Seaside Wealth Management Inc. Decreases Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

Seaside Wealth Management Inc. lowered its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 20.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,479 shares of the business services provider’s stock after selling 373 shares during the period. Seaside Wealth Management Inc.’s holdings in Automatic Data Processing were worth $452,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Brighton Jones LLC raised its holdings in shares of Automatic Data Processing by 92.1% during the fourth quarter. Brighton Jones LLC now owns 10,026 shares of the business services provider’s stock worth $2,935,000 after purchasing an additional 4,808 shares during the last quarter. Bank Pictet & Cie Europe AG purchased a new position in shares of Automatic Data Processing during the fourth quarter worth $957,000. Proficio Capital Partners LLC raised its holdings in shares of Automatic Data Processing by 42.8% during the fourth quarter. Proficio Capital Partners LLC now owns 3,725 shares of the business services provider’s stock worth $1,090,000 after purchasing an additional 1,117 shares during the last quarter. Cibc World Markets Corp raised its holdings in shares of Automatic Data Processing by 14.0% during the fourth quarter. Cibc World Markets Corp now owns 73,361 shares of the business services provider’s stock worth $21,475,000 after purchasing an additional 9,019 shares during the last quarter. Finally, Parallel Advisors LLC raised its holdings in shares of Automatic Data Processing by 4.8% during the fourth quarter. Parallel Advisors LLC now owns 8,988 shares of the business services provider’s stock worth $2,631,000 after purchasing an additional 409 shares during the last quarter. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Analysts Set New Price Targets

ADP has been the subject of a number of recent analyst reports. UBS Group cut their price objective on shares of Automatic Data Processing from $323.00 to $315.00 and set a “neutral” rating for the company in a report on Friday, June 13th. Mizuho lifted their price objective on shares of Automatic Data Processing from $321.00 to $332.00 and gave the company an “outperform” rating in a report on Friday, June 13th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $315.00 price objective on shares of Automatic Data Processing in a report on Thursday, June 5th. Stifel Nicolaus lifted their price objective on shares of Automatic Data Processing to $305.00 and gave the company a “buy” rating in a report on Friday, May 2nd. Finally, BMO Capital Markets raised shares of Automatic Data Processing to a “hold” rating and set a $340.00 price objective for the company in a report on Thursday, July 10th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $309.62.

Automatic Data Processing Stock Down 1.7%

Shares of NASDAQ ADP opened at $298.18 on Wednesday. The company’s 50-day simple moving average is $312.88 and its 200-day simple moving average is $304.00. Automatic Data Processing, Inc. has a 52-week low of $242.76 and a 52-week high of $329.93. The firm has a market cap of $121.04 billion, a price-to-earnings ratio of 30.52, a price-to-earnings-growth ratio of 2.78 and a beta of 0.76. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.51.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results on Wednesday, April 30th. The business services provider reported $3.06 earnings per share for the quarter, topping analysts’ consensus estimates of $2.97 by $0.09. The firm had revenue of $5.55 billion for the quarter, compared to analyst estimates of $5.49 billion. Automatic Data Processing had a net margin of 19.79% and a return on equity of 77.33%. Automatic Data Processing’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period in the previous year, the business posted $2.88 earnings per share. Equities analysts predict that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

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.