Ballentine Partners LLC Grows Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Ballentine Partners LLC boosted its stake in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 8.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 23,226 shares of the business services provider's stock after buying an additional 1,825 shares during the quarter. Ballentine Partners LLC's holdings in Automatic Data Processing were worth $7,096,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of ADP. Brighton Jones LLC grew its stake in Automatic Data Processing by 92.1% in the 4th quarter. Brighton Jones LLC now owns 10,026 shares of the business services provider's stock valued at $2,935,000 after purchasing an additional 4,808 shares during the period. Bank Pictet & Cie Europe AG bought a new position in Automatic Data Processing in the 4th quarter valued at $957,000. Proficio Capital Partners LLC grew its stake in Automatic Data Processing by 42.8% in the 4th quarter. Proficio Capital Partners LLC now owns 3,725 shares of the business services provider's stock valued at $1,090,000 after purchasing an additional 1,117 shares during the period. Sequoia Financial Advisors LLC grew its stake in Automatic Data Processing by 15.9% in the 4th quarter. Sequoia Financial Advisors LLC now owns 10,355 shares of the business services provider's stock valued at $3,031,000 after purchasing an additional 1,423 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in Automatic Data Processing by 6.5% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,487 shares of the business services provider's stock valued at $728,000 after purchasing an additional 151 shares during the period. 80.03% of the stock is owned by hedge funds and other institutional investors.

Automatic Data Processing Price Performance

Shares of ADP stock opened at $302.65 on Friday. The firm has a market cap of $122.85 billion, a P/E ratio of 30.98, a P/E/G ratio of 2.80 and a beta of 0.76. Automatic Data Processing, Inc. has a fifty-two week low of $235.99 and a fifty-two week high of $329.93. The business's 50 day moving average price is $313.00 and its 200-day moving average price is $303.89. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.02.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 earnings per share 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 firm had revenue of $5.55 billion for the quarter, compared to analyst estimates of $5.49 billion. During the same period last year, the company earned $2.88 EPS. The business's quarterly revenue was up 5.7% compared to the same quarter last year. On average, equities research analysts anticipate that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Analyst Upgrades and Downgrades

ADP has been the subject of several research reports. TD Securities increased 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. 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 note on Friday, June 13th. Morgan Stanley increased their price target on Automatic Data Processing from $305.00 to $310.00 and gave the stock an "equal weight" rating in a research note on Tuesday, June 17th. Royal Bank Of Canada reiterated 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, UBS Group cut their price target on Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating for the company in a research note on Friday, June 13th. 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's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target 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.

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