New York State Common Retirement Fund Cuts Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

New York State Common Retirement Fund lessened its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 8.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 527,988 shares of the business services provider's stock after selling 51,897 shares during the quarter. New York State Common Retirement Fund owned about 0.13% of Automatic Data Processing worth $161,316,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Arizona State Retirement System lifted its stake in shares of Automatic Data Processing by 1.3% in the first quarter. Arizona State Retirement System now owns 119,504 shares of the business services provider's stock worth $36,512,000 after buying an additional 1,588 shares in the last quarter. Kathmere Capital Management LLC lifted its position in Automatic Data Processing by 20.3% during the first quarter. Kathmere Capital Management LLC now owns 6,162 shares of the business services provider's stock valued at $1,883,000 after purchasing an additional 1,041 shares during the period. Ballentine Partners LLC boosted its holdings in Automatic Data Processing by 8.5% in the first quarter. Ballentine Partners LLC now owns 23,226 shares of the business services provider's stock worth $7,096,000 after purchasing an additional 1,825 shares during the last quarter. Riversedge Advisors LLC boosted its holdings in Automatic Data Processing by 9.6% in the first quarter. Riversedge Advisors LLC now owns 1,004 shares of the business services provider's stock worth $307,000 after purchasing an additional 88 shares during the last quarter. Finally, IFC Advisors LLC boosted its holdings in Automatic Data Processing by 1.9% in the first quarter. IFC Advisors LLC now owns 5,264 shares of the business services provider's stock worth $1,608,000 after purchasing an additional 98 shares during the last quarter. Hedge funds and other institutional investors own 80.03% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ADP shares. Morgan Stanley raised their target price on shares of Automatic Data Processing from $305.00 to $310.00 and gave the stock an "equal weight" rating in a report on Tuesday, June 17th. Royal Bank Of Canada restated a "sector perform" rating and issued a $315.00 target price on shares of Automatic Data Processing in a report on Thursday, June 5th. UBS Group dropped their price target on shares of Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating on the stock in a research note on Friday, June 13th. Stifel Nicolaus lifted their price target on shares of Automatic Data Processing to $305.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Finally, BMO Capital Markets upgraded shares of Automatic Data Processing to a "hold" rating and set a $340.00 price objective on the stock in a research report on Thursday. One 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's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $309.62.

Automatic Data Processing Stock Performance

Shares of NASDAQ ADP opened at $302.65 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.02. The company has a market cap of $122.85 billion, a P/E ratio of 30.98, a P/E/G ratio of 2.77 and a beta of 0.76. The firm's fifty day moving average is $313.00 and its two-hundred day moving average is $303.94. Automatic Data Processing, Inc. has a 52-week low of $238.19 and a 52-week high of $329.93.

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

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.

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