Pacer Advisors Inc. Has $14.05 Million Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

Key Points

• Pacer Advisors Inc. has reduced its stake in Automatic Data Processing, Inc. by 23.1%, selling 13,847 shares and retaining 45,974 shares valued at approximately $14 million.
• Institutional investors own 80.03% of Automatic Data Processing's stock, with new positions recently taken by several funds, reflecting active interest in the company's shares.
• Research analysts have set new price targets for Automatic Data Processing, with estimates ranging from $305.00 to $340.00, reflecting a generally optimistic outlook despite varied ratings.

Pacer Advisors Inc. lessened its position in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 23.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 45,974 shares of the business services provider's stock after selling 13,847 shares during the period. Pacer Advisors Inc.'s holdings in Automatic Data Processing were worth $14,046,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of ADP. Golden State Wealth Management LLC grew its stake in shares of Automatic Data Processing by 29.6% in the 1st quarter. Golden State Wealth Management LLC now owns 565 shares of the business services provider's stock worth $173,000 after purchasing an additional 129 shares during the last quarter. GAMMA Investing LLC raised its position in Automatic Data Processing by 13.8% during the first quarter. GAMMA Investing LLC now owns 9,495 shares of the business services provider's stock valued at $2,901,000 after acquiring an additional 1,148 shares in the last quarter. Toronto Dominion Bank raised its position in shares of Automatic Data Processing by 10.2% in the fourth quarter. Toronto Dominion Bank now owns 236,707 shares of the business services provider's stock valued at $69,290,000 after purchasing an additional 21,910 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in shares of Automatic Data Processing by 8.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 250,836 shares of the business services provider's stock valued at $76,638,000 after purchasing an additional 20,467 shares during the period. Finally, Brighton Jones LLC raised its position in shares of Automatic Data Processing by 92.1% in the fourth quarter. Brighton Jones LLC now owns 10,026 shares of the business services provider's stock valued at $2,935,000 after purchasing an additional 4,808 shares during the period. Institutional investors and hedge funds own 80.03% of the company's stock.

Automatic Data Processing Price Performance

Shares of NASDAQ ADP traded up $5.39 during mid-day trading on Wednesday, reaching $314.03. The company had a trading volume of 790,688 shares, compared to its average volume of 1,747,077. The business's 50-day simple moving average is $311.17 and its 200 day simple moving average is $304.95. The firm has a market cap of $127.47 billion, a price-to-earnings ratio of 32.21, a PEG ratio of 2.81 and a beta of 0.76. 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 $256.47 and a one year high of $329.93.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The business services provider reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.23 by $0.03. The company had revenue of $5.13 billion for the quarter, compared to analysts' expectations of $5.05 billion. Automatic Data Processing had a return on equity of 77.33% and a net margin of 19.79%. The business's quarterly revenue was up 6.3% compared to the same quarter last year. During the same period in the previous year, the business posted $2.09 earnings per share. On average, research analysts predict that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ADP has been the topic of a number of research reports. Stifel Nicolaus boosted their target price on shares of Automatic Data Processing to $305.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. TD Securities increased their price objective on shares of Automatic Data Processing from $298.00 to $321.00 and gave the stock a "hold" rating in a report on Wednesday, May 21st. BMO Capital Markets raised 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. Morgan Stanley increased their target price on Automatic Data Processing from $305.00 to $310.00 and gave the stock an "equal weight" rating in a research note on Tuesday, June 17th. Finally, Mizuho increased their target price on Automatic Data Processing from $321.00 to $332.00 and gave the stock an "outperform" rating in a research note on Friday, June 13th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Automatic Data Processing currently has a consensus rating of "Hold" and an average target price 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.