Beacon Investment Advisory Services Inc. lifted its stake in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 20.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,639 shares of the business services provider's stock after buying an additional 4,180 shares during the period. Beacon Investment Advisory Services Inc.'s holdings in Automatic Data Processing were worth $7,528,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the stock. GAMMA Investing LLC raised its holdings in shares of Automatic Data Processing by 34,655.1% in the first quarter. GAMMA Investing LLC now owns 2,901,007 shares of the business services provider's stock valued at $886,345,000 after buying an additional 2,892,660 shares during the last quarter. Norges Bank acquired a new position in Automatic Data Processing in the 4th quarter valued at about $455,993,000. Winslow Capital Management LLC acquired a new position in Automatic Data Processing in the 4th quarter valued at about $396,714,000. Capital Research Global Investors raised its stake in Automatic Data Processing by 26.9% during the 4th quarter. Capital Research Global Investors now owns 6,136,763 shares of the business services provider's stock valued at $1,796,415,000 after acquiring an additional 1,299,390 shares during the last quarter. Finally, Northern Trust Corp lifted its position in Automatic Data Processing by 17.1% during 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 acquiring an additional 902,354 shares during the period. 80.03% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several research firms have recently commented on ADP. TD Securities upped their price target on Automatic Data Processing from $298.00 to $321.00 and gave the stock a "hold" rating in a research note on Wednesday, May 21st. UBS Group cut 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. BMO Capital Markets upgraded shares of Automatic Data Processing to a "hold" rating and set a $340.00 price target on the stock in a research note on Thursday, July 10th. 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. Finally, Royal Bank Of Canada reiterated a "sector perform" rating and set a $315.00 target price 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 assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $309.62.
Check Out Our Latest Analysis on ADP
Automatic Data Processing Trading Up 0.7%
Shares of Automatic Data Processing stock traded up $2.01 during trading hours on Thursday, reaching $306.24. The stock had a trading volume of 1,148,012 shares, compared to its average volume of 1,401,269. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.51. Automatic Data Processing, Inc. has a 1 year low of $247.98 and a 1 year high of $329.93. The firm has a market capitalization of $124.31 billion, a price-to-earnings ratio of 31.34, a P/E/G ratio of 2.79 and a beta of 0.76. The firm has a 50 day simple moving average of $312.19 and a two-hundred day simple moving average of $304.33.
Automatic Data Processing (NASDAQ:ADP - Get Free Report) last posted its earnings results on Wednesday, April 30th. The business services provider reported $3.06 earnings per share for the quarter, beating the consensus estimate of $2.97 by $0.09. Automatic Data Processing had a net margin of 19.79% and a return on equity of 77.33%. The business had revenue of $5.55 billion for the quarter, compared to analyst estimates of $5.49 billion. During the same quarter in the previous year, the business posted $2.88 EPS. The business's quarterly revenue was up 5.7% on a year-over-year basis. As a group, equities research analysts anticipate that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.
Automatic Data Processing Company Profile
(
Free Report)
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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