Automatic Data Processing, Inc. (NASDAQ:ADP) is First Long Island Investors LLC’s 4th Largest Position

First Long Island Investors LLC cut its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 2.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 202,042 shares of the business services provider’s stock after selling 4,493 shares during the quarter. Automatic Data Processing accounts for about 4.2% of First Long Island Investors LLC’s investment portfolio, making the stock its 4th largest holding. First Long Island Investors LLC’s holdings in Automatic Data Processing were worth $50,458,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Harbour Investments Inc. lifted its holdings in Automatic Data Processing by 13.4% in the 3rd quarter. Harbour Investments Inc. now owns 1,326 shares of the business services provider’s stock worth $319,000 after buying an additional 157 shares during the period. Creative Planning lifted its holdings in Automatic Data Processing by 20.5% in the 3rd quarter. Creative Planning now owns 116,403 shares of the business services provider’s stock worth $28,004,000 after buying an additional 19,826 shares during the period. Diversified Trust Co lifted its holdings in Automatic Data Processing by 25.8% in the 3rd quarter. Diversified Trust Co now owns 8,256 shares of the business services provider’s stock worth $1,986,000 after buying an additional 1,693 shares during the period. Hohimer Wealth Management LLC purchased a new stake in Automatic Data Processing in the 3rd quarter worth approximately $213,000. Finally, Comerica Bank purchased a new stake in Automatic Data Processing in the 3rd quarter worth approximately $74,595,000. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. StockNews.com cut Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Tuesday, July 2nd. Barclays increased their target price on Automatic Data Processing from $280.00 to $282.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. Evercore ISI increased their target price on Automatic Data Processing from $227.00 to $235.00 and gave the stock an “underperform” rating in a research report on Tuesday, March 26th. JPMorgan Chase & Co. decreased their target price on Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating for the company in a research report on Thursday, May 2nd. Finally, TD Cowen decreased their target price on 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 investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $255.42.

Automatic Data Processing Stock Up 0.6 %

ADP stock traded up $1.48 on Thursday, reaching $235.63. 1,577,533 shares of the company traded hands, compared to its average volume of 1,687,663. Automatic Data Processing, Inc. has a one year low of $205.53 and a one year 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. The company has a market cap of $96.44 billion, a P/E ratio of 26.30, a price-to-earnings-growth ratio of 2.36 and a beta of 0.78. The firm has a fifty day simple moving average of $244.09 and a 200-day simple moving average of $243.87.

Automatic Data Processing (NASDAQ:ADP) last posted 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 during the quarter, compared to analyst estimates of $5.22 billion. Automatic Data Processing had a return on equity of 93.09% and a net margin of 19.56%. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter last year, the company earned $2.52 EPS. Research analysts anticipate that Automatic Data Processing, Inc. will post 9.16 earnings per share for the current 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.