Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Bought by Heritage Wealth Advisors

Key Points

• Heritage Wealth Advisors increased its stake in Automatic Data Processing by 3.5%, owning 186,057 shares valued at approximately $56.8 million, making it the fund's 11th largest holding.
• Analysts have raised their price targets for Automatic Data Processing, with Mizuho increasing it to $332 and TD Securities to $321, indicating a generally positive outlook despite a "Hold" consensus rating on the stock.
• Automatic Data Processing reported a quarterly earnings per share of $2.26, exceeding expectations, with revenues growing 6.3% year-over-year to $5.13 billion.

Heritage Wealth Advisors boosted its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 3.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 186,057 shares of the business services provider's stock after acquiring an additional 6,222 shares during the period. Automatic Data Processing accounts for approximately 2.9% of Heritage Wealth Advisors' investment portfolio, making the stock its 11th biggest position. Heritage Wealth Advisors' holdings in Automatic Data Processing were worth $56,846,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the business. GAMMA Investing LLC lifted its holdings in shares of Automatic Data Processing by 34,655.1% in the 1st quarter. GAMMA Investing LLC now owns 2,901,007 shares of the business services provider's stock worth $886,345,000 after acquiring 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 lifted its holdings in shares of Automatic Data Processing by 26.9% in 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 acquiring an additional 1,299,390 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of 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 worth $1,807,438,000 after acquiring an additional 902,354 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its holdings in shares of Automatic Data Processing by 128.1% in the 1st quarter. Mackenzie Financial Corp now owns 1,585,704 shares of the business services provider's stock worth $484,480,000 after acquiring an additional 890,440 shares during the last quarter. Hedge funds and other institutional investors own 80.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Royal Bank Of Canada restated a "sector perform" rating and issued a $315.00 price objective on shares of Automatic Data Processing in a report on Thursday, June 5th. TD Securities upped their price objective on shares of Automatic Data Processing from $298.00 to $321.00 and gave the stock a "hold" rating in a report on Wednesday, May 21st. BMO Capital Markets upgraded shares of Automatic Data Processing to a "hold" rating and set a $340.00 target price on the stock in a report on Thursday, July 10th. UBS Group reduced their target price 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. Finally, Stifel Nicolaus increased their target price on shares of Automatic Data Processing from $305.00 to $318.00 and gave the stock a "hold" rating in a report on Thursday. One research analyst has rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $314.33.

Automatic Data Processing Stock Down 2.9%

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

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. Automatic Data Processing had a net margin of 19.84% and a return on equity of 72.84%. The firm had revenue of $5.13 billion during the quarter, compared to analysts' expectations of $5.05 billion. During the same period in the previous year, the company earned $2.09 earnings per share. Automatic Data Processing's quarterly revenue was up 6.3% compared to the same quarter last year. Equities research analysts expect that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current 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.