Renaissance Investment Group buys $5,685,073 stake in Automatic Data Processing (ADP)

Automatic Data Processing (ADP) : Renaissance Investment Group scooped up 331 additional shares in Automatic Data Processing during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Jul 14, 2016. The investment management firm now holds a total of 59,887 shares of Automatic Data Processing which is valued at $5,685,073.Automatic Data Processing makes up approximately 2.72% of Renaissance Investment Group’s portfolio.

Other Hedge Funds, Including , Private Bank Trust Co reduced its stake in ADP by selling 4,403 shares or 15.76% in the most recent quarter. The Hedge Fund company now holds 23,535 shares of ADP which is valued at $2,234,178. Automatic Data Processing makes up approx 0.34% of Private Bank Trust Co’s portfolio.Fruth Investment Management reduced its stake in ADP by selling 200 shares or 0.55% in the most recent quarter. The Hedge Fund company now holds 36,048 shares of ADP which is valued at $3,429,607. Automatic Data Processing makes up approx 1.62% of Fruth Investment Management’s portfolio.Stock Yards Bank Trust Co reduced its stake in ADP by selling 4,968 shares or 28.23% in the most recent quarter. The Hedge Fund company now holds 12,629 shares of ADP which is valued at $1,178,412. Automatic Data Processing makes up approx 0.16% of Stock Yards Bank Trust Co’s portfolio.

Automatic Data Processing closed down -0.13 points or -0.14% at $94.93 with 8,79,741 shares getting traded on Monday. Post opening the session at $95.29, the shares hit an intraday low of $94.812 and an intraday high of $95.38 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

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.

Many Wall Street Analysts have commented on Automatic Data Processing. Company shares were Upgraded by Bernstein on Jul 11, 2016 to ” Outperform”, Firm has raised the Price Target to $ 110 from a previous price target of $97 .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 .

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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