Automatic Data Processing, Inc. (NASDAQ:ADP) Stock Holdings Cut by Marble Harbor Investment Counsel LLC

Key Points

• Marble Harbor Investment Counsel LLC has reduced its stake in Automatic Data Processing, Inc. (ADP) by 2.3%, now holding 129,286 shares valued at approximately $39.5 million.
• ADP reported earnings of $2.26 per share for its last quarter, surpassing analyst expectations by $0.03, with a revenue increase of 6.3% year-over-year to $5.13 billion.
• Brokerage firm BMO Capital Markets upgraded ADP to a "hold" rating with a price target of $340.00, amidst a consensus rating of "Hold" from analysts.

Marble Harbor Investment Counsel LLC trimmed its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 2.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 129,286 shares of the business services provider's stock after selling 3,033 shares during the quarter. Automatic Data Processing comprises about 4.4% of Marble Harbor Investment Counsel LLC's portfolio, making the stock its 3rd biggest position. Marble Harbor Investment Counsel LLC's holdings in Automatic Data Processing were worth $39,501,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in ADP. von Borstel & Associates Inc. purchased a new position in Automatic Data Processing during the 1st quarter valued at about $30,000. Main Street Group LTD grew its position in shares of Automatic Data Processing by 50.7% during the fourth quarter. Main Street Group LTD now owns 113 shares of the business services provider's stock valued at $33,000 after purchasing an additional 38 shares in the last quarter. Abound Wealth Management grew its position in Automatic Data Processing by 58.1% in the first quarter. Abound Wealth Management now owns 117 shares of the business services provider's stock worth $36,000 after acquiring an additional 43 shares in the last quarter. Banque de Luxembourg S.A. bought a new stake in shares of Automatic Data Processing during the fourth quarter valued at approximately $37,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Automatic Data Processing during the fourth quarter valued at approximately $37,000. 80.03% of the stock is owned by institutional investors and hedge funds.

Automatic Data Processing Trading Up 0.6%

Shares of Automatic Data Processing stock traded up $1.95 on Thursday, hitting $303.59. The stock had a trading volume of 633,204 shares, compared to its average volume of 1,753,106. The firm has a market capitalization of $123.23 billion, a P/E ratio of 30.41, a PEG ratio of 2.75 and a beta of 0.81. Automatic Data Processing, Inc. has a twelve month low of $258.51 and a twelve month high of $329.93. The stock has a 50 day moving average of $308.93 and a 200 day moving average of $305.30. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.02 and a current ratio of 1.05.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last posted its earnings results on Wednesday, July 30th. The business services provider reported $2.26 earnings per share for the quarter, beating analysts' consensus estimates 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%. The company's quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.09 EPS. Sell-side analysts expect that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be issued a dividend of $1.54 per share. This represents a $6.16 dividend on an annualized basis and a yield of 2.0%. Automatic Data Processing's payout ratio is currently 61.72%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Morgan Stanley boosted their target price on shares of Automatic Data Processing from $310.00 to $311.00 and gave the company an "equal weight" rating in a research report on Thursday, July 31st. UBS Group decreased their price target on shares of 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. Stifel Nicolaus upped their price objective on shares of Automatic Data Processing from $305.00 to $318.00 and gave the company a "hold" rating in a research note on Thursday, July 31st. BMO Capital Markets raised shares of Automatic Data Processing to a "hold" rating and set a $340.00 target price on the stock in a report on Thursday, July 10th. Finally, Royal Bank Of Canada reiterated 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. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $314.33.

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.