Balentine LLC raised its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 110.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,298 shares of the business services provider's stock after acquiring an additional 3,306 shares during the period. Balentine LLC's holdings in Automatic Data Processing were worth $1,924,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the company. von Borstel & Associates Inc. acquired a new position in shares of Automatic Data Processing in the first quarter worth about $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 acquiring an additional 38 shares in the last quarter. Cyrus J. Lawrence LLC lifted its stake in shares of Automatic Data Processing by 121.8% in the fourth quarter. Cyrus J. Lawrence LLC now owns 122 shares of the business services provider's stock worth $35,000 after acquiring an additional 67 shares in the last quarter. Abound Wealth Management raised its stake in Automatic Data Processing by 58.1% during the first quarter. Abound Wealth Management now owns 117 shares of the business services provider's stock valued at $36,000 after buying an additional 43 shares in the last quarter. Finally, Banque de Luxembourg S.A. acquired a new stake in Automatic Data Processing during the fourth quarter valued at approximately $37,000. Hedge funds and other institutional investors own 80.03% of the company's stock.
Automatic Data Processing Price Performance
ADP traded down $0.33 during midday trading on Friday, reaching $301.79. 1,653,898 shares of the company's stock were exchanged, compared to its average volume of 1,710,240. The firm has a market capitalization of $122.50 billion, a price-to-earnings ratio of 30.89, a price-to-earnings-growth ratio of 2.76 and a beta of 0.76. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.51. Automatic Data Processing, Inc. has a one year low of $245.80 and a one year high of $329.93. The business has a 50-day simple moving average of $312.56 and a two-hundred day simple moving average of $304.18.
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 (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $5.55 billion during the quarter, compared to analysts' expectations of $5.49 billion. During the same quarter in the previous year, the company posted $2.88 earnings per share. Automatic Data Processing's quarterly revenue was up 5.7% compared to the same quarter last year. As a group, research analysts predict that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.
Analyst Upgrades and Downgrades
ADP has been the topic of a number of research reports. Mizuho increased their price target on Automatic Data Processing from $321.00 to $332.00 and gave the stock an "outperform" rating in a research report on Friday, June 13th. TD Securities increased their price objective on Automatic Data Processing from $298.00 to $321.00 and gave the stock a "hold" rating in a report on Wednesday, May 21st. Stifel Nicolaus increased 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. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $315.00 price target on shares of Automatic Data Processing in a research note on Thursday, June 5th. Finally, BMO Capital Markets raised Automatic Data Processing to a "hold" rating and set a $340.00 price target for the company in a research note on Thursday, July 10th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, Automatic Data Processing has a consensus rating of "Hold" and a consensus price target of $309.62.
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About Automatic Data Processing
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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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