Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Bought by Geneos Wealth Management Inc.

Key Points

• Geneos Wealth Management Inc. has increased its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 77% during the 1st quarter, owning a total of 20,283 shares worth approximately $6.2 million.
• Automatic Data Processing reported $3.06 earnings per share for the most recent quarter, surpassing analysts' expectations, with a revenue of $5.55 billion.
• Major institutions own around 80.03% of Automatic Data Processing's stock, reflecting strong institutional interest and investment in the company.

Geneos Wealth Management Inc. grew its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 77.0% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 20,283 shares of the business services provider's stock after buying an additional 8,823 shares during the quarter. Geneos Wealth Management Inc.'s holdings in Automatic Data Processing were worth $6,197,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. von Borstel & Associates Inc. purchased a new position in Automatic Data Processing in the 1st quarter valued at approximately $30,000. Main Street Group LTD boosted its position in shares of 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 buying an additional 38 shares in the last quarter. Abound Wealth Management grew its stake 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 valued at $36,000 after acquiring an additional 43 shares during the last quarter. Banque de Luxembourg S.A. purchased a new position in Automatic Data Processing during the 4th quarter valued at about $37,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Automatic Data Processing during the fourth quarter worth about $37,000. Institutional investors and hedge funds own 80.03% of the company's stock.

Wall Street Analysts Forecast Growth

ADP has been the subject of a number of recent research reports. TD Securities raised their price objective on shares of Automatic Data Processing from $298.00 to $321.00 and gave the stock a "hold" rating in a research note on Wednesday, May 21st. Morgan Stanley raised their price target on Automatic Data Processing from $310.00 to $311.00 and gave the stock an "equal weight" rating in a research report on Thursday. UBS Group reduced their price objective on Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating on the stock in a research report on Friday, June 13th. Stifel Nicolaus lifted their price objective on Automatic Data Processing from $305.00 to $318.00 and gave the stock a "hold" rating in a research report on Thursday. Finally, Royal Bank Of Canada restated a "sector perform" rating and issued a $315.00 target price on shares of Automatic Data Processing in a report on Thursday, June 5th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $310.69.

Automatic Data Processing Trading Down 2.9%

Shares of ADP stock traded down $9.06 on Friday, reaching $300.44. 1,791,558 shares of the stock were exchanged, compared to its average volume of 1,385,865. The company has a quick ratio of 1.02, a current ratio of 1.05 and a debt-to-equity ratio of 0.64. The stock has a market cap of $121.95 billion, a P/E ratio of 30.10, a price-to-earnings-growth ratio of 2.84 and a beta of 0.81. The firm has a 50 day moving average of $310.70 and a two-hundred day moving average of $305.12. Automatic Data Processing, Inc. has a 1-year low of $256.47 and a 1-year high of $329.93.

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

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.