SteelPeak Wealth LLC Sells 12,998 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

SteelPeak Wealth LLC cut its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 26.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 36,946 shares of the business services provider's stock after selling 12,998 shares during the period. SteelPeak Wealth LLC's holdings in Automatic Data Processing were worth $11,346,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in ADP. GAMMA Investing LLC lifted its stake in Automatic Data Processing by 34,655.1% in the first quarter. GAMMA Investing LLC now owns 2,901,007 shares of the business services provider's stock worth $886,345,000 after purchasing an additional 2,892,660 shares during the last quarter. Norges Bank purchased a new position in shares of Automatic Data Processing during the fourth quarter valued at about $455,993,000. Winslow Capital Management LLC bought a new stake in Automatic Data Processing during the fourth quarter worth about $396,714,000. Capital Research Global Investors boosted its stake in Automatic Data Processing by 26.9% during the fourth quarter. Capital Research Global Investors now owns 6,136,763 shares of the business services provider's stock worth $1,796,415,000 after acquiring an additional 1,299,390 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in Automatic Data Processing by 17.1% during the fourth quarter. Northern Trust Corp now owns 6,174,419 shares of the business services provider's stock worth $1,807,438,000 after acquiring an additional 902,354 shares in the last quarter. 80.03% of the stock is owned by institutional investors.

Automatic Data Processing Stock Down 0.8%

Shares of Automatic Data Processing stock opened at $305.82 on Friday. The company has a market cap of $124.14 billion, a price-to-earnings ratio of 31.30, a price-to-earnings-growth ratio of 2.82 and a beta of 0.76. The company's 50 day moving average is $313.02 and its 200 day moving average is $303.85. Automatic Data Processing, Inc. has a twelve month low of $233.14 and a twelve month high of $329.93. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.51.

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on ADP shares. Royal Bank Of Canada reissued a "sector perform" rating and set a $315.00 price objective on shares of Automatic Data Processing in a research note on Thursday, June 5th. Stifel Nicolaus boosted their price objective on shares of Automatic Data Processing to $305.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Mizuho upped their target price on shares of Automatic Data Processing from $321.00 to $332.00 and gave the stock an "outperform" rating in a research note on Friday, June 13th. TD Securities upped their target price on shares of Automatic Data Processing from $298.00 to $321.00 and gave the stock a "hold" rating in a research note on Wednesday, May 21st. Finally, Morgan Stanley upped 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 research note on Tuesday, June 17th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average 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.

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