Verdence Capital Advisors LLC Sells 2,232 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Verdence Capital Advisors LLC lowered its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 36.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,973 shares of the business services provider’s stock after selling 2,232 shares during the quarter. Verdence Capital Advisors LLC’s holdings in Automatic Data Processing were worth $1,214,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Brighton Jones LLC increased its position in shares of Automatic Data Processing by 92.1% during the fourth quarter. Brighton Jones LLC now owns 10,026 shares of the business services provider’s stock valued at $2,935,000 after acquiring an additional 4,808 shares during the last quarter. Bank Pictet & Cie Europe AG purchased a new position in Automatic Data Processing in the 4th quarter worth approximately $957,000. Proficio Capital Partners LLC increased its stake in shares of Automatic Data Processing by 42.8% during the fourth quarter. Proficio Capital Partners LLC now owns 3,725 shares of the business services provider’s stock valued at $1,090,000 after buying an additional 1,117 shares during the period. Brooklyn FI LLC purchased a new position in Automatic Data Processing during the fourth quarter valued at $757,000. Finally, VSM Wealth Advisory LLC purchased a new position in Automatic Data Processing in the fourth quarter worth about $65,000. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on ADP shares. Morgan Stanley boosted their price target on Automatic Data Processing from $305.00 to $310.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 17th. UBS Group decreased their price objective on Automatic Data Processing from $323.00 to $315.00 and set a “neutral” rating on the stock in a research note on Friday, June 13th. BMO Capital Markets raised Automatic Data Processing to a “hold” rating and set a $340.00 price target on the stock in a report on Thursday, July 10th. Mizuho upped their price target on Automatic Data Processing from $321.00 to $332.00 and gave the stock an “outperform” rating in a research note on Friday, June 13th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and issued a $315.00 target price on shares of Automatic Data Processing in a report on Thursday, June 5th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $309.62.

Automatic Data Processing Stock Performance

Shares of ADP stock opened at $302.12 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a fifty day moving average price of $312.69 and a 200 day moving average price of $304.04. Automatic Data Processing, Inc. has a 1 year low of $244.65 and a 1 year high of $329.93. The stock has a market cap of $122.64 billion, a PE ratio of 30.92, a P/E/G ratio of 2.75 and a beta of 0.76.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 EPS for the quarter, beating analysts’ consensus estimates of $2.97 by $0.09. The company 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 quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.88 EPS. Sell-side analysts forecast that Automatic Data Processing, Inc. will post 9.93 earnings per share 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.