Exxonmobil Investment Management Inc Tx Lowers stake in Automatic Data Processing (ADP)

Automatic Data Processing (ADP) : Exxonmobil Investment Management Inc Tx reduced its stake in Automatic Data Processing by 1.22% during the most recent quarter end. The investment management company now holds a total of 116,478 shares of Automatic Data Processing which is valued at $10,176,683 after selling 1,437 shares in Automatic Data Processing , the firm said in a disclosure report filed with the SEC on Oct 7, 2016.Automatic Data Processing makes up approximately 0.21% of Exxonmobil Investment Management Inc Tx’s portfolio.

Other Hedge Funds, Including , Central Bank Trust Co reduced its stake in ADP by selling 127 shares or 16.14% in the most recent quarter. The Hedge Fund company now holds 660 shares of ADP which is valued at $57,664. Automatic Data Processing makes up approx 0.02% of Central Bank Trust Co’s portfolio.Mcqueen Ball Associates boosted its stake in ADP in the latest quarter, The investment management firm added 280 additional shares and now holds a total of 24,421 shares of Automatic Data Processing which is valued at $2,138,791. Automatic Data Processing makes up approx 1.46% of Mcqueen Ball Associates’s portfolio.Cullinan Associates Inc reduced its stake in ADP by selling 700 shares or 1.23% in the most recent quarter. The Hedge Fund company now holds 55,990 shares of ADP which is valued at $4,903,604. Automatic Data Processing makes up approx 0.42% of Cullinan Associates Inc’s portfolio.Cacti Asset Management reduced its stake in ADP by selling 2,575 shares or 0.93% in the most recent quarter. The Hedge Fund company now holds 275,305 shares of ADP which is valued at $24,111,212. Automatic Data Processing makes up approx 2.45% of Cacti Asset Management’s portfolio.

Automatic Data Processing closed down -0.19 points or -0.22% at $87.37 with 15,80,128 shares getting traded on Friday. Post opening the session at $87.79, the shares hit an intraday low of $86.86 and an intraday high of $87.79 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, Automatic Data Processing reported $0.69 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $0.67. The company had revenue of $2898.20 million for the quarter, compared to analysts expectations of $2934.72 million. The company’s revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.55 EPS.

Many Wall Street Analysts have commented on Automatic Data Processing. Wedbush Initiated Automatic Data Processing on Sep 9, 2016 to “Neutral”, Price Target of the shares are set at $11.Robert W. Baird Downgraded Automatic Data Processing on Jul 29, 2016 to ” Neutral”, Price Target of the shares are set at $94.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 .

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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