Automatic Data Processing (ADP) Rose on Better-Than-Expected Earnings

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. After a robust first half of the year, the S&P 500 Index declined 3.3% in the third quarter, leaving the market up 13.1% through the first nine months of 2023. On a relative basis, this year has not been good for the fund’s investment strategy. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Carillon Eagle Mid Cap Growth Fund highlighted stocks like Automatic Data Processing, Inc. (NASDAQ:ADP) in the third quarter 2023 investor letter. Headquartered in Roseland, New Jersey, Automatic Data Processing, Inc. (NASDAQ:ADP) is a global human capital management solutions company. On December 4, 2023, Automatic Data Processing, Inc. (NASDAQ:ADP) stock closed at $232.58 per share. One-month return of Automatic Data Processing, Inc. (NASDAQ:ADP) was 4.65%, and its shares lost 10.04% of their value over the last 52 weeks. Automatic Data Processing, Inc. (NASDAQ:ADP) has a market capitalization of $95.661 billion.

Carillon Eagle Mid Cap Growth Fund made the following comment about Automatic Data Processing, Inc. (NASDAQ:ADP) in its Q3 2023 investor letter:

“Automatic Data Processing, Inc. (NASDAQ:ADP) benefitted from a better than expected earnings announcement. Employer services revenue growth continues to perform well, while higher interest rates also act as a tailwind for the company. Forward guidance implies another year of robust earnings growth.”

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Automatic Data Processing, Inc. (NASDAQ:ADP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 50 hedge fund portfolios held Automatic Data Processing, Inc. (NASDAQ:ADP) at the end of third quarter which was 50 in the previous quarter.

We discussed Automatic Data Processing, Inc. (NASDAQ:ADP) in another article and shared the top stock picks of GuardCap Asset Management. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.