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

Ninety One North America Inc. cut its position in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 14.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 122,161 shares of the business services provider's stock after selling 20,244 shares during the period. Automatic Data Processing comprises 2.5% of Ninety One North America Inc.'s portfolio, making the stock its 14th largest holding. 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.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Golden State Wealth Management LLC grew its stake in shares of Automatic Data Processing by 29.6% in the 1st quarter. Golden State Wealth Management LLC now owns 565 shares of the business services provider's stock worth $173,000 after buying an additional 129 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Automatic Data Processing by 13.8% during the 1st quarter. GAMMA Investing LLC now owns 9,495 shares of the business services provider's stock valued at $2,901,000 after buying an additional 1,148 shares in the last quarter. Toronto Dominion Bank lifted its holdings in Automatic Data Processing by 10.2% during the 4th quarter. Toronto Dominion Bank now owns 236,707 shares of the business services provider's stock valued at $69,290,000 after buying an additional 21,910 shares in the last quarter. Proficio Capital Partners LLC increased its position in Automatic Data Processing by 42.8% during the 4th quarter. Proficio Capital Partners LLC now owns 3,725 shares of the business services provider's stock valued at $1,090,000 after purchasing an additional 1,117 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its position in Automatic Data Processing by 8.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 250,836 shares of the business services provider's stock valued at $76,638,000 after acquiring an additional 20,467 shares in the last quarter. 80.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently commented on ADP. 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 note on Thursday, June 5th. Mizuho boosted their target price on shares of Automatic Data Processing from $321.00 to $332.00 and gave the stock an "outperform" rating in a research report on Friday, June 13th. Stifel Nicolaus lifted their price objective on shares of Automatic Data Processing to $305.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Morgan Stanley boosted their price objective on shares of Automatic Data Processing from $305.00 to $310.00 and gave the company an "equal weight" rating in a report on Tuesday, June 17th. Finally, UBS Group lowered their price target on Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating for the company in a research report on Friday, June 13th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Automatic Data Processing currently has a consensus rating of "Hold" and an average target price of $307.08.

Automatic Data Processing Stock Performance

NASDAQ ADP traded down $1.50 on Tuesday, reaching $306.90. 1,919,181 shares of the company's stock traded hands, compared to its average volume of 1,715,174. The firm has a market cap of $124.58 billion, a price-to-earnings ratio of 31.41, a P/E/G ratio of 2.87 and a beta of 0.76. The stock has a 50 day moving average price of $312.50 and a 200-day moving average price of $303.71. Automatic Data Processing, Inc. has a fifty-two week low of $231.27 and a fifty-two week high of $329.93. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.02.

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

Insider Activity

In related news, VP Christopher D'ambrosio sold 478 shares of the business's stock in a transaction on Thursday, April 10th. The shares were sold at an average price of $293.14, for a total value of $140,120.92. Following the completion of the sale, the vice president owned 7,364 shares of the company's stock, valued at approximately $2,158,682.96. The trade was a 6.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.21% of the stock is currently owned by corporate insiders.

Automatic Data Processing 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.