Automatic Data Processing, Inc. $ADP Shares Purchased by Lazard Asset Management LLC

Key Points

• Lazard Asset Management increased its ADP stake by 280.5% in the first quarter, purchasing 96,041 additional shares for a total holding of 130,279 shares valued at approximately $26.47 million. Institutional investors and hedge funds collectively own 80.03% of ADP.
• ADP reported quarterly earnings of $3.37 per share, exceeding the $3.30 consensus estimate, while revenue reached $5.94 billion and rose 7% year over year.
• Analyst sentiment remains cautious: ADP has an overall “Hold” rating and a consensus price target of $256, despite several firms maintaining or reiterating “Buy” ratings.

Lazard Asset Management LLC raised its position in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 280.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 130,279 shares of the business services provider's stock after purchasing an additional 96,041 shares during the quarter. Lazard Asset Management LLC's holdings in Automatic Data Processing were worth $26,470,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in ADP. Northwestern Mutual Wealth Management Co. grew its stake in shares of Automatic Data Processing by 6,493.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,468,180 shares of the business services provider's stock valued at $892,120,000 after buying an additional 3,415,576 shares in the last quarter. Cardano Risk Management B.V. lifted its stake in Automatic Data Processing by 950.1% during the 4th quarter. Cardano Risk Management B.V. now owns 3,563,180 shares of the business services provider's stock worth $916,557,000 after acquiring an additional 3,223,855 shares in the last quarter. Norges Bank purchased a new position in Automatic Data Processing during the 4th quarter valued at about $721,738,000. Clearbridge Investments LLC boosted its holdings in Automatic Data Processing by 133.3% during the 4th quarter. Clearbridge Investments LLC now owns 1,687,793 shares of the business services provider's stock valued at $434,151,000 after acquiring an additional 964,405 shares during the period. Finally, Renaissance Technologies LLC grew its position in Automatic Data Processing by 1,018.7% in the 1st quarter. Renaissance Technologies LLC now owns 646,820 shares of the business services provider's stock valued at $131,421,000 after acquiring an additional 589,000 shares in the last quarter. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Automatic Data Processing Trading Up 3.6%

NASDAQ:ADP opened at $264.17 on Wednesday. Automatic Data Processing, Inc. has a 12-month low of $188.16 and a 12-month high of $315.98. The firm has a market cap of $105.60 billion, a PE ratio of 24.64 and a beta of 0.83. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.63. The stock has a fifty day moving average price of $233.13 and a 200 day moving average price of $224.26.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The business services provider reported $3.37 earnings per share for the quarter, topping the consensus estimate of $3.30 by $0.07. The company had revenue of $5.94 billion for the quarter, compared to the consensus estimate of $5.85 billion. Automatic Data Processing had a return on equity of 68.82% and a net margin of 20.12%.Automatic Data Processing's revenue was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.06 EPS. Sell-side analysts anticipate that Automatic Data Processing, Inc. will post 11.08 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have issued reports on ADP shares. Argus cut their price target on shares of Automatic Data Processing from $300.00 to $240.00 and set a "buy" rating on the stock in a research note on Tuesday, May 5th. Wells Fargo & Company raised their price objective on shares of Automatic Data Processing from $214.00 to $248.00 and gave the company an "equal weight" rating in a research note on Thursday, July 9th. Morgan Stanley dropped their price objective on shares of Automatic Data Processing from $311.00 to $274.00 and set an "equal weight" rating for the company in a report on Tuesday, April 28th. Guggenheim reaffirmed a "buy" rating and set a $270.00 target price on shares of Automatic Data Processing in a research note on Tuesday, July 21st. Finally, Weiss Ratings raised shares of Automatic Data Processing from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, July 21st. Three equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $256.00.

Automatic Data Processing Profile

Automatic Data Processing, Inc (ADP) is a global provider of cloud-based human capital management (HCM) and payroll solutions. Founded in 1949 and headquartered in Roseland, New Jersey, ADP began as a payroll processing company and has evolved into a diversified provider of workforce management, HR, benefits administration, tax and compliance services, and analytics for employers of all sizes.

ADP's product portfolio includes payroll processing and tax filing, time and attendance systems, benefits administration, talent management, and HR outsourcing.

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