Empirical Financial Services LLC d.b.a. Empirical Wealth Management Increases Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

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Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its stake in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 509.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 64,833 shares of the business services provider's stock after purchasing an additional 54,203 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Automatic Data Processing were worth $19,809,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in Automatic Data Processing by 34,655.1% in the first quarter. GAMMA Investing LLC now owns 2,901,007 shares of the business services provider's stock valued at $886,345,000 after buying an additional 2,892,660 shares during the last quarter. Winslow Capital Management LLC acquired a new position in shares of Automatic Data Processing in the 4th quarter worth approximately $396,714,000. Capital Research Global Investors boosted its position in shares of Automatic Data Processing by 26.9% during 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 purchasing an additional 1,299,390 shares during the period. Northern Trust Corp increased its holdings 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 valued at $1,807,438,000 after purchasing an additional 902,354 shares during the last quarter. Finally, Mackenzie Financial Corp raised its position in Automatic Data Processing by 128.1% in the first quarter. Mackenzie Financial Corp now owns 1,585,704 shares of the business services provider's stock valued at $484,480,000 after purchasing an additional 890,440 shares during the period. Hedge funds and other institutional investors own 80.03% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Stifel Nicolaus raised their price target on Automatic Data Processing from $305.00 to $318.00 and gave the stock a "hold" rating in a research report on Thursday. 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 note on Thursday, June 5th. Morgan Stanley lifted their target price on Automatic Data Processing from $310.00 to $311.00 and gave the company an "equal weight" rating in a research report on Thursday. BMO Capital Markets upgraded shares of Automatic Data Processing to a "hold" rating and set a $340.00 price target on the stock in a research note on Thursday, July 10th. Finally, UBS Group lowered their price objective on shares of 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 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. Based on data from MarketBeat, Automatic Data Processing has an average rating of "Hold" and an average target price of $314.33.

Automatic Data Processing Stock Down 2.9%

Automatic Data Processing stock traded down $9.06 during midday trading on Friday, reaching $300.44. The company's stock had a trading volume of 1,791,558 shares, compared to its average volume of 1,385,865. The business has a 50-day simple moving average of $310.28 and a 200-day simple moving average of $305.26. The company has a market cap of $121.95 billion, a P/E ratio of 30.10, a P/E/G ratio of 2.75 and a beta of 0.81. Automatic Data Processing, Inc. has a fifty-two week low of $256.47 and a fifty-two week high of $329.93. The company has a quick ratio of 1.02, a current ratio of 1.05 and a debt-to-equity ratio of 0.64.

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 for the quarter, beating analysts' consensus estimates of $2.23 by $0.03. The firm had revenue of $5.13 billion during 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%. Automatic Data Processing's quarterly revenue was up 6.3% compared to the same quarter last year. During the same period in the previous year, the company earned $2.09 earnings per share. On average, research analysts expect that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal 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.