Automatic Data Processing, Inc. $ADP Shares Sold by Equitable Trust Co.

Key Points

• Equitable Trust Co. cut its stake in ADP by 65.4% in the first quarter, selling 14,327 shares and leaving it with 7,579 shares worth about $1.54 million.
• ADP reported stronger-than-expected quarterly results, with EPS of $3.37 versus estimates of $3.30 and revenue of $5.94 billion, up 7% year over year.
• Analyst sentiment remains mixed, with an average rating of “Hold” and an average price target of $248.64, even as some firms recently adjusted targets and ratings.

Equitable Trust Co. lowered its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 65.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,579 shares of the business services provider's stock after selling 14,327 shares during the period. Equitable Trust Co.'s holdings in Automatic Data Processing were worth $1,540,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. State Street Corp boosted its holdings in Automatic Data Processing by 0.7% in the fourth quarter. State Street Corp now owns 18,940,841 shares of the business services provider's stock valued at $4,903,769,000 after acquiring an additional 133,039 shares during the last quarter. Geode Capital Management LLC increased its stake in Automatic Data Processing by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 11,576,572 shares of the business services provider's stock worth $2,977,777,000 after acquiring an additional 136,876 shares during the last quarter. Capital Research Global Investors increased its stake in Automatic Data Processing by 4.6% during the fourth quarter. Capital Research Global Investors now owns 8,393,607 shares of the business services provider's stock worth $2,159,088,000 after acquiring an additional 372,413 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Automatic Data Processing by 8.0% in the 4th quarter. Wellington Management Group LLP now owns 7,374,504 shares of the business services provider's stock worth $1,896,944,000 after purchasing an additional 544,210 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of Automatic Data Processing by 5.7% in the 3rd quarter. Invesco Ltd. now owns 4,837,993 shares of the business services provider's stock worth $1,419,951,000 after purchasing an additional 261,312 shares during the period. Institutional investors and hedge funds own 80.03% of the company's stock.

Automatic Data Processing Trading Up 0.3%

Shares of ADP opened at $241.92 on Friday. The stock's 50-day moving average is $224.00 and its two-hundred day moving average is $225.10. The stock has a market cap of $96.70 billion, a PE ratio of 22.57 and a beta of 0.83. Automatic Data Processing, Inc. has a 12 month low of $188.16 and a 12 month high of $315.98. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.04 and a quick ratio of 1.04.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last posted its earnings results on Wednesday, April 29th. The business services provider reported $3.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.30 by $0.07. Automatic Data Processing had a return on equity of 68.82% and a net margin of 20.12%.The business had revenue of $5.94 billion during the quarter, compared to analyst estimates of $5.85 billion. During the same quarter last year, the firm earned $3.06 earnings per share. The company's revenue for the quarter was up 7.0% compared to the same quarter last year. Automatic Data Processing has set its FY 2026 guidance at 11.010-11.110 EPS. Equities analysts forecast that Automatic Data Processing, Inc. will post 11.08 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ADP. Guggenheim initiated coverage on Automatic Data Processing in a report on Thursday, March 19th. They set a "buy" rating and a $270.00 target price for the company. Morgan Stanley cut their price target on shares of Automatic Data Processing from $311.00 to $274.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 28th. TD Cowen lifted their price target on shares of Automatic Data Processing from $216.00 to $223.00 and gave the company a "hold" rating in a research report on Monday, July 6th. Citigroup decreased their price objective on shares of Automatic Data Processing from $265.00 to $230.00 and set a "neutral" rating for the company in a research note on Thursday, April 30th. Finally, Cantor Fitzgerald dropped their price objective on shares of Automatic Data Processing from $306.00 to $244.00 and set an "overweight" rating for the company in a research report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $248.64.

About Automatic Data Processing

Automatic Data Processing, Inc (ADP) is a global provider of cloud-based human capital management (HCM) and payroll solutions. Founded in 1949 and headquartered in Roseland, New Jersey, ADP began as a payroll processing company and has evolved into a diversified provider of workforce management, HR, benefits administration, tax and compliance services, and analytics for employers of all sizes.

ADP's product portfolio includes payroll processing and tax filing, time and attendance systems, benefits administration, talent management, and HR outsourcing.

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