Hardman Johnston Trims Stake in Automatic Data Processing

Institutional investor reduces holdings in payroll and HR tech giant ADP

Apr. 13, 2026 at 10:34am

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An extreme close-up of the complex inner workings of an industrial payroll processing machine, with gears, levers, and sensors rendered in dramatic shadows and highlights to convey the secure, reliable technology powering human capital management solutions.The intricate machinery behind payroll and HR tech giants like ADP reflects the critical infrastructure powering the modern workforce.Roseland Today

Hardman Johnston Global Advisors LLC, a major investment management firm, reduced its stake in Automatic Data Processing, Inc. (ADP) by 5.6% during the fourth quarter of 2025. The firm now holds 91,807 shares of the business services provider, making it the 26th largest holding in its portfolio.

Why it matters

ADP is a leading provider of payroll, HR, and workforce management solutions for companies of all sizes. As a bellwether stock, changes in institutional ownership of ADP can signal broader trends in the human capital management technology sector and the overall economy.

The details

According to a recent SEC filing, Hardman Johnston Global Advisors sold 5,404 shares of ADP stock during Q4 2025. The firm now holds a $23.6 million position in ADP, representing 1.1% of its total portfolio. Several other hedge funds and institutional investors have also adjusted their ADP holdings in recent quarters, with some increasing exposure and others, like Hardman Johnston, trimming their stakes.

  • Hardman Johnston reported the stake reduction in its Q4 2025 SEC filing, published on April 13, 2026.
  • The firm's ADP holdings were valued at $23.6 million as of the end of Q4 2025.

The players

Hardman Johnston Global Advisors LLC

A global investment management firm that reduced its stake in Automatic Data Processing by 5.6% in Q4 2025.

Automatic Data Processing, Inc. (ADP)

A leading provider of cloud-based human capital management and payroll solutions, headquartered in Roseland, New Jersey.

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The takeaway

The reduction in Hardman Johnston's ADP stake reflects broader uncertainty around the economic outlook, as institutional investors carefully manage their exposure to HR tech and payroll processing firms. However, ADP's diversified product portfolio and dominant market position suggest it remains a core holding for many fund managers.