Allworth Financial LP Buys 4,769 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Allworth Financial LP lifted its stake in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 4.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 109,518 shares of the business services provider's stock after buying an additional 4,769 shares during the period. Allworth Financial LP's holdings in Automatic Data Processing were worth $32,259,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in ADP. von Borstel & Associates Inc. bought a new stake in Automatic Data Processing during the first quarter worth about $30,000. Main Street Group LTD raised its stake in shares of Automatic Data Processing by 50.7% during the fourth quarter. Main Street Group LTD now owns 113 shares of the business services provider's stock worth $33,000 after buying an additional 38 shares during the last quarter. Abound Wealth Management raised its stake 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. Cyrus J. Lawrence LLC boosted its holdings in Automatic Data Processing by 121.8% during the fourth quarter. Cyrus J. Lawrence LLC now owns 122 shares of the business services provider's stock worth $35,000 after buying an additional 67 shares during the last quarter. Finally, Banque de Luxembourg S.A. bought a new position in Automatic Data Processing during the fourth quarter worth about $37,000. Institutional investors own 80.03% of the company's stock.

Automatic Data Processing Stock Performance

NASDAQ:ADP traded down $3.02 on Friday, hitting $302.80. The company's stock had a trading volume of 371,911 shares, compared to its average volume of 1,708,556. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.51. The stock has a fifty day moving average of $313.02 and a two-hundred day moving average of $303.85. The firm has a market capitalization of $122.91 billion, a P/E ratio of 30.98, a price-to-earnings-growth ratio of 2.82 and a beta of 0.76. Automatic Data Processing, Inc. has a one year low of $233.14 and a one year high of $329.93.

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

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. TD Securities upped their price objective on shares of Automatic Data Processing from $298.00 to $321.00 and gave the company a "hold" rating in a research report on Wednesday, May 21st. UBS Group decreased their price objective on Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating for the company in a report on Friday, June 13th. Royal Bank Of Canada reiterated a "sector perform" rating and set a $315.00 price objective on shares of Automatic Data Processing in a report on Thursday, June 5th. Morgan Stanley boosted their price target on shares of 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. Finally, Mizuho boosted 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. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $309.62.

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.