AUTOMATIC DATA PROCESSING IN

ADP Q1 2026 institutional ownership is a $66.6B book across 2,188 holders. BlackRock is the largest holder at $7.2B (35.5M shares, -16.7%, -$2.2B) -- the largest seller. Vanguard Capital Management is second at $5.3B (26.2M shares, NEW). State Street is third at $4.0B (19.3M shares, -5.1%, -$945M). Geode Capital is fourth at $2.4B (12.0M shares, -8.5%, -$540M). Charles Schwab Investment Management $2.4B (11.6M shares, +76,454%, +$1.73B from $2.4M) -- the explosive buyer. Vanguard Portfolio Management $2.3B (NEW). Wellington Management $2.1B (+33.9%, +$156M). Capital Research Global $1.7B (+1.9%, value -$421M). Wells Fargo $1.4B (-6.2%, -$412M). AllianceBernstein $1.3B (-10.4%). Morgan Stanley $1.3B (-28.6%, -$1.36B) -- second-largest seller. Northern Trust $1.2B (UNCHANGED). Goldman Sachs $901M (+4.8%). Bank of America $1.1B (-12.8%, -$441M). UBS AM $838M (+2.6%). Invesco $855M (+3.7%). BNY Mellon $659M (-38.5%, -$988M). FMR/Fidelity $1.5B (-2.8%). Fundsmith $783M (-20.9%). State Farm $743M (UNCHANGED). Ameriprise $577M (-23.1%, -$434M). First Eagle Investment NEW $579M. New: Vanguard three-way; Charles Schwab +$1.73B; First Eagle $579M. The 75.50 whaleScore reflects AUM. Smart-money read: net-bearish. BlackRock -$2.2B, Morgan Stanley -$1.36B, BNY Mellon -$988M, State Street -$945M dominate. Charles Schwab's +$1.73B is the defining outlier but does not offset breadth of reductions. Cautious-to-bearish on ADP.