Fintel reports that BlackRock has filed a 13G/A form with the SEC disclosing ownership of 35.21MM shares of Automatic Data Processing Inc (ADP). This represents 8.5% of the company.
In their previous filing dated February 1, 2022 they reported 31.99MM shares and 7.60% of the company, an increase in shares of 10.04% and an increase in total ownership of 0.90% (calculated as current - previous percent ownership).
Analyst Price Forecast Suggests 15.34% Upside
As of February 7, 2023, the average one-year price target for Automatic Data Processing is $257.76. The forecasts range from a low of $215.13 to a high of $299.25. The average price target represents an increase of 15.34% from its latest reported closing price of $223.47.
The projected annual revenue for Automatic Data Processing is $18,102MM, an increase of 4.96%. The projected annual EPS is $8.20, an increase of 8.32%.
Fund Sentiment
There are 2939 funds or institutions reporting positions in Automatic Data Processing. This is an increase of 51 owner(s) or 1.77%.
Average portfolio weight of all funds dedicated to US:ADP is 0.5301%, an increase of 5.0823%. Total shares owned by institutions increased in the last three months by 1.85% to 361,043K shares.
What are large shareholders doing?
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 12,401,019 shares representing 2.99% ownership of the company. In it's prior filing, the firm reported owning 12,301,440 shares, representing an increase of 0.80%. The firm increased its portfolio allocation in ADP by 13.16% over the last quarter.
Bank of New York Mellon holds 10,964,445 shares representing 2.65% ownership of the company. In it's prior filing, the firm reported owning 11,522,192 shares, representing a decrease of 5.09%. The firm decreased its portfolio allocation in ADP by 51.29% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 9,419,376 shares representing 2.27% ownership of the company. In it's prior filing, the firm reported owning 9,246,211 shares, representing an increase of 1.84%. The firm increased its portfolio allocation in ADP by 13.44% over the last quarter.
Alliancebernstein holds 9,231,406 shares representing 2.23% ownership of the company. In it's prior filing, the firm reported owning 9,818,546 shares, representing a decrease of 6.36%. The firm increased its portfolio allocation in ADP by 7.32% over the last quarter.
Geode Capital Management holds 8,921,730 shares representing 2.15% ownership of the company. In it's prior filing, the firm reported owning 8,740,677 shares, representing an increase of 2.03%. The firm increased its portfolio allocation in ADP by 13.89% over the last quarter.
Automatic Data Processing Background Information
(This description is provided by the company.)
ADP is a comprehensive global provider of cloud-based human capital management (HCM) solutions that unite HR, payroll, talent, time, tax and benefits administration, and a leader in business outsourcing services, analytics and compliance expertise. Its unmatched experience, deep insights and cutting-edge technology has transformed human resources from a back-office administrative function to a strategic business advantage.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
