Coronation Fund Managers Ltd. Decreases Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

Coronation Fund Managers Ltd. reduced its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 16.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,020 shares of the business services provider’s stock after selling 206 shares during the quarter. Coronation Fund Managers Ltd.’s holdings in Automatic Data Processing were worth $255,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Automatic Data Processing by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 39,596,142 shares of the business services provider’s stock worth $9,224,713,000 after buying an additional 412,434 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Automatic Data Processing by 4.8% during the 4th quarter. Wellington Management Group LLP now owns 5,492,425 shares of the business services provider’s stock worth $1,279,570,000 after purchasing an additional 249,566 shares during the period. Capital Research Global Investors grew its stake in shares of Automatic Data Processing by 22.5% during the 4th quarter. Capital Research Global Investors now owns 3,543,317 shares of the business services provider’s stock worth $825,487,000 after purchasing an additional 649,791 shares during the period. Nordea Investment Management AB grew its stake in shares of Automatic Data Processing by 27.7% during the 1st quarter. Nordea Investment Management AB now owns 2,715,382 shares of the business services provider’s stock worth $678,601,000 after purchasing an additional 589,831 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of Automatic Data Processing by 2.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,970,465 shares of the business services provider’s stock worth $459,057,000 after purchasing an additional 54,816 shares during the period. 80.03% of the stock is owned by hedge funds and other institutional investors.

Automatic Data Processing Trading Down 0.2 %

ADP traded down $0.56 on Wednesday, hitting $234.15. The company had a trading volume of 1,419,377 shares, compared to its average volume of 1,684,134. The firm has a market cap of $95.84 billion, a P/E ratio of 25.93, a PEG ratio of 2.36 and a beta of 0.78. Automatic Data Processing, Inc. has a 1 year low of $205.53 and a 1 year high of $256.84. The company’s fifty day moving average price is $244.49 and its 200 day moving average price is $244.00. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.65.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings results on Wednesday, May 1st. The business services provider reported $2.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.79 by $0.09. The company had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.22 billion. Automatic Data Processing had a net margin of 19.56% and a return on equity of 93.09%. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.52 earnings per share. As a group, equities analysts expect that Automatic Data Processing, Inc. will post 9.16 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ADP has been the topic of a number of research analyst reports. TD Cowen dropped their price target on shares of 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. StockNews.com cut shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Tuesday, July 2nd. JPMorgan Chase & Co. lowered their target price 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. Barclays lifted their target price on shares of Automatic Data Processing from $280.00 to $282.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. Finally, Evercore ISI lifted their target price on shares of Automatic Data Processing from $227.00 to $235.00 and gave the stock an “underperform” rating in a research note on Tuesday, March 26th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $255.42.

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.