Balentine Lowers stake in Automatic Data Processing (ADP)

Automatic Data Processing (ADP) : Balentine reduced its stake in Automatic Data Processing by 0.36% during the most recent quarter end. The investment management company now holds a total of 125,382 shares of Automatic Data Processing which is valued at $10.8 Million after selling 451 shares in Automatic Data Processing , the firm said in a disclosure report filed with the SEC on May 11, 2016.Automatic Data Processing makes up approximately 2.72% of Balentine’s portfolio.

Other Hedge Funds, Including , Balasa Dinverno Foltz sold out all of its stake in ADP during the most recent quarter. The investment firm sold 2,376 shares of ADP which is valued $203,766.Violich Capital Management reduced its stake in ADP by selling 2,066 shares or 3.06% in the most recent quarter. The Hedge Fund company now holds 65,430 shares of ADP which is valued at $5.6 Million. Automatic Data Processing makes up approx 1.81% of Violich Capital Management’s portfolio.Linscomb Williams reduced its stake in ADP by selling 51 shares or 0.68% in the most recent quarter. The Hedge Fund company now holds 7,490 shares of ADP which is valued at $650,507. Automatic Data Processing makes up approx 0.07% of Linscomb Williams’s portfolio.Andra Ap-fonden reduced its stake in ADP by selling 41,200 shares or 11.41% in the most recent quarter. The Hedge Fund company now holds 319,900 shares of ADP which is valued at $27.8 Million. Automatic Data Processing makes up approx 0.74% of Andra Ap-fonden’s portfolio.

Automatic Data Processing opened for trading at $86.03 and hit $87 on the upside on Monday, eventually ending the session at $86.7, with a gain of 1.10% or 0.94 points. The heightened volatility saw the trading volume jump to 17,32,414 shares. Company has a market cap of $39,495 M.

On the company’s financial health, Automatic Data Processing reported $1.17 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on Apr 28, 2016. Analyst had a consensus of $1.18. The company had revenue of $3248.60 million for the quarter, compared to analysts expectations of $3272.98 million. The company’s revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.04 EPS.

Investors should note that on Apr 6, 2016, Automatic Data Processing announced a cash dividend of $0.5300. The company’s management has announced Jun 8, 2016 as the ex-dividend date and fixed the record date on Jun 10, 2016. The payable date has been fixed on Jul 1, 2016.

Many Wall Street Analysts have commented on Automatic Data Processing. Company shares were Reiterated by RBC Capital Mkts on May 2, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 90 from a previous price target of $87 .Compass Point Initiated Automatic Data Processing on Apr 15, 2016 to “Sell”, Price Target of the shares are set at $76.

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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