Verdence Capital Advisors LLC Trims Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Verdence Capital Advisors LLC lessened its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 36.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,973 shares of the business services provider's stock after selling 2,232 shares during the quarter. Verdence Capital Advisors LLC's holdings in Automatic Data Processing were worth $1,214,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in ADP. Golden State Wealth Management LLC lifted 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 valued at $173,000 after purchasing an additional 129 shares during the period. GAMMA Investing LLC grew its stake in shares of Automatic Data Processing by 13.8% in the first quarter. GAMMA Investing LLC now owns 9,495 shares of the business services provider's stock worth $2,901,000 after acquiring an additional 1,148 shares during the period. Toronto Dominion Bank lifted its holdings in shares of Automatic Data Processing by 10.2% during the 4th quarter. Toronto Dominion Bank now owns 236,707 shares of the business services provider's stock valued at $69,290,000 after buying an additional 21,910 shares during the period. Proficio Capital Partners LLC boosted its position in Automatic Data Processing by 42.8% in the fourth quarter. Proficio Capital Partners LLC now owns 3,725 shares of the business services provider's stock worth $1,090,000 after purchasing an additional 1,117 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its stake in shares of Automatic Data Processing by 8.9% during the 1st 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. Institutional investors own 80.03% of the company's stock.

Automatic Data Processing Trading Up 0.6%

Shares of ADP opened at $302.12 on Friday. Automatic Data Processing, Inc. has a 52-week low of $244.65 and a 52-week high of $329.93. The stock has a fifty day moving average price of $312.69 and a two-hundred day moving average price of $304.04. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.02. The company has a market cap of $122.64 billion, a price-to-earnings ratio of 30.92, a PEG ratio of 2.75 and a beta of 0.76.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 earnings per share for the quarter, topping the consensus estimate of $2.97 by $0.09. The business had revenue of $5.55 billion for the quarter, compared to analyst estimates of $5.49 billion. Automatic Data Processing had a net margin of 19.79% and a return on equity of 77.33%. Automatic Data Processing's quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter last year, the firm earned $2.88 EPS. Analysts predict that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on ADP shares. Stifel Nicolaus lifted 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. UBS Group decreased their price target on Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating for the company in a research note on Friday, June 13th. BMO Capital Markets raised Automatic Data Processing to a "hold" rating and set a $340.00 price objective on the stock in a research report on Thursday, July 10th. TD Securities raised their price target 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, Mizuho lifted their price target on shares of Automatic Data Processing from $321.00 to $332.00 and gave the company an "outperform" rating in a research note on Friday, June 13th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average 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.

Want to see what other hedge funds are holding ADP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.