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Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Purchased by Benjamin Edwards Inc.

Automatic Data Processing logo with Computer and Technology background

Key Points

  • Benjamin Edwards Inc. increased its stake in Automatic Data Processing, Inc. by 12.8%, acquiring an additional 25,972 shares, bringing its total holdings to 228,488 shares valued at approximately $69.8 million.
  • A variety of hedge funds have significantly increased their positions in ADP, with GAMMA Investing LLC expanding its holdings by a staggering 34,655.1% during the first quarter.
  • Automatic Data Processing recently reported Q2 earnings of $2.26 per share, exceeding expectations, and announced a quarterly dividend of $1.54, indicating a 2.0% yield.
  • Want stock alerts on Automatic Data Processing? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Benjamin Edwards Inc. increased its stake in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 12.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 228,488 shares of the business services provider's stock after acquiring an additional 25,972 shares during the period. Automatic Data Processing makes up about 1.0% of Benjamin Edwards Inc.'s holdings, making the stock its 13th largest holding. Benjamin Edwards Inc. owned about 0.06% of Automatic Data Processing worth $69,810,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of ADP. Vanguard Group Inc. raised its position in Automatic Data Processing by 0.5% in the first quarter. Vanguard Group Inc. now owns 40,949,884 shares of the business services provider's stock valued at $12,511,418,000 after purchasing an additional 218,614 shares during the period. Northern Trust Corp boosted its stake in Automatic Data Processing by 17.1% in 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 purchasing an additional 902,354 shares during the period. Capital Research Global Investors lifted its position in Automatic Data Processing by 26.9% in the 4th quarter. Capital Research Global Investors now owns 6,136,763 shares of the business services provider's stock worth $1,796,415,000 after buying an additional 1,299,390 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Automatic Data Processing by 16.7% during the 4th quarter. Ameriprise Financial Inc. now owns 3,830,078 shares of the business services provider's stock valued at $1,115,909,000 after purchasing an additional 549,132 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Automatic Data Processing by 16.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,771,011 shares of the business services provider's stock worth $1,103,888,000 after acquiring an additional 532,485 shares during the period. Hedge funds and other institutional investors own 80.03% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ADP shares. BMO Capital Markets raised shares of Automatic Data Processing to a "hold" rating and set a $340.00 target price for the company in a research note on Thursday, July 10th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $315.00 price target on shares of Automatic Data Processing in a research note on Thursday, June 5th. Mizuho increased 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. 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 report on Wednesday, May 21st. Finally, Morgan Stanley raised their price target on shares of Automatic Data Processing from $310.00 to $311.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 31st. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $314.33.

Read Our Latest Research Report on Automatic Data Processing

Automatic Data Processing Trading Down 0.7%

ADP stock traded down $2.09 during midday trading on Monday, reaching $303.72. The company's stock had a trading volume of 1,265,659 shares, compared to its average volume of 1,483,232. Automatic Data Processing, Inc. has a 1 year low of $258.63 and a 1 year high of $329.93. The stock has a fifty day simple moving average of $308.13 and a two-hundred day simple moving average of $305.54. The firm has a market capitalization of $123.02 billion, a price-to-earnings ratio of 30.43, a PEG ratio of 2.80 and a beta of 0.81. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.05 and a current ratio of 1.05.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The business services provider reported $2.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.23 by $0.03. The company had revenue of $5.13 billion during the quarter, compared to the consensus estimate of $5.05 billion. Automatic Data Processing had a return on equity of 72.84% and a net margin of 19.84%. Automatic Data Processing's revenue for the quarter was up 6.3% on a year-over-year basis. During the same period in the previous year, the company posted $2.09 earnings per share. On average, equities research analysts predict that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be issued a dividend of $1.54 per share. This represents a $6.16 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, September 12th. Automatic Data Processing's payout ratio is 61.72%.

About Automatic Data Processing

(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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Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

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