Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Sold by Riverchase Wealth Management LLC

Riverchase Wealth Management LLC reduced its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 4.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 853 shares of the business services provider’s stock after selling 40 shares during the quarter. Riverchase Wealth Management LLC’s holdings in Automatic Data Processing were worth $261,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. von Borstel & Associates Inc. purchased a new stake in Automatic Data Processing in the 1st quarter valued at $30,000. Main Street Group LTD grew its holdings in shares of Automatic Data Processing by 50.7% during the 4th 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. Cyrus J. Lawrence LLC grew its holdings in shares of Automatic Data Processing by 121.8% during the 4th quarter. Cyrus J. Lawrence LLC now owns 122 shares of the business services provider’s stock worth $35,000 after purchasing an additional 67 shares during the period. Abound Wealth Management grew its holdings in shares of Automatic Data Processing by 58.1% during the 1st 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 period. Finally, Banque de Luxembourg S.A. purchased a new position in shares of Automatic Data Processing during the 4th quarter worth $37,000. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on ADP shares. BMO Capital Markets upgraded Automatic Data Processing to a “hold” rating and set a $340.00 target price for the company in a report on Thursday, July 10th. TD Securities raised 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. Royal Bank Of Canada restated a “sector perform” rating and set a $315.00 target price on shares of Automatic Data Processing in a report on Thursday, June 5th. Morgan Stanley raised their target price on Automatic Data Processing from $305.00 to $310.00 and gave the company an “equal weight” rating in a report on Tuesday, June 17th. Finally, UBS Group lowered their target price on Automatic Data Processing from $323.00 to $315.00 and set a “neutral” rating for the company in a report on Friday, June 13th. One research 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. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $309.62.

Automatic Data Processing Stock Up 0.0%

Shares of NASDAQ ADP traded up $0.14 during midday trading on Friday, hitting $302.26. 179,582 shares of the company’s stock were exchanged, compared to its average volume of 1,701,585. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.02 and a quick ratio of 1.02. Automatic Data Processing, Inc. has a twelve month low of $244.65 and a twelve month high of $329.93. The company has a market cap of $122.69 billion, a PE ratio of 30.90, a P/E/G ratio of 2.75 and a beta of 0.76. The firm’s fifty day simple moving average is $312.69 and its 200-day simple moving average is $304.04.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results 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. Automatic Data Processing had a return on equity of 77.33% and a net margin of 19.79%. The business had revenue of $5.55 billion for the quarter, compared to analyst estimates of $5.49 billion. During the same quarter last year, the company earned $2.88 EPS. The business’s quarterly revenue was up 5.7% on a year-over-year basis. Research analysts predict that Automatic Data Processing, Inc. will post 9.93 EPS 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.