Saba Capital Management Discloses New Position in Automatic Data Processing, Inc.

According to a recent Form 13F filing submitted to the SEC, Saba Capital Management disclosed a noteworthy new position in Automatic Data Processing, Inc. (NASDAQ: ADP) stock. Here’s what you need to know about Automatic Data Processing, Inc., as well as Saba Capital Management’s position in shares of ADP stock:

Saba Capital Management

Founded in 2009, Saba Capital Management L.P. is a registered investment advisor focused on credit and equity relative value strategies. Saba is a spin-out of one of the largest proprietary groups in the industry, ‘Saba Principal Strategies’, founded by Boaz Weinstein at Deutsche Bank in 1998. Saba’s senior investment team began working together at Deutsche Bank in the early 2000s, and is best known for having pioneered credit relative value and capital structure trading strategies. Saba currently manages four core strategies: Credit Relative Value, Tail Hedge, SPACs and Closed-End Funds. Saba’s investors are predominately institutions and include corporate pensions, public pensions, foundations, fund of funds, endowments, and family offices. Saba is 100% self-owned. Saba is headquartered in the historic Chrysler Building in New York and is registered with the SEC and CFTC. You can learn more about Saba Capital Management on their website here.

Saba Capital Management’s New Position in ADP Stock

According to the most recent 13F filing from Saba Capital Management, the institutional investment manager added a meaningful position in Automatic Data Processing, Inc. (NASDAQ: ADP), with 27,172 shares, which represents approximately 0.0066% of the 414,827,996 total ADP shares outstanding. Based on ADP’s last closing price of $253.32 per share, Saba Capital Management’s stake in ADP is worth approximately $6,883,211.04, assuming no change in the position size. If you’re not very familiar with Automatic Data Processing, Inc., learn more below.

Automatic Data Processing, Inc. (NASDAQ: ADP)

Automatic Data Processing, Inc. provides cloud-based human capital management solutions worldwide. It operates in two segments, Employer Services and Professional Employer Organization (PEO). The Employer Services segment offers strategic, cloud-based platforms, and human resources (HR) outsourcing solutions. Its offerings include payroll, benefits administration, talent management, HR management, workforce management, insurance, retirement, and compliance services, as well as integrated HCM solutions. The PEO Services segment provides HR outsourcing solutions to small and mid-sized businesses through a co-employment model. This segment offers benefits package, protection and compliance, talent engagement, expertise, comprehensive outsourcing, and recruitment process outsourcing services. The company was founded in 1949 and is headquartered in Roseland, New Jersey.

Summary

Be sure to check out more recent 13F filings here to stay up to date on the latest disclosures from institutional investment managers like Saba Capital Management. Also be sure to check out more recent 13F filing analysis news here.