Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Sold by Ninety One UK Ltd

Ninety One UK Ltd decreased its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 8.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,271,674 shares of the business services provider's stock after selling 211,359 shares during the quarter. Automatic Data Processing accounts for about 1.9% of Ninety One UK Ltd's investment portfolio, making the stock its 12th biggest position. Ninety One UK Ltd owned 0.56% of Automatic Data Processing worth $694,065,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. von Borstel & Associates Inc. bought a new position in Automatic Data Processing in the first quarter worth approximately $30,000. Main Street Group LTD grew its stake in Automatic Data Processing by 50.7% in the fourth quarter. Main Street Group LTD now owns 113 shares of the business services provider's stock worth $33,000 after purchasing an additional 38 shares in the last quarter. Cyrus J. Lawrence LLC grew its stake in Automatic Data Processing by 121.8% in the fourth quarter. Cyrus J. Lawrence LLC now owns 122 shares of the business services provider's stock worth $35,000 after purchasing an additional 67 shares in the last quarter. Abound Wealth Management grew its stake in Automatic Data Processing by 58.1% in the first quarter. Abound Wealth Management now owns 117 shares of the business services provider's stock worth $36,000 after purchasing an additional 43 shares in the last quarter. Finally, Banque de Luxembourg S.A. bought a new position in Automatic Data Processing in the fourth quarter worth approximately $37,000. Institutional investors own 80.03% of the company's stock.

Automatic Data Processing Stock Down 1.0%

Shares of ADP traded down $3.17 during midday trading on Friday, hitting $302.65. 1,097,348 shares of the company's stock traded hands, compared to its average volume of 1,710,573. Automatic Data Processing, Inc. has a 1 year low of $235.99 and a 1 year high of $329.93. The firm's fifty day moving average is $313.00 and its 200-day moving average is $303.89. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $122.85 billion, a price-to-earnings ratio of 30.98, a price-to-earnings-growth ratio of 2.80 and a beta of 0.76.

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 EPS for the quarter, beating the consensus estimate of $2.97 by $0.09. Automatic Data Processing had a return on equity of 77.33% and a net margin of 19.79%. The firm had revenue of $5.55 billion during the quarter, compared to analyst estimates of $5.49 billion. During the same quarter in the prior year, the business posted $2.88 EPS. The business's revenue for the quarter was up 5.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Analyst Ratings Changes

ADP has been the topic of several research analyst reports. TD Securities increased 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. UBS Group lowered their target price on Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating for the company in a report on Friday, June 13th. Morgan Stanley upped their target price 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. BMO Capital Markets upgraded Automatic Data Processing to a "hold" rating and set a $340.00 target price for the company in a report on Thursday. Finally, Royal Bank Of Canada restated a "sector perform" rating and set a $315.00 target price on shares of Automatic Data Processing in a report on Thursday, June 5th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Automatic Data Processing 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.