Notis McConarty Edward Sells 1,845 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Notis McConarty Edward decreased its position in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 6.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,108 shares of the business services provider's stock after selling 1,845 shares during the period. Automatic Data Processing accounts for approximately 4.6% of Notis McConarty Edward's investment portfolio, making the stock its 4th largest position. Notis McConarty Edward's holdings in Automatic Data Processing were worth $8,893,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. von Borstel & Associates Inc. purchased a new position in shares of Automatic Data Processing during the 1st quarter worth approximately $30,000. Main Street Group LTD boosted its position 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 buying an additional 38 shares during the period. Abound Wealth Management boosted its position in Automatic Data Processing by 58.1% in the 1st quarter. Abound Wealth Management now owns 117 shares of the business services provider's stock valued at $36,000 after buying an additional 43 shares during the period. Banque de Luxembourg S.A. purchased a new position in Automatic Data Processing in the 4th quarter valued at approximately $37,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Automatic Data Processing in the 4th quarter valued at approximately $37,000. Hedge funds and other institutional investors own 80.03% of the company's stock.

Automatic Data Processing Stock Performance

Shares of Automatic Data Processing stock traded up $2.39 during trading hours on Friday, reaching $308.63. The company's stock had a trading volume of 936,145 shares, compared to its average volume of 1,343,466. The company's 50 day simple moving average is $311.78 and its 200 day simple moving average is $304.60. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.02. Automatic Data Processing, Inc. has a one year low of $249.49 and a one year high of $329.93. The stock has a market cap of $125.28 billion, a P/E ratio of 31.59, a price-to-earnings-growth ratio of 2.80 and a beta of 0.76.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last posted its quarterly earnings results 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. 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 last year, the firm posted $2.88 EPS. The company's revenue for the quarter was up 5.7% on a year-over-year basis. As a group, analysts expect that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have commented on the stock. TD Securities raised their price target on shares of Automatic Data Processing from $298.00 to $321.00 and gave the company a "hold" rating in a research report on Wednesday, May 21st. Stifel Nicolaus raised their price objective on shares of Automatic Data Processing to $305.00 and gave the company a "buy" rating in a report on Friday, May 2nd. 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 report on Thursday, July 10th. UBS Group reduced their price objective on shares of 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, Mizuho raised their price objective on shares of Automatic Data Processing from $321.00 to $332.00 and gave the company an "outperform" rating in a report on Friday, June 13th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, Automatic Data Processing presently has an average rating of "Hold" and a consensus target price of $309.62.

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.