Do You Think Automatic Data Processing (ADP) is an Attractive Long-Term Investment?

Polen Capital, an investment management company, released its “Polen Global Growth Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. The fund was down -8.63% in the third quarter compared to a -6.82% decline for the MSCI ACW Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Polen Capital discussed stocks like Automatic Data Processing, Inc. (NASDAQ:ADP). Headquartered in Roseland, New Jersey, Automatic Data Processing, Inc. (NASDAQ:ADP) is a cloud-based solutions provider for human capital management. On October 21, 2022, Automatic Data Processing, Inc. (NASDAQ:ADP) stock closed at $232.74 per share. One-month return of Automatic Data Processing, Inc. (NASDAQ:ADP) was 1.07% and its shares gained 6.88% of their value over the last 52 weeks. Automatic Data Processing, Inc. (NASDAQ:ADP)  has a market capitalization of $96.655 billion.

Polen Capital made the following comment about Automatic Data Processing, Inc. (NASDAQ:ADP) in its Q3 2022 investor letter:

“At an individual company level, the top three absolute contributors were Amazon, Automatic Data Processing, Inc. (NASDAQ:ADP), and Autodesk. As mentioned in last quarter’s letter, ADP continues to deliver a solid business performance, with FY22 revenues increasing 10% and adjusted EPS increasing 16%, both above initial guidance. A tight U.S. labor market bodes well for the business into FY23, alongside its ability to earn a portion of its revenues as floating rate income.”

Automatic Data Processing, Inc. (NASDAQ:ADP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held Automatic Data Processing, Inc. (NASDAQ:ADP) at the end of the second quarter, which was 47 in the previous quarter.

We discussed Automatic Data Processing, Inc. (NASDAQ:ADP) in another article and shared the 25 top QQQ stocks by index weight. In addition, please check out our hedge fund investor letters Q3 2022 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.