Kingsview Wealth Management LLC Has $6.90 Million Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Kingsview Wealth Management LLC cut its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,626 shares of the business services provider’s stock after selling 104 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Automatic Data Processing were worth $6,899,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of ADP. D Orazio & Associates Inc. raised its holdings in shares of Automatic Data Processing by 4.6% during the first quarter. D Orazio & Associates Inc. now owns 2,179 shares of the business services provider’s stock valued at $544,000 after purchasing an additional 95 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Automatic Data Processing by 16.9% during the first 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 buying an additional 307,156 shares during the last quarter. Tradewinds LLC. bought a new position in shares of Automatic Data Processing in the first quarter valued at $590,000. Texas Yale Capital Corp. grew its holdings in shares of Automatic Data Processing by 0.8% during the first quarter. Texas Yale Capital Corp. now owns 8,258 shares of the business services provider’s stock valued at $2,062,000 after buying an additional 65 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System increased its position in shares of Automatic Data Processing by 3.9% during the first quarter. State Board of Administration of Florida Retirement System now owns 449,145 shares of the business services provider’s stock worth $112,169,000 after acquiring an additional 16,689 shares in the last quarter. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Automatic Data Processing Stock Performance

Shares of NASDAQ ADP traded down $1.77 during midday trading on Friday, hitting $245.63. The company’s stock had a trading volume of 531,262 shares, compared to its average volume of 1,668,550. The stock has a fifty day moving average price of $244.20 and a 200 day moving average price of $244.31. The firm has a market capitalization of $100.53 billion, a price-to-earnings ratio of 27.59, a P/E/G ratio of 2.52 and a beta of 0.78. Automatic Data Processing, Inc. has a one year low of $205.53 and a one year high of $256.84. 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 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 net margin of 19.56% and a return on equity of 93.09%. The business had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.22 billion. During the same quarter in the previous year, the firm posted $2.52 EPS. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. On average, research analysts forecast that Automatic Data Processing, Inc. will post 9.16 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ADP has been the topic of several recent research reports. JPMorgan Chase & Co. dropped their price target on shares of Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating on the stock in a research report on Thursday, May 2nd. Barclays upped their price target on Automatic Data Processing from $280.00 to $282.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. StockNews.com lowered Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Tuesday, July 2nd. Evercore ISI boosted their target price on 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, TD Cowen reduced their price target on shares of Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating for the company in a research report on Thursday, May 2nd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average 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.