Concord Wealth Partners Cuts Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Concord Wealth Partners decreased its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 4.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,433 shares of the business services provider’s stock after selling 424 shares during the quarter. Concord Wealth Partners’ holdings in Automatic Data Processing were worth $2,882,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. von Borstel & Associates Inc. acquired a new position in Automatic Data Processing in the first quarter valued at $30,000. Main Street Group LTD raised its holdings in 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 in the last quarter. Abound Wealth Management raised its holdings in Automatic Data Processing by 58.1% during 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 in the last quarter. Cyrus J. Lawrence LLC increased its holdings in Automatic Data Processing by 121.8% in the fourth quarter. Cyrus J. Lawrence LLC now owns 122 shares of the business services provider’s stock valued at $35,000 after buying an additional 67 shares in the last quarter. Finally, Banque de Luxembourg S.A. purchased a new position in Automatic Data Processing in the fourth quarter valued at about $37,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. UBS Group dropped their price objective on shares of 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 upgraded shares of Automatic Data Processing to a “hold” rating and set a $340.00 price target on the stock in a report on Thursday, July 10th. TD Securities lifted their target price on shares of Automatic Data Processing from $298.00 to $321.00 and gave the company a “hold” rating in a report on Wednesday, May 21st. Mizuho lifted their target price on Automatic Data Processing from $321.00 to $332.00 and gave the stock an “outperform” rating in a research report on Friday, June 13th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $315.00 target price on shares of Automatic Data Processing in a research report on Thursday, June 5th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Automatic Data Processing presently has an average rating of “Hold” and an average price target of $309.62.

Automatic Data Processing Price Performance

ADP opened at $300.27 on Thursday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.02. Automatic Data Processing, Inc. has a 1-year low of $244.65 and a 1-year high of $329.93. The company has a 50-day moving average of $312.79 and a 200-day moving average of $303.97. The company has a market capitalization of $121.89 billion, a P/E ratio of 30.73, a PEG ratio of 2.73 and a beta of 0.76.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 earnings per share 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 the consensus estimate of $5.49 billion. Automatic Data Processing had a net margin of 19.79% and a return on equity of 77.33%. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.88 EPS. Equities analysts expect that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

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.