Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Bought by Commonwealth Equity Services LLC

Key Points

• Commonwealth Equity Services LLC increased its holdings in Automatic Data Processing, Inc. by 6.3%, owning approximately 205,840 shares valued at $62.89 million as of the latest SEC filing.
• A variety of hedge funds have recently adjusted their positions in ADP, with institutional investors holding about 80.03% of the company's stock.
• Wall Street analysts have mixed views on ADP's stock, with an average target price of $314.33 and ratings ranging from sell to outperform.

Commonwealth Equity Services LLC lifted its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 6.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 205,840 shares of the business services provider's stock after purchasing an additional 12,273 shares during the period. Commonwealth Equity Services LLC owned about 0.05% of Automatic Data Processing worth $62,890,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. von Borstel & Associates Inc. acquired a new stake in Automatic Data Processing in the first quarter valued at approximately $30,000. Main Street Group LTD lifted its stake in shares of Automatic Data Processing by 50.7% in the fourth quarter. Main Street Group LTD now owns 113 shares of the business services provider's stock worth $33,000 after buying an additional 38 shares during the last quarter. Abound Wealth Management lifted its stake in shares of Automatic Data Processing by 58.1% in the first quarter. Abound Wealth Management now owns 117 shares of the business services provider's stock worth $36,000 after buying an additional 43 shares during the last quarter. Banque de Luxembourg S.A. acquired a new stake in shares of Automatic Data Processing in the fourth quarter worth $37,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Automatic Data Processing in the fourth quarter worth $37,000. Institutional investors and hedge funds own 80.03% of the company's stock.

Wall Street Analysts Forecast Growth

ADP has been the subject of several research reports. UBS Group lowered their price objective 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. Stifel Nicolaus raised their price objective on shares of Automatic Data Processing from $305.00 to $318.00 and gave the company a "hold" rating in a research report on Thursday. Mizuho raised their price objective on shares of Automatic Data Processing from $321.00 to $332.00 and gave the company an "outperform" rating in a research report on Friday, June 13th. BMO Capital Markets upgraded shares of Automatic Data Processing to a "hold" rating and set a $340.00 price objective for the company in a research report on Thursday, July 10th. Finally, Royal Bank Of Canada restated a "sector perform" rating and issued a $315.00 price objective on shares of Automatic Data Processing in a research report on Thursday, June 5th. One analyst has rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $314.33.

Automatic Data Processing Stock Performance

Shares of Automatic Data Processing stock opened at $300.44 on Monday. The stock has a market cap of $121.95 billion, a price-to-earnings ratio of 30.10, a PEG ratio of 2.76 and a beta of 0.81. The firm's 50-day moving average is $310.28 and its 200 day moving average is $305.33. Automatic Data Processing, Inc. has a 1 year low of $256.47 and a 1 year high of $329.93. 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 (NASDAQ:ADP - Get Free Report) last posted its earnings results on Wednesday, July 30th. The business services provider reported $2.26 earnings per share (EPS) for the quarter, beating 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 analysts' expectations of $5.05 billion. During the same quarter in the prior year, the business earned $2.09 EPS. The business's revenue for the quarter was up 6.3% compared to the same quarter last year. Sell-side analysts anticipate that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing 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.

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