Federated Hermes Inc. Sells 8,011 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Key Points

• Federated Hermes Inc. reduced its stake in Automatic Data Processing, Inc. (ADP) by 10.3%, bringing its total shares owned to 69,493, valued at approximately $21.23 million.
• Analysts have varied target price adjustments for ADP, with Stifel Nicolaus raising their target from $305 to $318, while others, like UBS Group, lowered theirs from $323 to $315.
• ADP reported a quarterly earnings per share of $2.26, exceeding analyst expectations of $2.23, alongside a revenue of $5.13 billion, reflecting a year-over-year increase of 6.3%.

Federated Hermes Inc. reduced its position in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 10.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 69,493 shares of the business services provider's stock after selling 8,011 shares during the quarter. Federated Hermes Inc.'s holdings in Automatic Data Processing were worth $21,232,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Golden State Wealth Management LLC lifted its position in Automatic Data Processing by 29.6% during the 1st quarter. Golden State Wealth Management LLC now owns 565 shares of the business services provider's stock worth $173,000 after acquiring an additional 129 shares during the period. GAMMA Investing LLC increased its position in Automatic Data Processing by 13.8% during the first quarter. GAMMA Investing LLC now owns 9,495 shares of the business services provider's stock worth $2,901,000 after buying an additional 1,148 shares in the last quarter. Toronto Dominion Bank increased its stake in Automatic Data Processing by 10.2% in the fourth quarter. Toronto Dominion Bank now owns 236,707 shares of the business services provider's stock valued at $69,290,000 after purchasing an additional 21,910 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Automatic Data Processing by 8.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 250,836 shares of the business services provider's stock valued at $76,638,000 after purchasing an additional 20,467 shares during the last quarter. Finally, Brighton Jones LLC increased its stake in Automatic Data Processing by 92.1% in the fourth quarter. Brighton Jones LLC now owns 10,026 shares of the business services provider's stock valued at $2,935,000 after purchasing an additional 4,808 shares during the last quarter. Hedge funds and other institutional investors own 80.03% of the company's stock.

Automatic Data Processing Stock Down 2.9%

Shares of ADP traded down $9.06 during mid-day trading on Friday, reaching $300.44. The company's stock had a trading volume of 1,791,558 shares, compared to its average volume of 1,385,865. The business has a fifty day moving average of $310.28 and a 200 day moving average of $305.18. The company has a market cap of $121.95 billion, a price-to-earnings ratio of 30.10, a price-to-earnings-growth ratio of 2.75 and a beta of 0.81. Automatic Data Processing, Inc. has a 1 year low of $256.47 and a 1 year high of $329.93. The company has a quick ratio of 1.02, a current ratio of 1.05 and a debt-to-equity ratio of 0.64.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The business services provider reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.23 by $0.03. The business had revenue of $5.13 billion during the quarter, compared to analyst estimates of $5.05 billion. Automatic Data Processing had a return on equity of 72.84% and a net margin of 19.84%. Automatic Data Processing's quarterly revenue was up 6.3% compared to the same quarter last year. During the same period last year, the company earned $2.09 earnings per share. As a group, analysts forecast that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ADP. Royal Bank Of Canada reissued a "sector perform" rating and set a $315.00 price target on shares of Automatic Data Processing in a research report on Thursday, June 5th. Morgan Stanley upped their price objective on Automatic Data Processing from $310.00 to $311.00 and gave the company an "equal weight" rating in a research note on Thursday. Mizuho increased their price target on Automatic Data Processing from $321.00 to $332.00 and gave the stock an "outperform" rating in a research report on Friday, June 13th. BMO Capital Markets upgraded Automatic Data Processing to a "hold" rating and set a $340.00 price target on the stock in a research report on Thursday, July 10th. Finally, TD Securities increased their price objective on Automatic Data Processing from $298.00 to $321.00 and gave the stock a "hold" rating in a report on Wednesday, May 21st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $314.33.

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.