Private Advisor Group LLC Sells 60 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Private Advisor Group LLC reduced its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 20,983 shares of the business services provider’s stock after selling 60 shares during the quarter. Private Advisor Group LLC’s holdings in Automatic Data Processing were worth $5,240,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Cornerstone Wealth Group LLC bought a new stake in shares of Automatic Data Processing during the first quarter valued at approximately $2,924,000. Everence Capital Management Inc. grew its holdings in Automatic Data Processing by 28.5% during the fourth quarter. Everence Capital Management Inc. now owns 17,150 shares of the business services provider’s stock worth $3,995,000 after buying an additional 3,800 shares in the last quarter. Cyndeo Wealth Partners LLC grew its holdings in Automatic Data Processing by 36.7% during the fourth quarter. Cyndeo Wealth Partners LLC now owns 19,800 shares of the business services provider’s stock worth $4,613,000 after buying an additional 5,318 shares in the last quarter. BKM Wealth Management LLC bought a new stake in Automatic Data Processing during the fourth quarter worth $1,635,000. Finally, LVW Advisors LLC grew its holdings in Automatic Data Processing by 23.8% during the first quarter. LVW Advisors LLC now owns 3,854 shares of the business services provider’s stock worth $962,000 after buying an additional 740 shares in the last quarter. 80.03% of the stock is currently owned by institutional investors.

Automatic Data Processing Price Performance

Shares of NASDAQ ADP traded down $1.35 during trading hours on Friday, reaching $235.56. 1,847,304 shares of the stock traded hands, compared to its average volume of 1,593,071. The company has a market capitalization of $96.41 billion, a P/E ratio of 26.29, a price-to-earnings-growth ratio of 2.39 and a beta of 0.78. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.65. Automatic Data Processing, Inc. has a 52-week low of $205.53 and a 52-week high of $256.84. The company’s 50-day simple moving average is $244.84 and its two-hundred day simple moving average is $243.79.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings data on Wednesday, May 1st. The business services provider reported $2.88 earnings per share for the quarter, beating analysts’ consensus estimates of $2.79 by $0.09. The company had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.22 billion. Automatic Data Processing had a return on equity of 93.09% and a net margin of 19.56%. Automatic Data Processing’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period last year, the firm posted $2.52 EPS. Equities research analysts forecast that Automatic Data Processing, Inc. will post 9.16 EPS for the current year.

Analyst Ratings Changes

ADP has been the subject of several recent research reports. Barclays upped their price target on Automatic Data Processing from $280.00 to $282.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Mizuho boosted their price objective on Automatic Data Processing from $265.00 to $272.00 and gave the stock a “buy” rating in a research report on Monday, March 11th. TD Cowen cut their price objective on Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating on the stock in a research report on Thursday, May 2nd. JPMorgan Chase & Co. cut their price objective on Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating on the stock in a research report on Thursday, May 2nd. Finally, Evercore ISI boosted their price objective on Automatic Data Processing from $227.00 to $235.00 and gave the stock an “underperform” rating in a research report on Tuesday, March 26th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $255.42.

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.