AE Wealth Management LLC Buys 2,408 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Key Points

• AE Wealth Management LLC increased its ownership in Automatic Data Processing, Inc. by 19.9%, acquiring an additional 2,408 shares, resulting in total holdings valued at approximately $4.44 million.
• Other institutional investors also boosted their stakes during the quarter, with a notable increase of 92.1% from Brighton Jones LLC and a 29.6% lift from Golden State Wealth Management LLC.
• Automatic Data Processing reported a strong quarterly earnings performance, with EPS of $3.06, exceeding estimates by $0.09, and a revenue of $5.55 billion, up 5.7% year-over-year.

AE Wealth Management LLC increased its stake in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 19.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 14,523 shares of the business services provider's stock after purchasing an additional 2,408 shares during the quarter. AE Wealth Management LLC's holdings in Automatic Data Processing were worth $4,437,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of ADP. Burney Co. raised its holdings in Automatic Data Processing by 2.4% during the 1st quarter. Burney Co. now owns 11,884 shares of the business services provider's stock valued at $3,631,000 after acquiring an additional 279 shares during the period. Wedbush Securities Inc. raised its holdings in Automatic Data Processing by 3.6% during the 1st quarter. Wedbush Securities Inc. now owns 7,538 shares of the business services provider's stock valued at $2,303,000 after acquiring an additional 263 shares during the period. City National Bank of Florida MSD raised its holdings in Automatic Data Processing by 23.5% during the 1st quarter. City National Bank of Florida MSD now owns 973 shares of the business services provider's stock valued at $297,000 after acquiring an additional 185 shares during the period. Mount Lucas Management LP bought a new stake in Automatic Data Processing during the 1st quarter valued at $1,674,000. Finally, Roundview Capital LLC raised its holdings in Automatic Data Processing by 2.7% during the 1st quarter. Roundview Capital LLC now owns 22,599 shares of the business services provider's stock valued at $6,905,000 after acquiring an additional 604 shares during the period. Institutional investors own 80.03% of the company's stock.

Wall Street Analyst Weigh In

ADP has been the subject of a number of recent analyst reports. Morgan Stanley boosted their price target on shares of Automatic Data Processing from $305.00 to $310.00 and gave the company an "equal weight" rating in a research report on Tuesday, June 17th. BMO Capital Markets upgraded shares of Automatic Data Processing to a "hold" rating and set a $340.00 price target for the company in a research report on Thursday, July 10th. Mizuho boosted their price target on shares of Automatic Data Processing from $321.00 to $332.00 and gave the company an "outperform" rating in a research report on Friday, June 13th. UBS Group reduced their price target on shares of Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating for the company in a research report on Friday, June 13th. Finally, Royal Bank Of Canada reiterated a "sector perform" rating and issued a $315.00 target price on shares of Automatic Data Processing in a research report on Thursday, June 5th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, Automatic Data Processing has a consensus rating of "Hold" and a consensus target price of $309.62.

Automatic Data Processing Stock Performance

NASDAQ:ADP traded up $2.39 during trading hours on Friday, reaching $308.63. The company had a trading volume of 936,145 shares, compared to its average volume of 1,343,466. 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, Inc. has a 52 week low of $249.49 and a 52 week high of $329.93. The firm has a market cap of $125.28 billion, a price-to-earnings ratio of 31.59, a PEG ratio of 2.83 and a beta of 0.76. The firm's 50 day moving average price is $311.78 and its 200-day moving average price is $304.69.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.97 by $0.09. Automatic Data Processing had a net margin of 19.79% and a return on equity of 77.33%. The firm had revenue of $5.55 billion during the quarter, compared to the consensus estimate of $5.49 billion. During the same quarter in the previous year, the firm posted $2.88 EPS. The company's revenue for the quarter was up 5.7% compared to the same quarter last year. On average, analysts forecast that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

About Automatic Data Processing

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.