Linscomb Wealth Inc. Sells 266 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Linscomb Wealth Inc. reduced its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 5.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,660 shares of the business services provider’s stock after selling 266 shares during the quarter. Linscomb Wealth Inc.’s holdings in Automatic Data Processing were worth $1,164,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Automatic Data Processing by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 39,769,440 shares of the business services provider’s stock worth $9,932,020,000 after purchasing an additional 173,298 shares in the last quarter. Wellington Management Group LLP boosted its stake in Automatic Data Processing by 4.8% during the fourth quarter. Wellington Management Group LLP now owns 5,492,425 shares of the business services provider’s stock worth $1,279,570,000 after buying an additional 249,566 shares in the last quarter. Capital Research Global Investors increased its holdings in Automatic Data Processing by 2.3% in the 1st quarter. Capital Research Global Investors now owns 3,625,186 shares of the business services provider’s stock valued at $905,354,000 after buying an additional 81,869 shares during the period. Nordea Investment Management AB raised its stake in shares of Automatic Data Processing by 27.7% in the 1st 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 in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Automatic Data Processing by 16.9% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,124,476 shares of the business services provider’s stock worth $530,567,000 after acquiring an additional 307,156 shares during the period. 80.03% of the stock is owned by institutional investors.

Automatic Data Processing Price Performance

ADP traded up $3.09 during trading on Friday, hitting $252.67. The company’s stock had a trading volume of 1,449,554 shares, compared to its average volume of 1,451,799. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $103.42 billion, a price-to-earnings ratio of 28.20, a price-to-earnings-growth ratio of 2.52 and a beta of 0.78. The firm’s 50 day moving average price is $244.27 and its two-hundred day moving average price is $244.99. Automatic Data Processing, Inc. has a 12 month low of $205.53 and a 12 month high of $256.84.

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

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on ADP shares. Barclays upped their target price on shares of Automatic Data Processing from $280.00 to $282.00 and gave the company an “overweight” rating in a research note on Thursday, May 2nd. StockNews.com lowered Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Tuesday, July 2nd. JPMorgan Chase & Co. cut their target price on Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating for the company in a research report on Thursday, May 2nd. Finally, TD Cowen decreased their price target on Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating on the stock in a research note on Thursday, May 2nd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $255.00.

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.