Sumitomo Mitsui Trust Holdings Inc. Sells 75,717 Shares of Automatic Data Processing (NASDAQ:ADP)

Sumitomo Mitsui Trust Holdings Inc. lowered its stake in Automatic Data Processing (NASDAQ:ADP) by 4.1% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,778,505 shares of the business services provider’s stock after selling 75,717 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned 0.41% of Automatic Data Processing worth $294,040,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Northern Trust Corp grew its stake in shares of Automatic Data Processing by 1.3% in the 1st quarter. Northern Trust Corp now owns 6,692,907 shares of the business services provider’s stock worth $1,069,125,000 after acquiring an additional 86,449 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Automatic Data Processing by 8.6% in the 4th quarter. Geode Capital Management LLC now owns 6,258,804 shares of the business services provider’s stock worth $819,520,000 after acquiring an additional 496,843 shares in the last quarter. Fundsmith LLP grew its stake in shares of Automatic Data Processing by 1.1% in the 1st quarter. Fundsmith LLP now owns 5,994,171 shares of the business services provider’s stock worth $957,509,000 after acquiring an additional 66,480 shares in the last quarter. Ronna Sue Cohen grew its stake in shares of 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 in the last quarter. Finally, Janus Henderson Group PLC grew its stake in shares of Automatic Data Processing by 9.4% in the 1st quarter. Janus Henderson Group PLC now owns 2,139,022 shares of the business services provider’s stock worth $341,692,000 after acquiring an additional 184,671 shares in the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Several analysts have recently issued reports on ADP shares. Jefferies Financial Group upped their target price on shares of Automatic Data Processing to $176.00 and gave the stock a “hold” rating in a research note on Wednesday, July 31st. Barclays upped their target price on shares of Automatic Data Processing from $180.00 to $190.00 and gave the stock an “overweight” rating in a research note on Monday. ValuEngine lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Sanford C. Bernstein lowered shares of Automatic Data Processing from an “outperform” rating to a “market perform” rating in a research note on Tuesday, April 30th. Finally, Citigroup upped their target price on shares of Automatic Data Processing from $147.00 to $162.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Automatic Data Processing has a consensus rating of “Hold” and a consensus target price of $170.64.

In related news, VP Dermot J. O’brien sold 1,771 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $162.04, for a total value of $286,972.84. Following the transaction, the vice president now directly owns 14,896 shares of the company’s stock, valued at approximately $2,413,747.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.33% of the stock is currently owned by insiders.

Shares of NASDAQ:ADP traded up $1.55 during midday trading on Wednesday, reaching $164.94. The company had a trading volume of 1,096,112 shares, compared to its average volume of 1,921,630. The stock has a 50 day simple moving average of $165.86. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.04 and a current ratio of 1.05. The stock has a market capitalization of $70.61 billion, a PE ratio of 30.26, a P/E/G ratio of 2.05 and a beta of 0.91. Automatic Data Processing has a 52-week low of $121.40 and a 52-week high of $172.00.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings results on Wednesday, July 31st. The business services provider reported $1.14 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.01. The company had revenue of $3.50 billion for the quarter, compared to the consensus estimate of $3.50 billion. Automatic Data Processing had a net margin of 16.17% and a return on equity of 47.48%. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.99 EPS. On average, equities research analysts forecast that Automatic Data Processing will post 6.15 earnings per share for the current fiscal year.

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.

See Also: Buyback For Investors Defined

Want to see what other hedge funds are holding ADP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Automatic Data Processing (NASDAQ:ADP).

Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

Receive News & Ratings for Automatic Data Processing Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Automatic Data Processing and related companies with MarketBeat.com's FREE daily email newsletter.