Penobscot Investment Management Company Inc. Sells 2,668 Shares of Automatic Data Processing, Inc. $ADP

Penobscot Investment Management Company Inc. lessened its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 5.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 43,112 shares of the business services provider’s stock after selling 2,668 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Automatic Data Processing were worth $8,759,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in ADP. Northwestern Mutual Wealth Management Co. increased its position in Automatic Data Processing by 6,493.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,468,180 shares of the business services provider’s stock valued at $892,120,000 after acquiring an additional 3,415,576 shares during the period. Cardano Risk Management B.V. lifted its holdings in shares of Automatic Data Processing by 950.1% during the fourth quarter. Cardano Risk Management B.V. now owns 3,563,180 shares of the business services provider’s stock worth $916,557,000 after purchasing an additional 3,223,855 shares during the period. Norges Bank bought a new stake in shares of Automatic Data Processing in the fourth quarter worth $721,738,000. Wellington Management Group LLP grew its stake in shares of Automatic Data Processing by 47.8% in the third quarter. Wellington Management Group LLP now owns 6,830,294 shares of the business services provider’s stock worth $2,004,691,000 after purchasing an additional 2,208,927 shares during the last quarter. Finally, Clearbridge Investments LLC increased its holdings in Automatic Data Processing by 133.3% in the fourth quarter. Clearbridge Investments LLC now owns 1,687,793 shares of the business services provider’s stock valued at $434,151,000 after purchasing an additional 964,405 shares during the period. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have commented on the company. Robert W. Baird cut their target price on Automatic Data Processing from $300.00 to $270.00 in a report on Thursday, April 30th. Argus lowered their price objective on Automatic Data Processing from $300.00 to $240.00 and set a “buy” rating for the company in a research report on Tuesday, May 5th. Cantor Fitzgerald cut their price objective on Automatic Data Processing from $306.00 to $244.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 29th. BMO Capital Markets reduced their target price on Automatic Data Processing from $281.00 to $234.00 and set a “market perform” rating on the stock in a report on Tuesday, April 7th. Finally, Guggenheim began coverage on shares of Automatic Data Processing in a research report on Thursday, March 19th. They set a “buy” rating and a $270.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $244.79.

Automatic Data Processing Stock Performance

Shares of ADP opened at $245.60 on Wednesday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.63. The firm’s fifty day simple moving average is $221.74 and its two-hundred day simple moving average is $225.24. Automatic Data Processing, Inc. has a 12 month low of $188.16 and a 12 month high of $315.98. The stock has a market capitalization of $98.17 billion, a P/E ratio of 22.91 and a beta of 0.83.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, April 29th. The business services provider reported $3.37 earnings per share for the quarter, topping the consensus estimate of $3.30 by $0.07. The firm had revenue of $5.94 billion during the quarter, compared to analyst estimates of $5.85 billion. Automatic Data Processing had a return on equity of 68.82% and a net margin of 20.12%.The business’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period last year, the company posted $3.06 EPS. Automatic Data Processing has set its FY 2026 guidance at 11.010-11.110 EPS. As a group, analysts predict that Automatic Data Processing, Inc. will post 11.08 EPS for the current year.

Automatic Data Processing Profile

Automatic Data Processing, Inc (ADP) is a global provider of cloud-based human capital management (HCM) and payroll solutions. Founded in 1949 and headquartered in Roseland, New Jersey, ADP began as a payroll processing company and has evolved into a diversified provider of workforce management, HR, benefits administration, tax and compliance services, and analytics for employers of all sizes.

ADP’s product portfolio includes payroll processing and tax filing, time and attendance systems, benefits administration, talent management, and HR outsourcing.