Automatic Data Processing, Inc. (NASDAQ:ADP) Stock Holdings Lessened by Cetera Investment Advisers

Key Points

• Cetera Investment Advisers reduced its stake in Automatic Data Processing, Inc. (ADP) by 0.6%, owning 173,353 shares valued at approximately $52.97 million.
• Automatic Data Processing reported a quarterly earnings per share (EPS) of $3.06, exceeding expectations of $2.97, with a revenue of $5.55 billion for the quarter.
• ADP has received mixed ratings from analysts, with a consensus suggesting a "Hold" rating and an average price target of approximately $309.62.

Cetera Investment Advisers trimmed its position in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 0.6% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 173,353 shares of the business services provider's stock after selling 965 shares during the period. Cetera Investment Advisers' holdings in Automatic Data Processing were worth $52,965,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Avantax Advisory Services Inc. grew its stake in Automatic Data Processing by 7.1% in the first quarter. Avantax Advisory Services Inc. now owns 34,464 shares of the business services provider's stock worth $10,530,000 after purchasing an additional 2,289 shares in the last quarter. Gilbert & Cook Inc. grew its stake in Automatic Data Processing by 2.3% in the first quarter. Gilbert & Cook Inc. now owns 1,885 shares of the business services provider's stock worth $576,000 after purchasing an additional 43 shares in the last quarter. Journey Strategic Wealth LLC grew its stake in Automatic Data Processing by 4.4% in the first quarter. Journey Strategic Wealth LLC now owns 1,449 shares of the business services provider's stock worth $443,000 after purchasing an additional 61 shares in the last quarter. Machina Capital S.A.S. grew its stake in Automatic Data Processing by 252.5% in the first quarter. Machina Capital S.A.S. now owns 9,299 shares of the business services provider's stock worth $2,841,000 after purchasing an additional 6,661 shares in the last quarter. Finally, Noesis Capital Mangement Corp grew its stake in Automatic Data Processing by 4.9% in the first quarter. Noesis Capital Mangement Corp now owns 1,452 shares of the business services provider's stock worth $444,000 after purchasing an additional 68 shares in the last quarter. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ADP. BMO Capital Markets upgraded Automatic Data Processing to a "hold" rating and set a $340.00 target price for the company in a research note on Thursday, July 10th. Royal Bank Of Canada restated a "sector perform" rating and issued a $315.00 target price on shares of Automatic Data Processing in a research note on Thursday, June 5th. Morgan Stanley boosted their price objective on Automatic Data Processing from $305.00 to $310.00 and gave the stock an "equal weight" rating in a research report on Tuesday, June 17th. Stifel Nicolaus boosted their price objective on Automatic Data Processing to $305.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Finally, TD Securities boosted their price objective on Automatic Data Processing from $298.00 to $321.00 and gave the stock a "hold" rating in a research report on Wednesday, May 21st. One research 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's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $309.62.

Automatic Data Processing Price Performance

NASDAQ:ADP traded up $5.39 during midday trading on Wednesday, hitting $314.03. 790,688 shares of the stock were exchanged, compared to its average volume of 1,747,077. Automatic Data Processing, Inc. has a one year low of $256.47 and a one year high of $329.93. The company has a market capitalization of $127.47 billion, a price-to-earnings ratio of 32.21, a P/E/G ratio of 2.81 and a beta of 0.76. The business has a 50-day moving average price of $311.17 and a two-hundred day moving average price of $304.95. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.51.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last announced its earnings results on Wednesday, July 30th. The business services provider reported $2.26 EPS for the quarter, topping the consensus estimate of $2.23 by $0.03. Automatic Data Processing had a return on equity of 77.33% and a net margin of 19.79%. The firm had revenue of $5.13 billion for the quarter, compared to analysts' expectations of $5.05 billion. During the same quarter in the previous year, the company earned $2.09 earnings per share. The firm's quarterly revenue was up 6.3% compared to the same quarter last year. Sell-side analysts predict that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

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.