Mechanics Bank Trust Department Lowers stake in Automatic Data Processing (ADP)

Automatic Data Processing (ADP) : Mechanics Bank Trust Department reduced its stake in Automatic Data Processing by 1.47% during the most recent quarter end. The investment management company now holds a total of 18,758 shares of Automatic Data Processing which is valued at $1,681,655 after selling 280 shares in Automatic Data Processing , the firm said in a disclosure report filed with the SEC on Apr 21, 2016.Automatic Data Processing makes up approximately 0.65% of Mechanics Bank Trust Department’s portfolio.

Automatic Data Processing opened for trading at $89.73 and hit $90.45 on the upside on Wednesday, eventually ending the session at $90.12, with a gain of 0.37% or 0.33 points. The heightened volatility saw the trading volume jump to 24,06,460 shares. Company has a market cap of $41,225 M.

Other Hedge Funds, Including , Penbrook Management reduced its stake in ADP by selling 1,800 shares or 15.22% in the most recent quarter. The Hedge Fund company now holds 10,028 shares of ADP which is valued at $899,010. Automatic Data Processing makes up approx 0.97% of Penbrook Management’s portfolio.Highland Capital Management reduced its stake in ADP by selling 921 shares or 2.97% in the most recent quarter. The Hedge Fund company now holds 30,120 shares of ADP which is valued at $2,715,318. Automatic Data Processing makes up approx 0.23% of Highland Capital Management’s portfolio. Donald L. Hagan added ADP to its portfolio by purchasing 800 company shares during the most recent quarter which is valued at $72,120. Automatic Data Processing makes up approx 0.07% of Donald L. Hagan’s portfolio.Jacobs Coca reduced its stake in ADP by selling 1,048 shares or 3.11% in the most recent quarter. The Hedge Fund company now holds 32,690 shares of ADP which is valued at $2,947,004. Automatic Data Processing makes up approx 0.70% of Jacobs Coca’s portfolio.Monroe Bank Trustmi reduced its stake in ADP by selling 3,739 shares or 32.43% in the most recent quarter. The Hedge Fund company now holds 7,791 shares of ADP which is valued at $702,359. Automatic Data Processing makes up approx 0.24% of Monroe Bank Trustmi’s portfolio.

On the company’s financial health, Automatic Data Processing reported $0.74 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Feb 3, 2016. Analyst had a consensus of $0.72. The company had revenue of $2807.00 million for the quarter, compared to analysts expectations of $2817.18 million. The company’s revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.70 EPS.

Many Wall Street Analysts have commented on Automatic Data Processing. Compass Point Initiated Automatic Data Processing on Apr 15, 2016 to “Sell”, Price Target of the shares are set at $76.Shares were Reiterated by RBC Capital Mkts on Feb 4, 2016 to “Sector Perform” and Lowered the Price Target to $ 87 from a previous price target of $88 .

Automatic Data Processing Inc. (ADP) is a provider of human capital management (HCM) solutions and business process outsourcing. The Company operates through two segments: Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers a range of business outsourcing and technology-enabled HCM solutions. These offerings include payroll services benefits administration recruiting and talent management human resources management insurance services retirement services and payment and compliance solutions. The Company’s PEO business ADP TotalSource offers small and mid-sized businesses human resources (HR) outsourcing solution through a co-employment model. ADP TotalSource includes HR management and employee benefits functions including HR administration employee benefits and employer liability management into a single-source solution including HR administration employee benefits and employer liability management.

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