Grove Street Fiduciary LLC Invests $956,000 in Automatic Data Processing, Inc. (NASDAQ:ADP)

Grove Street Fiduciary LLC bought a new stake in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 3,129 shares of the business services provider's stock, valued at approximately $956,000. Automatic Data Processing accounts for 0.5% of Grove Street Fiduciary LLC's investment portfolio, making the stock its 29th biggest position.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Golden State Wealth Management LLC grew its stake in shares of Automatic Data Processing by 29.6% in the first quarter. Golden State Wealth Management LLC now owns 565 shares of the business services provider's stock valued at $173,000 after buying an additional 129 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Automatic Data Processing by 13.8% in the first quarter. GAMMA Investing LLC now owns 9,495 shares of the business services provider's stock valued at $2,901,000 after buying an additional 1,148 shares in the last quarter. Toronto Dominion Bank grew its stake in shares of Automatic Data Processing by 10.2% in the fourth quarter. Toronto Dominion Bank now owns 236,707 shares of the business services provider's stock valued at $69,290,000 after buying an additional 21,910 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Automatic Data Processing by 8.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 250,836 shares of the business services provider's stock valued at $76,638,000 after buying an additional 20,467 shares in the last quarter. Finally, Brighton Jones LLC grew its stake in shares of Automatic Data Processing by 92.1% in the fourth quarter. Brighton Jones LLC now owns 10,026 shares of the business services provider's stock valued at $2,935,000 after buying an additional 4,808 shares in the last quarter. Hedge funds and other institutional investors own 80.03% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on ADP. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $315.00 target price on shares of Automatic Data Processing in a report on Thursday, June 5th. Mizuho lifted their target price on Automatic Data Processing from $321.00 to $332.00 and gave the company an "outperform" rating in a report on Friday, June 13th. UBS Group decreased their target price on Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating for the company in a report on Friday, June 13th. Stifel Nicolaus lifted their price target on Automatic Data Processing to $305.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Finally, BMO Capital Markets raised Automatic Data Processing to a "hold" rating and set a $340.00 price target for the company in a report on Thursday, July 10th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $309.62.

Automatic Data Processing Price Performance

Shares of ADP traded up $2.39 on Friday, reaching $308.63. The stock had a trading volume of 936,145 shares, compared to its average volume of 1,343,466. The firm has a market capitalization of $125.28 billion, a PE ratio of 31.59, a PEG ratio of 2.80 and a beta of 0.76. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.51. The firm has a 50-day moving average of $311.78 and a 200 day moving average of $304.60. Automatic Data Processing, Inc. has a twelve month low of $249.49 and a twelve month high of $329.93.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last posted its earnings results on Wednesday, April 30th. The business services provider reported $3.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.97 by $0.09. Automatic Data Processing had a return on equity of 77.33% and a net margin of 19.79%. The firm had revenue of $5.55 billion for the quarter, compared to analyst estimates of $5.49 billion. During the same quarter in the prior year, the company earned $2.88 EPS. Automatic Data Processing's revenue was up 5.7% on a year-over-year basis. Sell-side analysts expect that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

About Automatic Data Processing

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.