ING Groep NV raised its stake in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 95.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 293,887 shares of the business services provider's stock after purchasing an additional 143,392 shares during the period. ING Groep NV owned 0.07% of Automatic Data Processing worth $89,791,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its position in 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 valued at $886,345,000 after purchasing an additional 2,892,660 shares during the last quarter. Winslow Capital Management LLC purchased a new stake in shares of Automatic Data Processing in the fourth quarter valued at about $396,714,000. Capital Research Global Investors grew its holdings in shares of Automatic Data Processing by 26.9% during the fourth quarter. Capital Research Global Investors now owns 6,136,763 shares of the business services provider's stock worth $1,796,415,000 after buying an additional 1,299,390 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Automatic Data Processing by 17.1% during the fourth quarter. Northern Trust Corp now owns 6,174,419 shares of the business services provider's stock worth $1,807,438,000 after buying an additional 902,354 shares during the last quarter. Finally, Mackenzie Financial Corp increased its position in 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 valued at $484,480,000 after acquiring an additional 890,440 shares during the period. Institutional investors and hedge funds own 80.03% of the company's stock.
Analyst Upgrades and Downgrades
Several equities research analysts have recently commented on the company. TD Securities upped their price target on Automatic Data Processing from $298.00 to $321.00 and gave the stock a "hold" rating in a research note on Wednesday, May 21st. Stifel Nicolaus upped their price objective on shares of Automatic Data Processing from $305.00 to $318.00 and gave the stock a "hold" rating in a research report on Thursday, July 31st. Morgan Stanley lifted their target price on shares of Automatic Data Processing from $310.00 to $311.00 and gave the company an "equal weight" rating in a report on Thursday, July 31st. Mizuho increased their price target on shares of Automatic Data Processing from $321.00 to $332.00 and gave the stock an "outperform" rating in a report on Friday, June 13th. Finally, UBS Group reduced their price objective on shares of Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating for the company in a research report on Friday, June 13th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $314.33.
Check Out Our Latest Stock Analysis on Automatic Data Processing
Automatic Data Processing Price Performance
NASDAQ ADP traded up $1.85 during mid-day trading on Thursday, hitting $303.49. The stock had a trading volume of 1,519,826 shares, compared to its average volume of 1,759,669. The company has a 50 day simple moving average of $308.93 and a 200 day simple moving average of $305.30. The company has a market cap of $123.19 billion, a price-to-earnings ratio of 30.41, a P/E/G ratio of 2.75 and a beta of 0.81. Automatic Data Processing, Inc. has a 52-week low of $258.51 and a 52-week high of $329.93. 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 (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 return on equity of 72.84% and a net margin of 19.84%. The business had revenue of $5.13 billion during the quarter, compared to analysts' expectations of $5.05 billion. During the same quarter last year, the business posted $2.09 earnings per share. The business's revenue for the quarter was up 6.3% on a year-over-year basis. Equities analysts forecast that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.
Automatic Data Processing Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be given a $1.54 dividend. The ex-dividend date is Friday, September 12th. This represents a $6.16 annualized dividend and a dividend yield of 2.0%. Automatic Data Processing's dividend payout ratio is currently 61.72%.
About Automatic Data Processing
(
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.
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