Corient IA LLC Acquires New Shares in Automatic Data Processing, Inc. $ADP

Key Points

• Corient IA LLC has acquired a new stake in Automatic Data Processing, Inc. (NASDAQ: ADP), purchasing 1,000 shares valued at approximately $306,000 during the first quarter.
• Automatic Data Processing recently reported earnings of $2.26 per share, exceeding estimates, with revenue of $5.13 billion and a net margin of 19.84%.
• The company has declared a quarterly dividend of $1.54 per share payable on October 1st, reflecting an annual yield of 2.0%.

Corient IA LLC acquired a new stake in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 1,000 shares of the business services provider's stock, valued at approximately $306,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. AlphaCore Capital LLC acquired a new position in Automatic Data Processing during the 1st quarter worth $688,000. Golden State Wealth Management LLC lifted its position in Automatic Data Processing by 29.6% during the 1st quarter. Golden State Wealth Management LLC now owns 565 shares of the business services provider's stock worth $173,000 after acquiring an additional 129 shares during the last quarter. GAMMA Investing LLC lifted its position in Automatic Data Processing by 13.8% during the 1st quarter. GAMMA Investing LLC now owns 9,495 shares of the business services provider's stock worth $2,901,000 after acquiring an additional 1,148 shares during the last quarter. Toronto Dominion Bank lifted its position in Automatic Data Processing by 10.2% during the 4th quarter. Toronto Dominion Bank now owns 236,707 shares of the business services provider's stock worth $69,290,000 after acquiring an additional 21,910 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in Automatic Data Processing by 8.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 250,836 shares of the business services provider's stock worth $76,638,000 after acquiring an additional 20,467 shares during the last quarter. Institutional investors and hedge funds own 80.03% of the company's stock.

Automatic Data Processing Stock Performance

NASDAQ ADP opened at $301.79 on Monday. The stock has a market cap of $122.24 billion, a P/E ratio of 30.24, a PEG ratio of 2.77 and a beta of 0.81. The company's 50-day simple moving average is $305.74 and its 200 day simple moving average is $305.62. Automatic Data Processing, Inc. has a twelve month low of $262.21 and a twelve month high of $329.93. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.64.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The business services provider reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.23 by $0.03. The firm had revenue of $5.13 billion for the quarter, compared to analysts' expectations of $5.05 billion. Automatic Data Processing had a net margin of 19.84% and a return on equity of 72.84%. The company's quarterly revenue was up 6.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.09 earnings per share. As a group, research analysts forecast that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Royal Bank Of Canada reissued a "sector perform" rating and set a $315.00 target price on shares of Automatic Data Processing in a research report on Thursday, June 5th. BMO Capital Markets raised shares of Automatic Data Processing to a "hold" rating and set a $340.00 price objective for the company in a research report on Thursday, July 10th. Stifel Nicolaus upped their price objective on shares of Automatic Data Processing from $305.00 to $318.00 and gave the company a "hold" rating in a research report on Thursday, July 31st. Mizuho upped 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. Finally, TD Securities upped 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. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $314.33.

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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