Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Sold by IQ EQ FUND MANAGEMENT IRELAND Ltd

Key Points

• IQ EQ FUND MANAGEMENT IRELAND Ltd has reduced its holdings in Automatic Data Processing, Inc. by 4.9%, now owning 21,084 shares worth approximately $6.44 million.
• Automatic Data Processing stock experienced a 2.9% decline, trading at $300.44, with a market cap of $121.95 billion and a twelve-month performance range between $256.47 and $329.93.
• Analysts have mixed ratings on the stock, with an average target price of $314.33 and a consensus rating of "Hold" from most equities analysts.

IQ EQ FUND MANAGEMENT IRELAND Ltd lowered its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 4.9% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 21,084 shares of the business services provider's stock after selling 1,084 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd's holdings in Automatic Data Processing were worth $6,442,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of ADP. ING Groep NV grew its position in shares of Automatic Data Processing by 95.3% during the 1st quarter. ING Groep NV now owns 293,887 shares of the business services provider's stock worth $89,791,000 after purchasing an additional 143,392 shares in the last quarter. Earned Wealth Advisors LLC bought a new stake in Automatic Data Processing during the 1st quarter worth approximately $237,000. Commonwealth Equity Services LLC increased its holdings in shares of Automatic Data Processing by 6.3% in the 1st quarter. Commonwealth Equity Services LLC now owns 205,840 shares of the business services provider's stock worth $62,890,000 after buying an additional 12,273 shares during the last quarter. Raiffeisen Bank International AG boosted its position in Automatic Data Processing by 0.8% during the first quarter. Raiffeisen Bank International AG now owns 135,953 shares of the business services provider's stock valued at $40,899,000 after buying an additional 1,082 shares during the period. Finally, Avalon Trust Co increased its holdings in Automatic Data Processing by 14.8% during the 1st quarter. Avalon Trust Co now owns 1,932 shares of the business services provider's stock valued at $590,000 after purchasing an additional 249 shares during the period. 80.03% of the stock is owned by institutional investors and hedge funds.

Automatic Data Processing Trading Up 0.7%

ADP stock traded up $2.20 during midday trading on Wednesday, reaching $301.64. The company's stock had a trading volume of 1,844,359 shares, compared to its average volume of 1,463,220. The firm has a market capitalization of $122.44 billion, a price-to-earnings ratio of 30.22, a PEG ratio of 2.75 and a beta of 0.81. Automatic Data Processing, Inc. has a 1 year low of $258.51 and a 1 year high of $329.93. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.02 and a current ratio of 1.05. The stock has a fifty day simple moving average of $309.38 and a two-hundred day simple moving average of $305.33.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last released its quarterly earnings data 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. 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 during 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 revenue for the quarter was up 6.3% on a year-over-year basis. On average, equities research analysts predict that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Dividend Announcement

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

Analysts Set New Price Targets

Several equities research analysts recently commented on ADP shares. Mizuho increased their price objective on Automatic Data Processing from $321.00 to $332.00 and gave the company an "outperform" rating in a research report on Friday, June 13th. Morgan Stanley lifted their price target on Automatic Data Processing from $310.00 to $311.00 and gave the company an "equal weight" rating in a report on Thursday, July 31st. BMO Capital Markets raised shares of Automatic Data Processing to a "hold" rating and set a $340.00 target price for the company in a report on Thursday, July 10th. 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 note on Wednesday, May 21st. Finally, UBS Group lowered their price objective 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. One 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. According to MarketBeat.com, the company presently has an average 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.