automatic Data Processing by 14.9% during the first quarter. Parallel Advisors LLC now owns 6,113 shares of the business services provider’s stock worth $977,000 after buying an additional 791 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in Automatic Data Processing by 3.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,854,222 shares of the business services provider’s stock worth $296,193,000 after buying an additional 69,989 shares during the last quarter. Finally, OLD National Bancorp IN increased its position in Automatic Data Processing by 0.6% during the first quarter. OLD National Bancorp IN now owns 20,493 shares of the business services provider’s stock worth $3,274,000 after buying an additional 130 shares during the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.
NASDAQ:ADP traded up $3.40 during trading hours on Tuesday, reaching $163.15. 95,481 shares of the company were exchanged, compared to its average volume of 1,921,630. The firm has a market capitalization of $69.53 billion, a P/E ratio of 29.91, a P/E/G ratio of 2.05 and a beta of 0.91. Automatic Data Processing has a 1-year low of $121.40 and a 1-year high of $172.00. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.05 and a quick ratio of 1.04. The firm has a 50 day moving average of $165.92.
In related 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 transaction of $286,972.84. Following the sale, the vice president now owns 14,896 shares of the company’s stock, valued at $2,413,747.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.33% of the company’s stock.
ADP has been the topic of a number of recent analyst reports. Barclays boosted their price target on Automatic Data Processing from $180.00 to $190.00 and gave the stock an “overweight” rating in a research report on Monday. Zacks Investment Research raised Automatic Data Processing from a “hold” rating to a “buy” rating and set a $179.00 target price on the stock in a research report on Friday, June 21st. Sanford C. Bernstein downgraded Automatic Data Processing from an “outperform” rating to a “market perform” rating in a research report on Tuesday, April 30th. Jefferies Financial Group upped their target price on Automatic Data Processing to $176.00 and gave the company a “hold” rating in a research report on Wednesday, July 31st. Finally, BidaskClub downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Monday, June 24th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $170.64.
About Automatic Data Processing
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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