South State Corp reduced its stake in Automatic Data Processing (NYSE:ADP) by 1.3% during the first quarter, Holdings Channel reports. The firm owned 61,113 shares of the business services provider’s stock after selling 811 shares during the period. South State Corp’s holdings in Automatic Data Processing were worth $6,258,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of ADP. Fundsmith LLP raised its position in Automatic Data Processing by 3.4% in the first quarter. Fundsmith LLP now owns 4,011,368 shares of the business services provider’s stock valued at $410,724,000 after buying an additional 133,125 shares during the period. Norges Bank acquired a new position in Automatic Data Processing during the fourth quarter valued at $338,766,000. American Century Companies Inc. raised its position in Automatic Data Processing by 51.1% in the first quarter. American Century Companies Inc. now owns 2,697,795 shares of the business services provider’s stock valued at $276,227,000 after buying an additional 912,528 shares during the period. Swiss National Bank raised its position in Automatic Data Processing by 17.3% in the first quarter. Swiss National Bank now owns 2,391,985 shares of the business services provider’s stock valued at $244,915,000 after buying an additional 353,200 shares during the period. Finally, UBS Asset Management Americas Inc. raised its position in Automatic Data Processing by 6.9% in the first quarter. UBS Asset Management Americas Inc. now owns 2,067,285 shares of the business services provider’s stock valued at $211,669,000 after buying an additional 134,041 shares during the period.

Automatic Data Processing (ADP) opened at 101.70 on Tuesday. Automatic Data Processing has a 1-year low of $85.48 and a 1-year high of $105.68. The firm has a market cap of $45.50 billion and a P/E ratio of 26.31. The firm’s 50-day moving average price is $100.83 and its 200-day moving average price is $101.57.

Automatic Data Processing (NYSE:ADP) last released its quarterly earnings results on Wednesday, May 3rd. The business services provider reported $1.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.23 by $0.08. Automatic Data Processing had a net margin of 17.24% and a return on equity of 59.56%. The company had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.42 billion. During the same period in the prior year, the firm earned $1.17 earnings per share. Automatic Data Processing’s revenue was up 5.0% on a year-over-year basis. Equities research analysts anticipate that Automatic Data Processing will post $3.71 earnings per share for the current fiscal year.

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Several research analysts have recently weighed in on ADP shares. Barclays PLC lowered their price objective on Automatic Data Processing from $115.00 to $113.00 and set an “overweight” rating for the company in a research report on Tuesday, April 25th. BMO Capital Markets reissued a “hold” rating and issued a $98.00 price objective on shares of Automatic Data Processing in a research report on Wednesday, April 5th. Argus decreased their target price on Automatic Data Processing from $118.00 to $101.50 and set a “buy” rating for the company in a research report on Wednesday, May 31st. Evercore ISI reaffirmed an “underperform” rating and issued a $85.00 target price on shares of Automatic Data Processing in a research report on Friday, June 2nd. Finally, Zacks Investment Research lowered Automatic Data Processing from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $99.00.

In other Automatic Data Processing news, CEO Carlos A. Rodriguez sold 49,392 shares of the firm’s stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $100.01, for a total transaction of $4,939,693.92. Following the completion of the transaction, the chief executive officer now owns 159,403 shares of the company’s stock, valued at $15,941,894.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael A. Bonarti sold 2,932 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $101.98, for a total transaction of $299,005.36. Following the transaction, the insider now directly owns 46,256 shares of the company’s stock, valued at approximately $4,717,186.88. The disclosure for this sale can be found here. Insiders have sold 54,257 shares of company stock valued at $5,435,827 in the last ninety days.

About Automatic Data Processing

Automatic Data Processing, Inc (ADP) is a provider of human capital management (HCM) solutions to employers, offering solutions to businesses of various sizes. The Company also provides business process outsourcing solutions. Its segments include Employer Services and Professional Employer Organization (PEO) Services.

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Institutional Ownership by Quarter for Automatic Data Processing (NYSE:ADP)

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