Lummis Asset Management LP Decreases Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Lummis Asset Management LP decreased its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 76.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 501 shares of the business services provider’s stock after selling 1,607 shares during the quarter. Lummis Asset Management LP’s holdings in Automatic Data Processing were worth $125,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. BlueSpruce Investments LP purchased a new position in shares of Automatic Data Processing during the first quarter valued at about $365,757,000. Norges Bank purchased a new position in shares of Automatic Data Processing during the fourth quarter valued at about $308,321,000. International Assets Investment Management LLC increased its position in shares of Automatic Data Processing by 22,539.4% during the fourth quarter. International Assets Investment Management LLC now owns 934,326 shares of the business services provider’s stock valued at $217,670,000 after buying an additional 930,199 shares during the period. Capital Research Global Investors increased its position in shares of Automatic Data Processing by 22.5% during the fourth quarter. Capital Research Global Investors now owns 3,543,317 shares of the business services provider’s stock valued at $825,487,000 after buying an additional 649,791 shares during the period. Finally, Nordea Investment Management AB increased its position in shares of Automatic Data Processing by 27.7% during the first quarter. Nordea Investment Management AB now owns 2,715,382 shares of the business services provider’s stock valued at $678,601,000 after buying an additional 589,831 shares during the period. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ADP shares. Stifel Nicolaus boosted their price target on shares of Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a research report on Thursday. Jefferies Financial Group boosted their price target on shares of Automatic Data Processing from $250.00 to $260.00 and gave the company a “hold” rating in a research report on Thursday. StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Tuesday, July 2nd. Royal Bank of Canada reissued a “sector perform” rating and set a $267.00 price objective on shares of Automatic Data Processing in a research note on Thursday. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating on the stock in a research note on Thursday, May 2nd. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Automatic Data Processing presently has an average rating of “Hold” and an average target price of $259.64.

Automatic Data Processing Stock Down 0.5 %

Shares of NASDAQ ADP traded down $1.32 during midday trading on Thursday, hitting $261.30. The stock had a trading volume of 2,270,384 shares, compared to its average volume of 1,682,426. The business’s 50 day moving average is $244.82 and its 200-day moving average is $245.58. The company has a market cap of $106.95 billion, a P/E ratio of 29.16, a PEG ratio of 2.70 and a beta of 0.78. Automatic Data Processing, Inc. has a 52 week low of $205.53 and a 52 week high of $269.49. 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 (NASDAQ:ADP) last issued its earnings results on Wednesday, July 31st. The business services provider reported $2.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.06 by $0.03. The firm had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.74 billion. Automatic Data Processing had a net margin of 19.56% and a return on equity of 93.09%. The business’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.89 earnings per share. As a group, analysts predict that Automatic Data Processing, Inc. will post 9.16 EPS for the current 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.