Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Bought by Eastern Bank

Key Points

• Eastern Bank increased its holdings in Automatic Data Processing, Inc. (ADP) by 18.6% during the first quarter, owning a total of 83,340 shares valued at approximately $25.46 million.
• ADP reported a quarterly earnings per share (EPS) of $3.06, exceeding analyst expectations by $0.09, with revenues totaling $5.55 billion, marking a 5.7% increase from the previous year.
• Analysts have a mixed outlook on ADP, with a consensus rating of "Hold" and an average price target of $309.62, reflecting a range of price adjustments made by several brokerages.

Eastern Bank lifted its position in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 18.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,340 shares of the business services provider's stock after acquiring an additional 13,057 shares during the period. Eastern Bank's holdings in Automatic Data Processing were worth $25,463,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in ADP. Golden State Wealth Management LLC raised its stake in 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 worth $173,000 after purchasing an additional 129 shares during the period. GAMMA Investing LLC grew its position in Automatic Data Processing by 13.8% in the first quarter. GAMMA Investing LLC now owns 9,495 shares of the business services provider's stock worth $2,901,000 after acquiring an additional 1,148 shares during the period. Toronto Dominion Bank grew its position in Automatic Data Processing by 10.2% in the fourth quarter. Toronto Dominion Bank now owns 236,707 shares of the business services provider's stock worth $69,290,000 after acquiring an additional 21,910 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in 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 worth $76,638,000 after acquiring an additional 20,467 shares during the last quarter. Finally, Brighton Jones LLC increased its stake in Automatic Data Processing by 92.1% during the fourth quarter. Brighton Jones LLC now owns 10,026 shares of the business services provider's stock worth $2,935,000 after acquiring an additional 4,808 shares during the last quarter. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Automatic Data Processing Stock Down 2.9%

Shares of Automatic Data Processing stock traded down $9.06 during trading hours on Friday, reaching $300.44. 1,791,558 shares of the company were exchanged, compared to its average volume of 1,385,865. The firm has a market cap of $121.95 billion, a PE ratio of 30.10, a PEG ratio of 2.84 and a beta of 0.81. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.02 and a current ratio of 1.05. Automatic Data Processing, Inc. has a 1 year low of $256.47 and a 1 year high of $329.93. The stock's fifty day moving average is $310.70 and its 200 day moving average is $305.12.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The business services provider reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.23 by $0.03. The company had revenue of $5.13 billion for the quarter, compared to the consensus estimate of $5.05 billion. Automatic Data Processing had a return on equity of 72.84% and a net margin of 19.84%. Automatic Data Processing's revenue was up 6.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.09 EPS. As a group, equities research analysts forecast that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ADP. Royal Bank Of Canada reiterated a "sector perform" rating and set a $315.00 price target on shares of Automatic Data Processing in a report on Thursday, June 5th. Mizuho increased 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 note on Friday, June 13th. Stifel Nicolaus boosted their price target on shares of Automatic Data Processing from $305.00 to $318.00 and gave the company a "hold" rating in a research note on Thursday. TD Securities increased their price objective on shares of Automatic Data Processing from $298.00 to $321.00 and gave the stock a "hold" rating in a research report on Wednesday, May 21st. Finally, Morgan Stanley boosted their target price on Automatic Data Processing from $310.00 to $311.00 and gave the company an "equal weight" rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $310.69.

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.