Valley National Advisers Inc. Decreases Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Valley National Advisers Inc. decreased its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 2.7% during the first quarter, Holdings Channel.com reports. The fund owned 4,637 shares of the business services provider’s stock after selling 130 shares during the quarter. Valley National Advisers Inc.’s holdings in Automatic Data Processing were worth $1,157,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of ADP. Cornerstone Wealth Group LLC purchased a new position in shares of Automatic Data Processing during the first quarter valued at about $2,924,000. Everence Capital Management Inc. grew its holdings in Automatic Data Processing by 28.5% in the fourth quarter. Everence Capital Management Inc. now owns 17,150 shares of the business services provider’s stock worth $3,995,000 after purchasing an additional 3,800 shares during the period. Cyndeo Wealth Partners LLC grew its holdings in Automatic Data Processing by 36.7% in the fourth quarter. Cyndeo Wealth Partners LLC now owns 19,800 shares of the business services provider’s stock worth $4,613,000 after purchasing an additional 5,318 shares during the period. BKM Wealth Management LLC purchased a new stake in Automatic Data Processing in the fourth quarter worth about $1,635,000. Finally, LVW Advisors LLC grew its holdings in Automatic Data Processing by 23.8% in the first quarter. LVW Advisors LLC now owns 3,854 shares of the business services provider’s stock worth $962,000 after purchasing an additional 740 shares during the period. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Stock Performance

Automatic Data Processing stock traded up $0.28 during midday trading on Wednesday, reaching $236.91. 815,729 shares of the company traded hands, compared to its average volume of 1,688,563. The firm has a market capitalization of $96.96 billion, a price-to-earnings ratio of 26.45, a price-to-earnings-growth ratio of 2.62 and a beta of 0.78. The business has a 50 day moving average of $245.37 and a two-hundred day moving average of $243.88. Automatic Data Processing, Inc. has a 12 month low of $205.53 and a 12 month high of $256.84. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.01 and a quick ratio of 1.01.

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

Analyst Ratings Changes

A number of brokerages have weighed in on ADP. Mizuho upped their price objective on shares of Automatic Data Processing from $265.00 to $272.00 and gave the stock a “buy” rating in a report on Monday, March 11th. Barclays upped their price objective on shares of Automatic Data Processing from $280.00 to $282.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. TD Cowen dropped their target price 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. Evercore ISI upped 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. Finally, JPMorgan Chase & Co. dropped 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. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target 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.