Mediolanum International Funds Ltd Has $36.25 Million Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Key Points

• Mediolanum International Funds Ltd reduced its stake in Automatic Data Processing, Inc. (ADP) by 5.3%, selling 6,747 shares to hold a total of 120,508 shares valued at approximately $36.25 million.
• Several institutional investors have made significant adjustments to their holdings in ADP, including Skandinaviska Enskilda Banken AB which increased its position by 35.8% during the first quarter.
• ADP reported $3.06 EPS for the last quarter, surpassing analysts' expectations, with a year-over-year revenue growth of 5.7%.

Mediolanum International Funds Ltd cut its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 5.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 120,508 shares of the business services provider's stock after selling 6,747 shares during the quarter. Mediolanum International Funds Ltd's holdings in Automatic Data Processing were worth $36,252,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC boosted its position in shares of Automatic Data Processing by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 10,583,607 shares of the business services provider's stock worth $3,098,305,000 after purchasing an additional 65,965 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Automatic Data Processing by 17.1% in the 4th quarter. Northern Trust Corp now owns 6,174,419 shares of the business services provider's stock valued at $1,807,438,000 after buying an additional 902,354 shares during the period. Capital Research Global Investors boosted its stake in Automatic Data Processing by 26.9% in the 4th quarter. Capital Research Global Investors now owns 6,136,763 shares of the business services provider's stock worth $1,796,415,000 after purchasing an additional 1,299,390 shares during the period. Invesco Ltd. boosted its stake in Automatic Data Processing by 6.0% in the 4th quarter. Invesco Ltd. now owns 3,886,552 shares of the business services provider's stock worth $1,137,710,000 after purchasing an additional 219,032 shares during the period. Finally, Ameriprise Financial Inc. boosted its stake in Automatic Data Processing by 16.7% in the 4th quarter. Ameriprise Financial Inc. now owns 3,830,078 shares of the business services provider's stock worth $1,115,909,000 after purchasing an additional 549,132 shares during the period. 80.03% of the stock is owned by institutional investors and hedge funds.

Automatic Data Processing Price Performance

NASDAQ:ADP traded up $4.43 during mid-day trading on Wednesday, reaching $313.07. The stock had a trading volume of 1,025,678 shares, compared to its average volume of 1,748,568. The stock has a 50-day simple moving average of $311.17 and a two-hundred day simple moving average of $304.95. The stock has a market capitalization of $127.08 billion, a PE ratio of 32.03, a P/E/G ratio of 2.81 and a beta of 0.76. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.02 and a quick ratio of 1.02. Automatic Data Processing, Inc. has a 12 month low of $256.47 and a 12 month high of $329.93.

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, beating analysts' consensus estimates of $2.23 by $0.03. Automatic Data Processing had a net margin of 19.79% and a return on equity of 77.33%. The business had revenue of $5.13 billion for the quarter, compared to analysts' expectations of $5.05 billion. During the same period last year, the firm posted $2.09 earnings per share. The firm's quarterly revenue was up 6.3% compared to the same quarter last year. On average, equities analysts anticipate that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Stifel Nicolaus increased their price objective on shares of Automatic Data Processing to $305.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Morgan Stanley raised their price objective on shares of 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. UBS Group cut 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. Mizuho raised their target price on shares of Automatic Data Processing from $321.00 to $332.00 and gave the stock an "outperform" rating in a report on Friday, June 13th. Finally, 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. One research analyst has rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $309.62.

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.