Texas Permanent School Fund Corp Cuts Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Texas Permanent School Fund Corp lowered its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.4% during the first quarter, HoldingsChannel.com reports. The firm owned 84,914 shares of the business services provider’s stock after selling 356 shares during the period. Texas Permanent School Fund Corp’s holdings in Automatic Data Processing were worth $21,206,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Keener Financial Planning LLC increased its position in shares of Automatic Data Processing by 230.3% in the first quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider’s stock worth $28,000 after acquiring an additional 76 shares in the last quarter. Fortitude Family Office LLC acquired a new stake in Automatic Data Processing during the 4th quarter valued at $35,000. Pineridge Advisors LLC acquired a new stake in Automatic Data Processing during the 4th quarter valued at $39,000. Evolution Advisers Inc. acquired a new stake in Automatic Data Processing during the 4th quarter valued at $41,000. Finally, Raleigh Capital Management Inc. grew its holdings in Automatic Data Processing by 106.0% during the 3rd quarter. Raleigh Capital Management Inc. now owns 173 shares of the business services provider’s stock valued at $42,000 after purchasing an additional 89 shares in the last quarter. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Stock Up 0.6 %

Shares of ADP stock traded up $1.48 during trading on Thursday, hitting $235.63. 1,577,533 shares of the company were exchanged, compared to its average volume of 1,687,663. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market capitalization of $96.44 billion, a price-to-earnings ratio of 26.37, a P/E/G ratio of 2.36 and a beta of 0.78. The business’s 50-day simple moving average is $244.22 and its 200 day simple moving average is $243.93. Automatic Data Processing, Inc. has a twelve month low of $205.53 and a twelve month high of $256.84.

Automatic Data Processing (NASDAQ:ADP) last posted its 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. The firm had revenue of $5.30 billion during the quarter, compared to analysts’ expectations of $5.22 billion. Automatic Data Processing had a net margin of 19.56% and a return on equity of 93.09%. The company’s revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.52 earnings per share. As a group, analysts forecast that Automatic Data Processing, Inc. will post 9.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on ADP shares. StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Tuesday, July 2nd. JPMorgan Chase & Co. decreased their price objective on shares of Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating for the company in a report on Thursday, May 2nd. TD Cowen decreased their price objective on shares of Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating for the company in a report on Thursday, May 2nd. Evercore ISI raised their price target on shares of Automatic Data Processing from $227.00 to $235.00 and gave the stock an “underperform” rating in a research report on Tuesday, March 26th. Finally, Barclays lifted their price objective on shares of Automatic Data Processing from $280.00 to $282.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $255.42.

Automatic Data Processing Company 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.