Concurrent Investment Advisors LLC Purchases 6,072 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Concurrent Investment Advisors LLC grew its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 19.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,675 shares of the business services provider's stock after buying an additional 6,072 shares during the period. Concurrent Investment Advisors LLC's holdings in Automatic Data Processing were worth $11,205,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in ADP. von Borstel & Associates Inc. purchased a new position in shares of Automatic Data Processing during the 1st quarter valued at about $30,000. Main Street Group LTD lifted its holdings in Automatic Data Processing by 50.7% in the 4th quarter. Main Street Group LTD now owns 113 shares of the business services provider's stock worth $33,000 after purchasing an additional 38 shares in the last quarter. Cyrus J. Lawrence LLC lifted its holdings in Automatic Data Processing by 121.8% in the 4th quarter. Cyrus J. Lawrence LLC now owns 122 shares of the business services provider's stock worth $35,000 after purchasing an additional 67 shares in the last quarter. Abound Wealth Management lifted its holdings in Automatic Data Processing by 58.1% in the 1st quarter. Abound Wealth Management now owns 117 shares of the business services provider's stock worth $36,000 after purchasing an additional 43 shares in the last quarter. Finally, Banque de Luxembourg S.A. purchased a new position in Automatic Data Processing in the 4th quarter worth approximately $37,000. 80.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on ADP shares. TD Securities boosted their price target on Automatic Data Processing from $298.00 to $321.00 and gave the stock a "hold" rating in a report on Wednesday, May 21st. Royal Bank Of Canada reissued a "sector perform" rating and issued a $315.00 price target on shares of Automatic Data Processing in a report on Thursday, June 5th. Morgan Stanley boosted their price target on Automatic Data Processing from $305.00 to $310.00 and gave the stock an "equal weight" rating in a report on Tuesday, June 17th. UBS Group decreased their price objective on Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating on the stock in a report on Friday, June 13th. Finally, Mizuho upped their price objective on Automatic Data Processing from $321.00 to $332.00 and gave the stock an "outperform" rating in a report on Friday, June 13th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $307.08.

Automatic Data Processing Stock Up 1.3%

Shares of ADP opened at $308.96 on Friday. The stock has a market capitalization of $125.41 billion, a price-to-earnings ratio of 31.62, a price-to-earnings-growth ratio of 2.87 and a beta of 0.76. Automatic Data Processing, Inc. has a 1 year low of $231.27 and a 1 year high of $329.93. The business's 50 day simple moving average is $312.20 and its 200-day simple moving average is $303.42. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.02 and a quick ratio of 1.02.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last released its earnings results 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 firm had revenue of $5.55 billion for the quarter, compared to the consensus estimate of $5.49 billion. Automatic Data Processing had a return on equity of 77.33% and a net margin of 19.79%. The company's revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.88 EPS. As a group, equities analysts expect that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were given a dividend of $1.54 per share. This represents a $6.16 annualized dividend and a dividend yield of 1.99%. The ex-dividend date of this dividend was Friday, June 13th. Automatic Data Processing's dividend payout ratio is currently 63.05%.

Insider Buying and Selling at Automatic Data Processing

In other news, VP Christopher D'ambrosio sold 478 shares of the business's stock in a transaction that occurred on Thursday, April 10th. The stock was sold at an average price of $293.14, for a total transaction of $140,120.92. Following the transaction, the vice president owned 7,364 shares of the company's stock, valued at approximately $2,158,682.96. The trade was a 6.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.21% of the company's stock.

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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