Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Sold by Choreo LLC

Choreo LLC reduced its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 3.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 55,369 shares of the business services provider's stock after selling 1,943 shares during the quarter. Choreo LLC's holdings in Automatic Data Processing were worth $17,000,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Garner Asset Management Corp lifted its stake in Automatic Data Processing by 6.9% in the 1st quarter. Garner Asset Management Corp now owns 4,295 shares of the business services provider's stock valued at $1,312,000 after buying an additional 276 shares in the last quarter. PFG Advisors lifted its stake in Automatic Data Processing by 38.0% in the 1st quarter. PFG Advisors now owns 15,616 shares of the business services provider's stock valued at $4,771,000 after buying an additional 4,304 shares in the last quarter. HighPoint Advisor Group LLC lifted its stake in Automatic Data Processing by 2.6% in the 1st quarter. HighPoint Advisor Group LLC now owns 14,378 shares of the business services provider's stock valued at $4,253,000 after buying an additional 368 shares in the last quarter. Gries Financial LLC purchased a new position in Automatic Data Processing in the 1st quarter valued at about $295,000. Finally, Crestwood Advisors Group LLC lifted its stake in Automatic Data Processing by 3.1% in the 1st quarter. Crestwood Advisors Group LLC now owns 4,654 shares of the business services provider's stock valued at $1,422,000 after buying an additional 140 shares in the last quarter. 80.03% of the stock is owned by hedge funds and other institutional investors.

Automatic Data Processing Stock Performance

NASDAQ ADP traded up $2.46 on Tuesday, hitting $303.36. 173,633 shares of the company's stock were exchanged, compared to its average volume of 1,701,259. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.02 and a quick ratio of 1.02. The firm's 50-day moving average price is $312.56 and its two-hundred day moving average price is $304.28. Automatic Data Processing, Inc. has a fifty-two week low of $245.80 and a fifty-two week high of $329.93. The firm has a market cap of $123.14 billion, a price-to-earnings ratio of 31.13, a P/E/G ratio of 2.76 and a beta of 0.76.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last released its earnings results on Wednesday, April 30th. The business services provider reported $3.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.97 by $0.09. Automatic Data Processing had a return on equity of 77.33% and a net margin of 19.79%. The company had revenue of $5.55 billion for the quarter, compared to analysts' expectations of $5.49 billion. During the same quarter in the previous year, the firm posted $2.88 EPS. The firm's quarterly revenue was up 5.7% on a year-over-year basis. On average, research analysts expect that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. UBS Group reduced their price objective on Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating on the stock in a research report on Friday, June 13th. Royal Bank Of Canada reiterated a "sector perform" rating and set a $315.00 price objective on shares of Automatic Data Processing in a research report on Thursday, June 5th. TD Securities raised their target price on Automatic Data Processing from $298.00 to $321.00 and gave the stock a "hold" rating in a research note on Wednesday, May 21st. Stifel Nicolaus raised their target price on Automatic Data Processing to $305.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Finally, Mizuho raised their target price on Automatic Data Processing from $321.00 to $332.00 and gave the stock an "outperform" rating in a research note on Friday, June 13th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $309.62.

About Automatic Data Processing

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.

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, Inc. (NASDAQ:ADP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.