Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Bought by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp increased its stake in Automatic Data Processing, Inc. by 128.1% during the first quarter, now owning approximately 1.6 million shares valued at $484.4 million.
• In its latest earnings report, ADP reported $3.06 EPS, exceeding analyst expectations, with a revenue of $5.55 billion for the quarter.
• The stock is currently rated with a consensus of "Hold" by analysts, with a target price of approximately $309.62.

Mackenzie Financial Corp boosted its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 128.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,585,704 shares of the business services provider's stock after acquiring an additional 890,440 shares during the quarter. Mackenzie Financial Corp owned about 0.39% of Automatic Data Processing worth $484,480,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in ADP. von Borstel & Associates Inc. acquired a new position in Automatic Data Processing during the first quarter worth $30,000. Main Street Group LTD increased its stake in Automatic Data Processing by 50.7% in the 4th quarter. Main Street Group LTD now owns 113 shares of the business services provider's stock valued at $33,000 after purchasing an additional 38 shares in the last quarter. Abound Wealth Management increased its stake in Automatic Data Processing by 58.1% in the 1st quarter. Abound Wealth Management now owns 117 shares of the business services provider's stock valued at $36,000 after purchasing an additional 43 shares in the last quarter. Banque de Luxembourg S.A. purchased a new position in Automatic Data Processing in the 4th quarter valued at approximately $37,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Automatic Data Processing in the 4th quarter valued at approximately $37,000. 80.03% of the stock is owned by institutional investors and hedge funds.

Automatic Data Processing Trading Up 0.8%

NASDAQ:ADP opened at $308.63 on Monday. The business's 50-day moving average is $311.78 and its two-hundred day moving average is $304.78. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.02 and a quick ratio of 1.02. Automatic Data Processing, Inc. has a 12 month low of $249.49 and a 12 month high of $329.93. The firm has a market capitalization of $125.28 billion, a PE ratio of 31.59, a price-to-earnings-growth ratio of 2.83 and a beta of 0.76.

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, topping analysts' consensus estimates of $2.97 by $0.09. Automatic Data Processing had a return on equity of 77.33% and a net margin of 19.79%. The business had revenue of $5.55 billion for the quarter, compared to analyst estimates of $5.49 billion. During the same period in the previous year, the company earned $2.88 earnings per share. The company's revenue for the quarter was up 5.7% compared to the same quarter last year. Research analysts predict that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ADP has been the subject of several research analyst reports. BMO Capital Markets raised Automatic Data Processing to a "hold" rating and set a $340.00 price objective for the company in a research note on Thursday, July 10th. Stifel Nicolaus increased their target price on Automatic Data Processing to $305.00 and gave the company a "buy" rating in a report on Friday, May 2nd. UBS Group lowered their target price on Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating on the stock in a report on Friday, June 13th. Royal Bank Of Canada reiterated a "sector perform" rating and set a $315.00 target price on shares of Automatic Data Processing in a report on Thursday, June 5th. Finally, TD Securities increased their target price on Automatic Data Processing from $298.00 to $321.00 and gave the company a "hold" rating in a report on Wednesday, May 21st. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $309.62.

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.