Ninety One North America Inc. Trims Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Ninety One North America Inc. lessened its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 14.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 122,161 shares of the business services provider's stock after selling 20,244 shares during the quarter. Automatic Data Processing comprises 2.5% of Ninety One North America Inc.'s holdings, making the stock its 14th biggest position. Ninety One North America Inc.'s holdings in Automatic Data Processing were worth $37,324,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of ADP. Vanguard Group Inc. increased its stake in Automatic Data Processing by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 40,731,270 shares of the business services provider's stock valued at $11,923,265,000 after purchasing an additional 277,324 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Automatic Data Processing by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 10,583,607 shares of the business services provider's stock worth $3,098,305,000 after acquiring an additional 65,965 shares during the period. Northern Trust Corp increased its stake in shares of Automatic Data Processing by 17.1% in the fourth quarter. Northern Trust Corp now owns 6,174,419 shares of the business services provider's stock worth $1,807,438,000 after acquiring an additional 902,354 shares during the period. Capital Research Global Investors increased its stake in shares of Automatic Data Processing by 26.9% in the fourth quarter. Capital Research Global Investors now owns 6,136,763 shares of the business services provider's stock worth $1,796,415,000 after acquiring an additional 1,299,390 shares during the period. Finally, Invesco Ltd. increased its stake in shares of Automatic Data Processing by 6.0% in the fourth quarter. Invesco Ltd. now owns 3,886,552 shares of the business services provider's stock worth $1,137,710,000 after acquiring an additional 219,032 shares during the period. Institutional investors own 80.03% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ADP. UBS Group lowered their price target on shares of Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating on the stock in a report on Friday, June 13th. Morgan Stanley increased their price target on shares of Automatic Data Processing from $305.00 to $310.00 and gave the stock an "equal weight" rating in a report on Tuesday, June 17th. TD Securities increased their price target on shares of Automatic Data Processing from $298.00 to $321.00 and gave the stock a "hold" rating in a report on Wednesday, May 21st. Stifel Nicolaus increased their price objective on shares of Automatic Data Processing to $305.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Finally, Mizuho increased their price objective on shares of Automatic Data Processing from $321.00 to $332.00 and gave the company an "outperform" rating in a report on Friday, June 13th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $309.62.

Automatic Data Processing Stock Down 0.8%

Shares of NASDAQ:ADP traded down $2.59 during trading on Thursday, hitting $305.82. 1,421,528 shares of the company were exchanged, compared to its average volume of 1,713,610. The stock has a market capitalization of $124.14 billion, a P/E ratio of 31.30, a PEG ratio of 2.81 and a beta of 0.76. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.02 and a quick ratio of 1.02. Automatic Data Processing, Inc. has a 12-month low of $231.27 and a 12-month high of $329.93. The firm's 50 day moving average price is $312.88 and its 200-day moving average price is $303.77.

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

Automatic Data Processing Company Profile

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.