Avantax Advisory Services Inc. Has $10.53 Million Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Key Points

• Avantax Advisory Services Inc. increased its stake in Automatic Data Processing, Inc. by 7.1%, holding 34,464 shares valued at approximately $10.53 million.
• Automatic Data Processing reported impressive earnings for the last quarter, with an EPS of $3.06, exceeding analyst expectations and showcasing a year-over-year revenue growth of 5.7%.
• Institutional investors hold a significant 80.03% of Automatic Data Processing's stock, reflecting strong confidence among these investors in the company's performance.

Avantax Advisory Services Inc. boosted its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 7.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 34,464 shares of the business services provider's stock after purchasing an additional 2,289 shares during the quarter. Avantax Advisory Services Inc.'s holdings in Automatic Data Processing were worth $10,530,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. von Borstel & Associates Inc. bought a new stake in Automatic Data Processing during the 1st quarter worth about $30,000. Main Street Group LTD increased its holdings in shares of Automatic Data Processing by 50.7% during the 4th quarter. Main Street Group LTD now owns 113 shares of the business services provider's stock worth $33,000 after acquiring an additional 38 shares during the last quarter. Abound Wealth Management increased its holdings 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 valued at $36,000 after purchasing an additional 43 shares during the last quarter. Banque de Luxembourg S.A. bought a new position in Automatic Data Processing in the 4th quarter valued at about $37,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Automatic Data Processing during the fourth quarter worth approximately $37,000. Institutional investors and hedge funds own 80.03% of the company's stock.

Automatic Data Processing Trading Up 0.8%

NASDAQ:ADP opened at $308.63 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.51. The company has a fifty day moving average of $311.78 and a 200 day moving average of $304.69. The firm has a market capitalization of $125.28 billion, a P/E ratio of 31.59, a P/E/G ratio of 2.83 and a beta of 0.76. Automatic Data Processing, Inc. has a 52 week low of $249.49 and a 52 week high of $329.93.

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 the consensus estimate 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 firm had revenue of $5.55 billion during the quarter, compared to analyst estimates of $5.49 billion. During the same quarter in the prior year, the company earned $2.88 EPS. The business's revenue was up 5.7% compared to the same quarter last year. On average, research analysts predict that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Stifel Nicolaus boosted their price target on Automatic Data Processing to $305.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. TD Securities increased their price objective on shares of Automatic Data Processing from $298.00 to $321.00 and gave the company a "hold" rating in a research note on Wednesday, May 21st. Mizuho lifted their price target on Automatic Data Processing from $321.00 to $332.00 and gave the company an "outperform" rating in a research note on Friday, June 13th. Morgan Stanley increased their price objective on Automatic Data Processing from $305.00 to $310.00 and gave the company an "equal weight" rating in a report on Tuesday, June 17th. 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 report on Thursday, July 10th. One research 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's stock. According to MarketBeat.com, Automatic Data Processing presently has an average rating of "Hold" and an average target price of $309.62.

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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