Cadence Bank Lowers Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Cadence Bank trimmed its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.1% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 5,331 shares of the business services provider’s stock after selling 61 shares during the period. Cadence Bank’s holdings in Automatic Data Processing were worth $1,331,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Keener Financial Planning LLC increased its holdings in shares of Automatic Data Processing by 230.3% in the 1st quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider’s stock worth $28,000 after buying an additional 76 shares during the last quarter. Crewe Advisors LLC purchased a new position in Automatic Data Processing in the first quarter worth $33,000. Pineridge Advisors LLC bought a new position in Automatic Data Processing in the fourth quarter valued at $39,000. Evolution Advisers Inc. purchased a new stake in Automatic Data Processing during the fourth quarter valued at about $41,000. Finally, Bfsg LLC bought a new stake in Automatic Data Processing during the fourth quarter worth about $42,000. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on ADP. StockNews.com lowered Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Tuesday, July 2nd. TD Cowen reduced their price target on shares of Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating on the stock in a research report on Thursday, May 2nd. JPMorgan Chase & Co. decreased 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 note on Thursday, May 2nd. Finally, Barclays upped their price objective on shares of Automatic Data Processing from $280.00 to $282.00 and gave the company an “overweight” rating in a research note on Thursday, May 2nd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $255.42.

Automatic Data Processing Trading Up 1.2 %

Shares of NASDAQ ADP traded up $3.09 during trading hours on Friday, hitting $252.67. The company’s stock had a trading volume of 1,449,549 shares, compared to its average volume of 1,664,555. Automatic Data Processing, Inc. has a 12 month low of $205.53 and a 12 month high of $256.84. The stock has a market cap of $103.42 billion, a price-to-earnings ratio of 28.18, a P/E/G ratio of 2.49 and a beta of 0.78. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.01 and a current ratio of 1.01. The business has a 50-day simple moving average of $244.26 and a 200-day simple moving average of $244.81.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, May 1st. The business services provider reported $2.88 earnings per share for the quarter, topping analysts’ consensus estimates of $2.79 by $0.09. Automatic Data Processing had a return on equity of 93.09% and a net margin of 19.56%. The firm had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.22 billion. During the same period last year, the company earned $2.52 EPS. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. On average, analysts anticipate that Automatic Data Processing, Inc. will post 9.16 earnings per share for the current fiscal year.

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.