HB Wealth Management LLC Buys 3,917 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Key Points

• HB Wealth Management LLC increased its holdings in Automatic Data Processing (ADP) by 9.0% in Q1, acquiring an additional 3,917 shares to own a total of 47,488 shares worth approximately $14.5 million.
• Several hedge funds also altered their positions in ADP, with 80.03% of the stock now owned by institutional investors, reflecting a trend of growing interest in the company.
• Analyst ratings vary, with the consensus being a "Hold" and a price target average of $309.62, amidst reports of earnings that exceeded expectations in the latest quarter.

HB Wealth Management LLC boosted its position in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 9.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 47,488 shares of the business services provider's stock after purchasing an additional 3,917 shares during the quarter. HB Wealth Management LLC's holdings in Automatic Data Processing were worth $14,509,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Golden State Wealth Management LLC raised its holdings in Automatic Data Processing by 29.6% in 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 raised its holdings in Automatic Data Processing by 13.8% in 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 boosted its position in shares of Automatic Data Processing by 10.2% during 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 during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of 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 valued at $76,638,000 after buying an additional 20,467 shares during the last quarter. Finally, Brighton Jones LLC boosted its position in shares of Automatic Data Processing by 92.1% during 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 during the last quarter. Institutional investors own 80.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on ADP shares. Royal Bank Of Canada reissued a "sector perform" rating and set a $315.00 price objective on shares of Automatic Data Processing in a report on Thursday, June 5th. BMO Capital Markets upgraded 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. UBS Group cut their price objective 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. Mizuho increased 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. Finally, Morgan Stanley increased their price objective on shares of Automatic Data Processing from $305.00 to $310.00 and gave the stock an "equal weight" rating in a research note on Tuesday, June 17th. 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. According to data from MarketBeat, Automatic Data Processing currently has an average rating of "Hold" and an average target price of $309.62.

Automatic Data Processing Price Performance

ADP stock traded down $1.74 during trading on Monday, reaching $306.89. The company's stock had a trading volume of 1,184,801 shares, compared to its average volume of 1,295,270. Automatic Data Processing, Inc. has a 1 year low of $252.63 and a 1 year high of $329.93. 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 company has a market capitalization of $124.57 billion, a P/E ratio of 31.40, a price-to-earnings-growth ratio of 2.83 and a beta of 0.76. The company's fifty day moving average is $311.78 and its 200-day moving average is $304.78.

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 for the quarter, beating the consensus estimate of $2.97 by $0.09. The company had revenue of $5.55 billion during the quarter, compared to analysts' expectations of $5.49 billion. Automatic Data Processing had a net margin of 19.79% and a return on equity of 77.33%. Automatic Data Processing's quarterly revenue was up 5.7% on a year-over-year basis. During the same period last year, the company posted $2.88 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 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.