Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Acquired by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board has increased its stake in Automatic Data Processing, Inc. by 8.5%, holding over 55,000 shares valued at approximately $16.9 million as of the last quarter.
• Automatic Data Processing reported a quarterly EPS of $2.26, exceeding analyst forecasts, with revenue of $5.13 billion, reflecting a year-over-year growth of 6.3%.
• The company has declared a quarterly dividend of $1.54 per share, scheduled for payment on October 1st, representing an annualized yield of 2.0%.

Public Sector Pension Investment Board increased its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 8.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 55,299 shares of the business services provider's stock after purchasing an additional 4,323 shares during the period. Public Sector Pension Investment Board's holdings in Automatic Data Processing were worth $16,896,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. AlphaCore Capital LLC acquired a new stake in Automatic Data Processing during the first quarter worth about $688,000. Golden State Wealth Management LLC increased its position in shares of Automatic Data Processing by 29.6% during the first quarter. Golden State Wealth Management LLC now owns 565 shares of the business services provider's stock valued at $173,000 after acquiring an additional 129 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Automatic Data Processing by 13.8% during the first quarter. GAMMA Investing LLC now owns 9,495 shares of the business services provider's stock valued at $2,901,000 after acquiring an additional 1,148 shares during the last quarter. Toronto Dominion Bank increased its position in shares of Automatic Data Processing by 10.2% during the fourth quarter. Toronto Dominion Bank now owns 236,707 shares of the business services provider's stock valued at $69,290,000 after acquiring an additional 21,910 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of Automatic Data Processing by 8.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 250,836 shares of the business services provider's stock valued at $76,638,000 after acquiring an additional 20,467 shares during the last quarter. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Automatic Data Processing Price Performance

Shares of NASDAQ ADP opened at $303.72 on Tuesday. The firm has a market capitalization of $123.02 billion, a P/E ratio of 30.43, a PEG ratio of 2.80 and a beta of 0.81. Automatic Data Processing, Inc. has a one year low of $258.63 and a one year high of $329.93. The company's fifty day moving average is $307.69 and its two-hundred day moving average is $305.58. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.05 and a current ratio of 1.05.

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, topping the consensus estimate of $2.23 by $0.03. Automatic Data Processing had a net margin of 19.84% and a return on equity of 72.84%. The business had revenue of $5.13 billion for the quarter, compared to analyst estimates of $5.05 billion. During the same period in the previous year, the firm earned $2.09 EPS. The business's revenue for the quarter was up 6.3% compared to the same quarter last year. Analysts forecast that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be paid a dividend of $1.54 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.0%. Automatic Data Processing's dividend payout ratio is currently 61.72%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. TD Securities lifted their price target 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. Stifel Nicolaus lifted their price target on shares of Automatic Data Processing from $305.00 to $318.00 and gave the stock a "hold" rating in a research note on Thursday, July 31st. Morgan Stanley lifted their price target on shares of Automatic Data Processing from $310.00 to $311.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 31st. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $315.00 price target on shares of Automatic Data Processing in a research note on Thursday, June 5th. Finally, BMO Capital Markets upgraded shares of Automatic Data Processing to a "hold" rating and set a $340.00 price target for the company in a research note on Thursday, July 10th. One analyst has rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $314.33.

Automatic Data Processing Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.