Pershing Square Trims Automatic Data Processing (ADP) Position ~ market folly

Wednesday, March 14, 2018

Pershing Square Trims Automatic Data Processing (ADP) Position

Bill Ackman's activist investment firm Pershing Square Capital has filed an amended 13D with the SEC regarding its position in Automatic Data Processing (ADP).  Per the filing, Pershing now owns 7.2% of the company with 31.79 million shares.

It notes that, Pershing "sold a net amount of 5,004,633 shares of Common Stock and American-style call options for portfolio management purposes.”  You can view the full list of transactions here.

For more on this fund, we highlighted some other recent portfolio activity from Pershing Square here.

Per Google Finance, ADP is "a provider of human capital management (HCM) solutions to employers, offering solutions to businesses of various sizes. The Company also provides business process outsourcing solutions. Its segments include Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers a range of human resources (HR) business process outsourcing and technology-enabled HCM solutions. These offerings include payroll services, benefits administration, talent management, HR management, time and attendance management, insurance services, retirement services, and tax and compliance services. ADP TotalSource, ADP's PEO business, offers small and mid-sized businesses a HR outsourcing solution through a co-employment model. As a PEO, ADP TotalSource provides HR management services while the client continues to direct the day-to-day job-related duties of the employees."

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