Cullinan Associates Inc. Sells 4,627 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Cullinan Associates Inc. cut its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 30.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,500 shares of the business services provider’s stock after selling 4,627 shares during the period. Cullinan Associates Inc.’s holdings in Automatic Data Processing were worth $2,622,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently made changes to their positions in ADP. Fortitude Family Office LLC acquired a new stake in shares of Automatic Data Processing in the fourth quarter worth $35,000. Pineridge Advisors LLC purchased a new stake in shares of Automatic Data Processing in the fourth quarter worth about $39,000. Evolution Advisers Inc. purchased a new stake in shares of Automatic Data Processing in the fourth quarter worth about $41,000. Raleigh Capital Management Inc. grew its holdings in Automatic Data Processing by 106.0% during the third quarter. Raleigh Capital Management Inc. now owns 173 shares of the business services provider’s stock worth $42,000 after acquiring an additional 89 shares during the period. Finally, Bfsg LLC purchased a new position in Automatic Data Processing during the fourth quarter valued at approximately $42,000. 80.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Barclays lifted their target price on shares of Automatic Data Processing from $280.00 to $282.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. Evercore ISI increased their target price on shares of Automatic Data Processing from $227.00 to $235.00 and gave the stock an “underperform” rating in a research note on Tuesday, March 26th. StockNews.com lowered Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Tuesday. TD Cowen lowered their price target on 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. Finally, Mizuho boosted their price objective on Automatic Data Processing from $265.00 to $272.00 and gave the company a “buy” rating in a research report on Monday, March 11th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $255.42.

Automatic Data Processing Stock Up 0.4 %

Shares of ADP opened at $236.63 on Wednesday. Automatic Data Processing, Inc. has a 52-week low of $205.53 and a 52-week high of $256.84. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.65. The stock has a fifty day simple moving average of $245.58 and a two-hundred day simple moving average of $243.86. The company has a market capitalization of $96.85 billion, a PE ratio of 26.41, a price-to-earnings-growth ratio of 2.62 and a beta of 0.78.

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