Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Sold by M&T Bank Corp

M&T Bank Corp trimmed its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 4.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 348,475 shares of the business services provider's stock after selling 17,861 shares during the quarter. M&T Bank Corp owned about 0.09% of Automatic Data Processing worth $106,470,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Sentinus LLC lifted its holdings in Automatic Data Processing by 2.3% in the 4th quarter. Sentinus LLC now owns 1,548 shares of the business services provider's stock valued at $453,000 after purchasing an additional 35 shares in the last quarter. Rehmann Capital Advisory Group lifted its holdings in Automatic Data Processing by 1.0% in the 4th quarter. Rehmann Capital Advisory Group now owns 3,686 shares of the business services provider's stock valued at $1,079,000 after purchasing an additional 36 shares in the last quarter. Detalus Advisors LLC lifted its holdings in Automatic Data Processing by 2.4% in the 1st quarter. Detalus Advisors LLC now owns 1,566 shares of the business services provider's stock valued at $478,000 after purchasing an additional 37 shares in the last quarter. Main Street Group LTD lifted its holdings in 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 in the last quarter. Finally, Howard Financial Services LTD. lifted its holdings in Automatic Data Processing by 2.2% in the 1st quarter. Howard Financial Services LTD. now owns 1,735 shares of the business services provider's stock valued at $530,000 after purchasing an additional 38 shares in the last quarter. 80.03% of the stock is owned by institutional investors.

Automatic Data Processing Trading Down 1.0%

Shares of NASDAQ:ADP traded down $3.17 during midday trading on Friday, reaching $302.65. 1,097,348 shares of the company's stock were exchanged, compared to its average volume of 1,710,573. The firm's 50 day simple moving average is $313.00 and its two-hundred day simple moving average is $303.89. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.02 and a quick ratio of 1.02. The stock has a market cap of $122.85 billion, a price-to-earnings ratio of 30.98, a P/E/G ratio of 2.80 and a beta of 0.76. Automatic Data Processing, Inc. has a fifty-two week low of $235.99 and a fifty-two week high of $329.93.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.97 by $0.09. The firm had revenue of $5.55 billion during the quarter, compared to the consensus estimate of $5.49 billion. Automatic Data Processing had a return on equity of 77.33% and a net margin of 19.79%. The company's quarterly revenue was up 5.7% on a year-over-year basis. During the same period last year, the company earned $2.88 EPS. As a group, sell-side analysts forecast that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ADP has been the topic of a number of research reports. TD Securities raised their price objective on Automatic Data Processing from $298.00 to $321.00 and gave the company a "hold" rating in a report on Wednesday, May 21st. BMO Capital Markets upgraded Automatic Data Processing to a "hold" rating and set a $340.00 price objective on the stock in a report on Thursday. Royal Bank Of Canada reiterated a "sector perform" rating and set a $315.00 price target on shares of Automatic Data Processing in a report on Thursday, June 5th. UBS Group reduced their price target on Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating on the stock in a report on Friday, June 13th. Finally, Morgan Stanley lifted their price target on Automatic Data Processing from $305.00 to $310.00 and gave the stock an "equal weight" rating in a report on Tuesday, June 17th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $309.62.

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.