Aigen Investment Management LP Acquires Shares of 11,711 Automatic Data Processing, Inc. (NASDAQ:ADP)

Key Points

• Aigen Investment Management LP has acquired a new stake in Automatic Data Processing, Inc., purchasing 11,711 shares valued at approximately $3.58 million.
• Automatic Data Processing recently reported earnings of $2.26 per share, exceeding estimates, with revenue of $5.13 billion for the quarter, reflecting a 6.3% year-over-year increase.
• The company has announced a quarterly dividend of $1.54 per share to be paid on October 1st, representing an annual yield of 2.0% with a payout ratio of 61.72%.

Aigen Investment Management LP purchased a new position in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 11,711 shares of the business services provider's stock, valued at approximately $3,578,000. Automatic Data Processing comprises about 0.6% of Aigen Investment Management LP's holdings, making the stock its 23rd largest holding.

Other institutional investors and hedge funds also recently made changes to their positions in the company. von Borstel & Associates Inc. bought a new stake in Automatic Data Processing during the first quarter valued at about $30,000. Main Street Group LTD grew its holdings 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 valued at $33,000 after buying an additional 38 shares during the last quarter. Y.D. More Investments Ltd bought a new position in Automatic Data Processing in the 1st quarter worth approximately $35,000. Abound Wealth Management lifted its holdings in shares of Automatic Data Processing by 58.1% during the first quarter. Abound Wealth Management now owns 117 shares of the business services provider's stock worth $36,000 after buying an additional 43 shares during the last quarter. Finally, Banque de Luxembourg S.A. bought a new stake in shares of Automatic Data Processing in the fourth quarter valued at approximately $37,000. Institutional investors and hedge funds own 80.03% of the company's stock.

Analysts Set New Price Targets

ADP has been the topic of several research analyst reports. Stifel Nicolaus boosted their target price on shares of Automatic Data Processing from $305.00 to $318.00 and gave the stock a "hold" rating in a research report on Thursday, July 31st. Mizuho raised their price target on shares of Automatic Data Processing from $321.00 to $332.00 and gave the stock an "outperform" rating in a research report on Friday, June 13th. BMO Capital Markets raised 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 reduced their target price on shares of Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating for the company in a research note on Friday, June 13th. Finally, Royal Bank Of Canada restated a "sector perform" rating and set a $315.00 price target on shares of Automatic Data Processing in a research note on Thursday, June 5th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $314.33.

Automatic Data Processing Price Performance

Shares of Automatic Data Processing stock traded up $5.32 during midday trading on Wednesday, hitting $304.95. 2,350,892 shares of the company were exchanged, compared to its average volume of 1,750,861. The firm has a 50 day simple moving average of $307.15 and a 200-day simple moving average of $305.54. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $123.52 billion, a P/E ratio of 30.56, a PEG ratio of 2.79 and a beta of 0.81. Automatic Data Processing, Inc. has a 52 week low of $260.36 and a 52 week high of $329.93.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The business services provider reported $2.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.23 by $0.03. Automatic Data Processing had a return on equity of 72.84% and a net margin of 19.84%. The company had revenue of $5.13 billion during the quarter, compared to analysts' expectations of $5.05 billion. During the same period last year, the business earned $2.09 earnings per share. The business's revenue was up 6.3% on a year-over-year basis. Research analysts forecast that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Automatic Data Processing Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be paid a dividend of $1.54 per share. This represents a $6.16 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, September 12th. Automatic Data Processing's dividend payout ratio is currently 61.72%.

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.