Modera Wealth Management LLC Sells 1,705 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Key Points

• Modera Wealth Management LLC reduced its stake in Automatic Data Processing, Inc. (ADP) by 1.7%, owning 96,951 shares valued at approximately $29.62 million after selling 1,705 shares in the first quarter.
• Institutional investors and hedge funds collectively own 80.03% of ADP's stock, with notable stakes increases from firms like Golden State Wealth Management and GAMMA Investing.
• ADP reported $3.06 earnings per share for its last quarter, exceeding the consensus estimate of $2.97, with total revenue reaching $5.55 billion during the same period.

Modera Wealth Management LLC cut its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 1.7% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 96,951 shares of the business services provider's stock after selling 1,705 shares during the period. Modera Wealth Management LLC's holdings in Automatic Data Processing were worth $29,621,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of ADP. von Borstel & Associates Inc. acquired a new stake in shares of Automatic Data Processing during the 1st quarter worth approximately $30,000. Main Street Group LTD increased its stake 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 purchasing an additional 38 shares during the last quarter. Abound Wealth Management raised its holdings in shares of Automatic Data Processing by 58.1% during the 1st quarter. Abound Wealth Management now owns 117 shares of the business services provider's stock worth $36,000 after buying 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 4th quarter worth $37,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Automatic Data Processing in the fourth quarter valued at about $37,000. 80.03% of the stock is owned by institutional investors.

Automatic Data Processing Stock Performance

Shares of Automatic Data Processing stock traded down $9.06 during mid-day trading on Friday, hitting $300.44. 1,791,558 shares of the stock were exchanged, compared to its average volume of 1,385,865. Automatic Data Processing, Inc. has a 12 month low of $256.47 and a 12 month high of $329.93. The company has a 50-day simple moving average of $310.70 and a 200 day simple moving average of $305.12. The company has a market capitalization of $121.95 billion, a P/E ratio of 30.10, a P/E/G ratio of 2.84 and a beta of 0.81. 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 issued 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. The business had revenue of $5.13 billion for 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%. Automatic Data Processing's quarterly revenue was up 6.3% compared to the same quarter last year. During the same period last year, the company posted $2.09 earnings per share. Sell-side analysts anticipate that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on ADP shares. BMO Capital Markets upgraded shares of Automatic Data Processing to a "hold" rating and set a $340.00 price objective for the company in a research report on Thursday, July 10th. Mizuho upped their price target 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. Stifel Nicolaus increased their price objective on Automatic Data Processing from $305.00 to $318.00 and gave the company a "hold" rating in a report on Thursday. UBS Group lowered their price objective on 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. Finally, Morgan Stanley upped their price objective on shares of Automatic Data Processing from $310.00 to $311.00 and gave the company an "equal weight" rating in a research note on Thursday. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $310.69.

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.