Renaissance Investment Group LLC Cuts Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Renaissance Investment Group LLC trimmed its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 7.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,570 shares of the business services provider’s stock after selling 430 shares during the period. Renaissance Investment Group LLC’s holdings in Automatic Data Processing were worth $1,702,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. von Borstel & Associates Inc. purchased a new stake in shares of Automatic Data Processing during the first quarter worth about $30,000. Main Street Group LTD boosted its holdings in shares of Automatic Data Processing by 50.7% during the fourth quarter. Main Street Group LTD now owns 113 shares of the business services provider’s stock worth $33,000 after purchasing an additional 38 shares during the period. Abound Wealth Management boosted its holdings in shares of Automatic Data Processing by 58.1% during the first quarter. Abound Wealth Management now owns 117 shares of the business services provider’s stock worth $36,000 after purchasing an additional 43 shares during the period. Banque de Luxembourg S.A. purchased a new stake in shares of Automatic Data Processing during the fourth quarter worth about $37,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Automatic Data Processing during the fourth quarter worth about $37,000. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Mizuho increased their target price on shares of Automatic Data Processing from $321.00 to $332.00 and gave the stock an “outperform” rating in a report on Friday, June 13th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $315.00 target price on shares of Automatic Data Processing in a report on Thursday, June 5th. Stifel Nicolaus increased their target price on shares of Automatic Data Processing to $305.00 and gave the stock a “buy” rating in a report on Friday, May 2nd. TD Securities increased their target price on shares of Automatic Data Processing from $298.00 to $321.00 and gave the stock a “hold” rating in a report on Wednesday, May 21st. Finally, Morgan Stanley increased their price target on shares of Automatic Data Processing from $305.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 17th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Automatic Data Processing has a consensus rating of “Hold” and an average price target of $309.62.

Automatic Data Processing Price Performance

Shares of NASDAQ ADP opened at $306.89 on Tuesday. Automatic Data Processing, Inc. has a fifty-two week low of $252.63 and a fifty-two week high of $329.93. The company has a 50 day simple moving average of $311.46 and a two-hundred day simple moving average of $304.92. The company has a market capitalization of $124.57 billion, a price-to-earnings ratio of 31.41, a P/E/G ratio of 2.83 and a beta of 0.76. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.02.

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

Automatic Data Processing 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.