14,543 Shares in Automatic Data Processing, Inc. (NASDAQ:ADP) Purchased by Banque Pictet & Cie SA

Banque Pictet & Cie SA purchased a new position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 14,543 shares of the business services provider's stock, valued at approximately $4,443,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC boosted its holdings in shares of Automatic Data Processing by 29.6% in the first quarter. Golden State Wealth Management LLC now owns 565 shares of the business services provider's stock valued at $173,000 after acquiring an additional 129 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Automatic Data Processing by 13.8% during the first quarter. GAMMA Investing LLC now owns 9,495 shares of the business services provider's stock worth $2,901,000 after buying an additional 1,148 shares in the last quarter. Toronto Dominion Bank boosted its holdings in Automatic Data Processing by 10.2% during the fourth quarter. Toronto Dominion Bank now owns 236,707 shares of the business services provider's stock worth $69,290,000 after buying an additional 21,910 shares in the last quarter. Proficio Capital Partners LLC boosted its holdings in Automatic Data Processing by 42.8% during the fourth quarter. Proficio Capital Partners LLC now owns 3,725 shares of the business services provider's stock worth $1,090,000 after buying an additional 1,117 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings 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 buying an additional 20,467 shares in the last quarter. 80.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ADP. UBS Group reduced their target price on shares of Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating for the company in a report on Friday, June 13th. Morgan Stanley upped their price target on shares of Automatic Data Processing from $305.00 to $310.00 and gave the company an "equal weight" rating in a research report on Tuesday, June 17th. BMO Capital Markets upgraded shares of Automatic Data Processing to a "hold" rating and set a $340.00 target price for the company in a research report on Thursday. Mizuho raised their price target on shares of Automatic Data Processing from $321.00 to $332.00 and gave the company an "outperform" rating in a report on Friday, June 13th. Finally, TD Securities raised their price target on shares of Automatic Data Processing from $298.00 to $321.00 and gave the company a "hold" rating in a report on Wednesday, May 21st. One equities research 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. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $309.62.

Automatic Data Processing Price Performance

NASDAQ:ADP traded down $3.17 on Friday, reaching $302.65. The stock had a trading volume of 1,097,348 shares, compared to its average volume of 1,712,171. Automatic Data Processing, Inc. has a 1-year low of $238.19 and a 1-year high of $329.93. The stock has a fifty day moving average price of $313.00 and a 200-day moving average price of $303.99. The company has a market capitalization of $122.85 billion, a P/E ratio of 30.98, a price-to-earnings-growth ratio of 2.77 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 (NASDAQ:ADP - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $5.55 billion for the quarter, compared to analyst estimates of $5.49 billion. Automatic Data Processing had a net margin of 19.79% and a return on equity of 77.33%. Automatic Data Processing's revenue was up 5.7% compared to the same quarter last year. During the same period in the prior year, the business posted $2.88 earnings per share. Research analysts forecast that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

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.