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Goldman Sachs Group Inc. Has $934.65 Million Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Automatic Data Processing logo with Computer and Technology background

Goldman Sachs Group Inc. lifted its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 22.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,059,100 shares of the business services provider's stock after purchasing an additional 564,187 shares during the period. Goldman Sachs Group Inc. owned 0.75% of Automatic Data Processing worth $934,647,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the business. Golden State Wealth Management LLC boosted its position in Automatic Data Processing by 29.6% during the first quarter. Golden State Wealth Management LLC now owns 565 shares of the business services provider's stock valued at $173,000 after acquiring an additional 129 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of 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 valued at $2,901,000 after purchasing an additional 1,148 shares in the last quarter. Toronto Dominion Bank boosted its position in shares of 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 valued at $69,290,000 after purchasing an additional 21,910 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Automatic Data Processing by 8.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 250,836 shares of the business services provider's stock worth $76,638,000 after purchasing an additional 20,467 shares during the period. Finally, Manchester Capital Management LLC increased its holdings in Automatic Data Processing by 4.5% in the first quarter. Manchester Capital Management LLC now owns 3,384 shares of the business services provider's stock worth $1,034,000 after purchasing an additional 146 shares in the last quarter. Institutional investors and hedge funds own 80.03% of the company's stock.

Analysts Set New Price Targets

ADP has been the subject of several recent analyst reports. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $315.00 price objective 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 target for the company in a research note on Thursday, July 10th. UBS Group dropped their price objective on shares of Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating on the stock in a report on Friday, June 13th. Mizuho raised their target price on Automatic Data Processing from $321.00 to $332.00 and gave the company an "outperform" rating in a research note on Friday, June 13th. Finally, Morgan Stanley upped their price target on Automatic Data Processing from $310.00 to $311.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 31st. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Automatic Data Processing currently has a consensus rating of "Hold" and a consensus price target of $314.33.

Get Our Latest Analysis on ADP

Automatic Data Processing Stock Up 0.7%

ADP stock opened at $301.64 on Thursday. The firm has a market capitalization of $122.44 billion, a PE ratio of 30.22, a P/E/G ratio of 2.75 and a beta of 0.81. 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, Inc. has a twelve month low of $258.51 and a twelve month high of $329.93. The stock's 50 day moving average is $308.93 and its 200-day moving average is $305.30.

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, beating the consensus estimate of $2.23 by $0.03. The business had revenue of $5.13 billion for the quarter, compared to analysts' expectations of $5.05 billion. Automatic Data Processing had a return on equity of 72.84% and a net margin of 19.84%. The business's revenue was up 6.3% on a year-over-year basis. During the same period last year, the business earned $2.09 EPS. Sell-side analysts expect that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

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

Automatic Data Processing Company Profile

(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.

See Also

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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