Automatic Data Processing, Inc. (NASDAQ:ADP) Stock Holdings Lowered by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia reduced its stake in Automatic Data Processing by 64.4% in the first quarter, holding approximately $76.5 million worth of shares after selling a significant number during this period.
• Several institutional investors increased their stakes in Automatic Data Processing, with R Squared Ltd raising its holdings by 94.4% and PNC Financial Services Group Inc. increasing theirs by 4.8%.
• Automatic Data Processing reported earnings of $2.26 per share for the last quarter, exceeding analyst estimates, with revenue rising by 6.3% year-over-year to $5.13 billion.

Bank of Nova Scotia decreased its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 64.4% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 250,388 shares of the business services provider's stock after selling 453,711 shares during the period. Bank of Nova Scotia owned 0.06% of Automatic Data Processing worth $76,501,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. von Borstel & Associates Inc. acquired a new position in shares of Automatic Data Processing in the 1st quarter valued at about $30,000. Main Street Group LTD boosted its holdings in shares of Automatic Data Processing by 50.7% in the 4th quarter. Main Street Group LTD now owns 113 shares of the business services provider's stock valued at $33,000 after buying an additional 38 shares during the period. Abound Wealth Management boosted its holdings in shares of Automatic Data Processing by 58.1% in the 1st quarter. Abound Wealth Management now owns 117 shares of the business services provider's stock valued at $36,000 after buying an additional 43 shares during the period. Banque de Luxembourg S.A. acquired a new position in shares of Automatic Data Processing in the 4th quarter valued at about $37,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Automatic Data Processing in the 4th quarter valued at about $37,000. Hedge funds and other institutional investors own 80.03% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on ADP shares. 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 report on Friday, June 13th. Morgan Stanley lifted their price target on shares of Automatic Data Processing from $310.00 to $311.00 and gave the company an "equal weight" rating in a report on Thursday. TD Securities lifted their price objective on shares of Automatic Data Processing from $298.00 to $321.00 and gave the company a "hold" rating in a research report on Wednesday, May 21st. Mizuho lifted their price objective on shares of Automatic Data Processing from $321.00 to $332.00 and gave the company an "outperform" rating in a research report on Friday, June 13th. Finally, BMO Capital Markets upgraded shares of Automatic Data Processing to a "hold" rating and set a $340.00 price objective on the stock in a research report on Thursday, July 10th. One equities 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 company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $314.33.

Automatic Data Processing Price Performance

Shares of ADP stock traded up $1.82 during midday trading on Monday, reaching $302.26. 1,560,102 shares of the company were exchanged, compared to its average volume of 1,475,446. Automatic Data Processing, Inc. has a 12 month low of $256.47 and a 12 month high of $329.93. The company has a market cap of $122.69 billion, a P/E ratio of 30.29, a PEG ratio of 2.76 and a beta of 0.81. The company's 50 day moving average price is $310.28 and its two-hundred day moving average price is $305.33. 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 released its quarterly earnings results on Wednesday, July 30th. The business services provider reported $2.26 EPS for the quarter, topping analysts' consensus estimates of $2.23 by $0.03. Automatic Data Processing had a net margin of 19.84% and a return on equity of 72.84%. The company had revenue of $5.13 billion for the quarter, compared to the consensus estimate of $5.05 billion. During the same period in the previous year, the firm earned $2.09 EPS. Automatic Data Processing's revenue was up 6.3% on a year-over-year basis. On average, sell-side analysts expect that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

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.