Gallacher Capital Management LLC Sells 2,085 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Gallacher Capital Management LLC cut its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 72.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 789 shares of the business services provider's stock after selling 2,085 shares during the quarter. Gallacher Capital Management LLC's holdings in Automatic Data Processing were worth $241,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its position in shares of Automatic Data Processing by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 10,583,607 shares of the business services provider's stock worth $3,098,305,000 after buying an additional 65,965 shares during the period. Northern Trust Corp grew its position in shares of Automatic Data Processing by 17.1% during the 4th quarter. Northern Trust Corp now owns 6,174,419 shares of the business services provider's stock worth $1,807,438,000 after buying an additional 902,354 shares during the period. Capital Research Global Investors grew its position in shares of Automatic Data Processing by 26.9% during the 4th quarter. Capital Research Global Investors now owns 6,136,763 shares of the business services provider's stock worth $1,796,415,000 after buying an additional 1,299,390 shares during the period. Invesco Ltd. grew its position in shares of Automatic Data Processing by 6.0% during the 4th quarter. Invesco Ltd. now owns 3,886,552 shares of the business services provider's stock worth $1,137,710,000 after buying an additional 219,032 shares during the period. Finally, Ameriprise Financial Inc. grew its position in shares of Automatic Data Processing by 16.7% during the 4th quarter. Ameriprise Financial Inc. now owns 3,830,078 shares of the business services provider's stock worth $1,115,909,000 after buying an additional 549,132 shares during the period. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Automatic Data Processing Stock Up 0.3%

Shares of Automatic Data Processing stock traded up $0.95 on Friday, reaching $307.19. 244,398 shares of the company were exchanged, compared to its average volume of 1,746,311. Automatic Data Processing, Inc. has a one year low of $249.49 and a one year high of $329.93. The company has a market capitalization of $124.69 billion, a price-to-earnings ratio of 31.47, a PEG ratio of 2.79 and a beta of 0.76. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.51. The company has a 50-day moving average of $311.99 and a 200 day moving average of $304.46.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 prior year, the business posted $2.88 EPS. The business's revenue was up 5.7% compared to the same quarter last year. On average, equities research analysts forecast that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently issued reports on ADP. Royal Bank Of Canada restated a "sector perform" rating and set a $315.00 target price on shares of Automatic Data Processing in a research report on Thursday, June 5th. TD Securities boosted their target price on Automatic Data Processing from $298.00 to $321.00 and gave the stock a "hold" rating in a research report on Wednesday, May 21st. Mizuho lifted their price objective on Automatic Data Processing from $321.00 to $332.00 and gave the company an "outperform" rating in a report on Friday, June 13th. UBS Group cut their price objective on Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating on the stock in a report on Friday, June 13th. Finally, Morgan Stanley lifted their price objective on Automatic Data Processing from $305.00 to $310.00 and gave the company an "equal weight" rating in a report on Tuesday, June 17th. One analyst has rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company 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.