Elefante Mark B Has $5.41 Million Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

Key Points

• Elefante Mark B increased its stake in Automatic Data Processing, Inc. (ADP) by 16.9%, making it the fund's 4th largest position, valued at approximately $5.41 million.
• Several institutional investors have also increased their positions in ADP, with GAMMA Investing LLC notably growing its holdings by over 34,655% in the first quarter.
• Wall Street analysts have varying ratings on ADP, with a consensus rating of "Hold" and an average target price of $309.62.

Elefante Mark B lifted its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 16.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 17,713 shares of the business services provider's stock after purchasing an additional 2,563 shares during the period. Automatic Data Processing comprises about 4.3% of Elefante Mark B's investment portfolio, making the stock its 4th biggest position. Elefante Mark B's holdings in Automatic Data Processing were worth $5,412,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in ADP. GAMMA Investing LLC grew its holdings in Automatic Data Processing by 34,655.1% in the 1st quarter. GAMMA Investing LLC now owns 2,901,007 shares of the business services provider's stock worth $886,345,000 after acquiring an additional 2,892,660 shares during the last quarter. Norges Bank purchased a new stake in shares of Automatic Data Processing in the 4th quarter worth about $455,993,000. Winslow Capital Management LLC purchased a new stake in shares of Automatic Data Processing in the 4th quarter worth about $396,714,000. Capital Research Global Investors lifted its position in shares of Automatic Data Processing by 26.9% in the 4th quarter. Capital Research Global Investors now owns 6,136,763 shares of the business services provider's stock worth $1,796,415,000 after purchasing an additional 1,299,390 shares during the period. Finally, Northern Trust Corp lifted its position in shares of 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 worth $1,807,438,000 after purchasing an additional 902,354 shares during the period. Institutional investors own 80.03% of the company's stock.

Wall Street Analyst Weigh In

ADP has been the subject of several research analyst reports. Mizuho raised their target price 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. Stifel Nicolaus lifted their price target on shares of Automatic Data Processing to $305.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. BMO Capital Markets raised shares of Automatic Data Processing to a "hold" rating and set a $340.00 price target for the company in a research report on Thursday, July 10th. UBS Group lowered their price target on shares of Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating for the company in a research report on Friday, June 13th. Finally, Morgan Stanley lifted their price target on shares of Automatic Data Processing from $305.00 to $310.00 and gave the company an "equal weight" rating in a research report on Tuesday, June 17th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $309.62.

Automatic Data Processing Stock Performance

NASDAQ ADP traded up $2.39 during trading hours on Friday, hitting $308.63. 936,145 shares of the company's stock traded hands, compared to its average volume of 1,343,466. The business's fifty day moving average price is $311.78 and its two-hundred day moving average price is $304.60. 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 firm has a market capitalization of $125.28 billion, a P/E ratio of 31.59, a P/E/G ratio of 2.80 and a beta of 0.76. Automatic Data Processing, Inc. has a 52 week low of $249.49 and a 52 week 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.97 by $0.09. The company had revenue of $5.55 billion during the quarter, compared to analyst estimates of $5.49 billion. Automatic Data Processing had a net margin of 19.79% and a return on equity of 77.33%. The firm's quarterly revenue was up 5.7% compared to the same quarter last year. During the same period in the previous year, the business posted $2.88 earnings per share. Equities research analysts predict that Automatic Data Processing, Inc. will post 9.93 EPS for the current 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.