Automatic Data Processing, Inc. $ADP Shares Purchased by Quantinno Capital Management LP

Key Points

• Quantinno Capital Management increased its ADP position by 45.2% in the first quarter, adding 108,864 shares to hold 349,827 shares worth approximately $71.1 million. Institutional investors collectively own 80.03% of the company.
• Analyst sentiment remains cautious, with three Buy, nine Hold, and one Sell rating; the consensus rating is Hold with a $256 price target.
• ADP shares opened at $264.17, while the company’s latest quarterly results exceeded expectations: adjusted earnings were $3.37 per share and revenue rose 7% year over year to $5.94 billion.

Quantinno Capital Management LP lifted its position in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 45.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 349,827 shares of the business services provider's stock after purchasing an additional 108,864 shares during the quarter. Quantinno Capital Management LP owned about 0.09% of Automatic Data Processing worth $71,078,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of ADP. Imprint Wealth LLC purchased a new position in Automatic Data Processing during the third quarter worth about $25,000. Cornerstone Financial Management LLC acquired a new position in Automatic Data Processing in the 4th quarter valued at about $26,000. Bard Associates Inc. purchased a new stake in shares of Automatic Data Processing in the 4th quarter valued at approximately $28,000. Whipplewood Advisors LLC grew its stake in shares of Automatic Data Processing by 2,740.0% in the 1st quarter. Whipplewood Advisors LLC now owns 142 shares of the business services provider's stock valued at $29,000 after buying an additional 137 shares during the period. Finally, Prosperity Bancshares Inc acquired a new stake in shares of Automatic Data Processing during the 4th quarter worth approximately $33,000. Hedge funds and other institutional investors own 80.03% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ADP. Stifel Nicolaus lifted their price target on shares of Automatic Data Processing from $240.00 to $260.00 and gave the company a "hold" rating in a research report on Wednesday, July 8th. BMO Capital Markets lowered their price objective on Automatic Data Processing from $281.00 to $234.00 and set a "market perform" rating for the company in a research report on Tuesday, April 7th. Jefferies Financial Group cut their target price on Automatic Data Processing from $230.00 to $190.00 in a research note on Thursday, April 30th. Wells Fargo & Company lifted their target price on Automatic Data Processing from $214.00 to $248.00 and gave the company an "equal weight" rating in a research report on Thursday, July 9th. Finally, Guggenheim reaffirmed a "buy" rating and issued a $270.00 price target on shares of Automatic Data Processing in a research note on Tuesday, July 21st. Three analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $256.00.

Automatic Data Processing Stock Up 3.6%

Shares of NASDAQ ADP opened at $264.17 on Wednesday. The firm has a market cap of $105.60 billion, a price-to-earnings ratio of 24.64 and a beta of 0.83. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.63. Automatic Data Processing, Inc. has a 52-week low of $188.16 and a 52-week high of $315.98. The business's 50 day moving average is $233.13 and its two-hundred day moving average is $224.26.

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

About Automatic Data Processing

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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