SlateStone Wealth LLC Decreases Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

Key Points

• SlateStone Wealth LLC reduced its stake in Automatic Data Processing by 10.3% in Q1, holding 39,109 shares worth approximately $11.95 million.
• Automatic Data Processing reported EPS of $3.06 for the last quarter, exceeding estimates, with a 5.7% year-over-year increase in revenue.
• Equity analysts maintain a consensus rating of "Hold" on ADP stock, with an average price target set at $309.62.

SlateStone Wealth LLC cut its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 10.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 39,109 shares of the business services provider's stock after selling 4,511 shares during the period. Automatic Data Processing comprises approximately 1.2% of SlateStone Wealth LLC's investment portfolio, making the stock its 23rd biggest position. SlateStone Wealth LLC's holdings in Automatic Data Processing were worth $11,949,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. von Borstel & Associates Inc. bought a new position in Automatic Data Processing in the 1st quarter valued at approximately $30,000. Main Street Group LTD lifted its holdings in shares of Automatic Data Processing by 50.7% during 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 during the period. Abound Wealth Management grew its stake in shares of 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 during the last quarter. Banque de Luxembourg S.A. bought a new stake in shares of Automatic Data Processing in the fourth quarter worth $37,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Automatic Data Processing in the fourth quarter valued at $37,000. 80.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ADP has been the topic of several recent research reports. Morgan Stanley lifted their target price on Automatic Data Processing from $310.00 to $311.00 and gave the stock an "equal weight" rating in a report on Thursday. TD Securities upped their target price 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 shares of Automatic Data Processing to a "hold" rating and set a $340.00 price target for the company in a report on Thursday, July 10th. Royal Bank Of Canada restated a "sector perform" rating and issued a $315.00 price target on shares of Automatic Data Processing in a research report on Thursday, June 5th. Finally, Mizuho increased their price objective on shares of Automatic Data Processing from $321.00 to $332.00 and gave the stock an "outperform" rating in a research report on Friday, June 13th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $314.33.

Automatic Data Processing Stock Down 2.9%

Shares of NASDAQ:ADP traded down $9.06 during trading on Friday, reaching $300.44. 1,791,558 shares of the stock were exchanged, compared to its average volume of 1,385,865. The stock has a fifty day moving average of $310.28 and a two-hundred day moving average of $305.26. Automatic Data Processing, Inc. has a 1-year low of $256.47 and a 1-year high of $329.93. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.05 and a quick ratio of 1.02. The firm has a market cap of $121.95 billion, a price-to-earnings ratio of 30.10, a price-to-earnings-growth ratio of 2.75 and a beta of 0.81.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The business services provider reported $2.26 earnings per share for the quarter, beating analysts' consensus estimates of $2.23 by $0.03. The firm had revenue of $5.13 billion for the quarter, compared to analyst estimates of $5.05 billion. Automatic Data Processing had a net margin of 19.84% and a return on equity of 72.84%. The business's quarterly revenue was up 6.3% compared to the same quarter last year. During the same period last year, the firm earned $2.09 earnings per share. Research analysts anticipate that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

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.