OVERSEA CHINESE BANKING Corp Ltd Invests $329,000 in Automatic Data Processing, Inc. (NASDAQ:ADP)

OVERSEA CHINESE BANKING Corp Ltd bought a new stake in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 1,077 shares of the business services provider's stock, valued at approximately $329,000.

Several other large investors have also recently modified their holdings of the company. von Borstel & Associates Inc. acquired a new stake in shares of Automatic Data Processing during the first quarter worth $30,000. Main Street Group LTD raised its stake in Automatic Data Processing by 50.7% in the 4th quarter. Main Street Group LTD now owns 113 shares of the business services provider's stock worth $33,000 after acquiring an additional 38 shares during the last quarter. Abound Wealth Management lifted its position in Automatic Data Processing by 58.1% during the 1st quarter. Abound Wealth Management now owns 117 shares of the business services provider's stock worth $36,000 after acquiring an additional 43 shares during the period. Cyrus J. Lawrence LLC lifted its position in Automatic Data Processing by 121.8% during the 4th quarter. Cyrus J. Lawrence LLC now owns 122 shares of the business services provider's stock worth $35,000 after acquiring an additional 67 shares during the period. Finally, Banque de Luxembourg S.A. acquired a new stake in shares of Automatic Data Processing during the fourth quarter worth about $37,000. Institutional investors own 80.03% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have commented on ADP. TD Securities upped their price objective on Automatic Data Processing from $298.00 to $321.00 and gave the stock a "hold" rating in a research report on Wednesday, May 21st. BMO Capital Markets upgraded shares of Automatic Data Processing to a "hold" rating and set a $340.00 price objective for the company in a research report on Thursday, July 10th. UBS Group dropped their target price on Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating on the stock in a research report on Friday, June 13th. Mizuho lifted their price target on Automatic Data Processing from $321.00 to $332.00 and gave the company an "outperform" rating in a research note on Friday, June 13th. Finally, Morgan Stanley increased their price target on Automatic Data Processing from $305.00 to $310.00 and gave the stock an "equal weight" rating in a research report on Tuesday, June 17th. One analyst has rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $309.62.

Automatic Data Processing Trading Down 0.1%

NASDAQ ADP traded down $0.33 during trading hours on Friday, reaching $301.79. The company had a trading volume of 1,653,898 shares, compared to its average volume of 1,709,097. Automatic Data Processing, Inc. has a 1-year low of $244.65 and a 1-year high of $329.93. The stock has a market capitalization of $122.50 billion, a P/E ratio of 30.89, a price-to-earnings-growth ratio of 2.77 and a beta of 0.76. The stock has a 50-day moving average of $312.56 and a 200 day moving average of $304.10. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.51.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The business services provider reported $3.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.97 by $0.09. The company had revenue of $5.55 billion for the quarter, compared to analyst estimates of $5.49 billion. Automatic Data Processing had a net margin of 19.79% and a return on equity of 77.33%. The business's revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.88 earnings per share. As a group, research analysts anticipate that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Automatic Data Processing Profile

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.