Tower Wealth Partners Inc. Lowers Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

Tower Wealth Partners Inc. cut its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 4.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 950 shares of the business services provider’s stock after selling 45 shares during the quarter. Tower Wealth Partners Inc.’s holdings in Automatic Data Processing were worth $237,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in ADP. Ameriprise Financial Inc. lifted its stake in shares of Automatic Data Processing by 18.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 3,576,575 shares of the business services provider’s stock worth $855,287,000 after acquiring an additional 553,946 shares during the period. Alps Advisors Inc. raised its stake in shares of Automatic Data Processing by 99.4% during the 3rd quarter. Alps Advisors Inc. now owns 21,574 shares of the business services provider’s stock worth $5,190,000 after buying an additional 10,755 shares in the last quarter. Elevatus Welath Management acquired a new stake in shares of Automatic Data Processing in the 3rd quarter valued at approximately $206,000. Legacy Advisors LLC boosted its stake in shares of Automatic Data Processing by 8.4% in the third quarter. Legacy Advisors LLC now owns 11,738 shares of the business services provider’s stock valued at $2,839,000 after buying an additional 914 shares in the last quarter. Finally, Royal London Asset Management Ltd. grew its holdings in Automatic Data Processing by 5.7% during the third quarter. Royal London Asset Management Ltd. now owns 181,901 shares of the business services provider’s stock worth $43,768,000 after acquiring an additional 9,831 shares during the period. 80.03% of the stock is owned by hedge funds and other institutional investors.

Automatic Data Processing Stock Performance

Shares of NASDAQ:ADP opened at $236.63 on Wednesday. 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 firm has a market capitalization of $96.85 billion, a PE ratio of 26.41, a P/E/G ratio of 2.62 and a beta of 0.78. The business has a 50-day moving average of $245.58 and a two-hundred day moving average of $243.86. Automatic Data Processing, Inc. has a 12 month low of $205.53 and a 12 month high of $256.84.

Automatic Data Processing (NASDAQ:ADP) last released its earnings results on Wednesday, May 1st. The business services provider reported $2.88 EPS for the quarter, beating the consensus estimate 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 company had revenue of $5.30 billion during the quarter, compared to analysts’ expectations of $5.22 billion. During the same period in the prior year, the business posted $2.52 EPS. The business’s revenue was up 7.6% on a year-over-year basis. As a group, research analysts forecast that Automatic Data Processing, Inc. will post 9.16 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. TD Cowen decreased their target price 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. StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Tuesday. Mizuho boosted their price target on Automatic Data Processing from $265.00 to $272.00 and gave the stock a “buy” rating in a research note on Monday, March 11th. Evercore ISI upped their price target on Automatic Data Processing from $227.00 to $235.00 and gave the stock an “underperform” rating in a report on Tuesday, March 26th. Finally, Barclays upped their price target on Automatic Data Processing from $280.00 to $282.00 and gave the stock an “overweight” rating in a 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 given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $255.42.

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.