Atria Wealth Solutions Inc. Raises Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Key Points

• Atria Wealth Solutions Inc. increased its holdings in Automatic Data Processing, Inc. by 20.7% in the first quarter, now owning 28,119 shares valued at approximately $8.63 million.
• A significant portion, 80.03%, of Automatic Data Processing's stock is owned by hedge funds and institutional investors, indicating strong institutional interest in the company.
• Analysts have mixed ratings for Automatic Data Processing, with a consensus rating of "Hold" and an average target price of $314.33.

Atria Wealth Solutions Inc. boosted its position in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 20.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,119 shares of the business services provider's stock after purchasing an additional 4,832 shares during the period. Atria Wealth Solutions Inc.'s holdings in Automatic Data Processing were worth $8,632,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Northern Trust Corp increased its stake in Automatic Data Processing by 17.1% in the 4th quarter. Northern Trust Corp now owns 6,174,419 shares of the business services provider's stock valued at $1,807,438,000 after purchasing an additional 902,354 shares in the last quarter. Capital Research Global Investors grew its holdings in Automatic Data Processing by 26.9% during the 4th quarter. Capital Research Global Investors now owns 6,136,763 shares of the business services provider's stock valued at $1,796,415,000 after buying an additional 1,299,390 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in Automatic Data Processing by 16.7% during the 4th quarter. Ameriprise Financial Inc. now owns 3,830,078 shares of the business services provider's stock valued at $1,115,909,000 after buying an additional 549,132 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Automatic Data Processing by 16.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,771,011 shares of the business services provider's stock valued at $1,103,888,000 after buying an additional 532,485 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in Automatic Data Processing by 34,655.1% during the 1st quarter. GAMMA Investing LLC now owns 2,901,007 shares of the business services provider's stock valued at $886,345,000 after buying an additional 2,892,660 shares during the last quarter. 80.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on ADP. BMO Capital Markets upgraded Automatic Data Processing to a "hold" rating and set a $340.00 target price on the stock in a report on Thursday, July 10th. Stifel Nicolaus increased their target price on Automatic Data Processing from $305.00 to $318.00 and gave the company a "hold" rating in a report on Thursday, July 31st. Morgan Stanley raised their price objective on Automatic Data Processing from $310.00 to $311.00 and gave the stock an "equal weight" rating in a report on Thursday, July 31st. Royal Bank Of Canada restated a "sector perform" rating and set a $315.00 price objective on shares of Automatic Data Processing in a report on Thursday, June 5th. Finally, TD Securities raised their price objective on Automatic Data Processing from $298.00 to $321.00 and gave the stock a "hold" rating in a report on Wednesday, May 21st. One analyst has rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $314.33.

Automatic Data Processing Trading Down 0.9%

NASDAQ:ADP opened at $299.44 on Wednesday. The business's 50-day moving average is $309.38 and its two-hundred day moving average is $305.33. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.05 and a quick ratio of 1.02. Automatic Data Processing, Inc. has a 12 month low of $256.47 and a 12 month high of $329.93. The firm has a market capitalization of $121.55 billion, a PE ratio of 30.00, a price-to-earnings-growth ratio of 2.77 and a beta of 0.81.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The business services provider reported $2.26 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $5.05 billion. During the same period last year, the company posted $2.09 earnings per share. The firm's revenue was up 6.3% compared to the same quarter last year. Research analysts predict that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal 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.

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