Korea Investment CORP Acquires 29,702 Shares of Automatic Data Processing, Inc. $ADP

Key Points

• Korea Investment CORP increased its stake in Automatic Data Processing, Inc. by 9.9%, acquiring an additional 29,702 shares, bringing its total to approximately 329,700 shares valued at $100.73 million.
• Several institutional investors significantly increased their holdings in Automatic Data Processing, with GAMMA Investing LLC raising its stake by 34,655.1% to own 2,901,007 shares worth $886.35 million.
• Automatic Data Processing announced a quarterly dividend of $1.54, with an annualized yield of 2.0%, set to be paid to investors on October 1st.

Korea Investment CORP grew its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 9.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 329,700 shares of the business services provider's stock after purchasing an additional 29,702 shares during the period. Korea Investment CORP owned approximately 0.08% of Automatic Data Processing worth $100,733,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC lifted its holdings in Automatic Data Processing by 34,655.1% during the 1st quarter. GAMMA Investing LLC now owns 2,901,007 shares of the business services provider's stock worth $886,345,000 after buying an additional 2,892,660 shares during the period. Nuveen LLC acquired a new position in shares of Automatic Data Processing in the 1st quarter valued at about $661,771,000. Northern Trust Corp lifted its stake 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 valued at $1,807,438,000 after purchasing an additional 902,354 shares during the period. Mackenzie Financial Corp lifted its stake 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 valued at $484,480,000 after purchasing an additional 890,440 shares during the period. Finally, SG Americas Securities LLC lifted its stake in shares of Automatic Data Processing by 811.7% in the 1st quarter. SG Americas Securities LLC now owns 637,601 shares of the business services provider's stock valued at $194,806,000 after purchasing an additional 567,664 shares during the period. Institutional investors own 80.03% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on ADP shares. Mizuho boosted their price objective 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. UBS Group dropped their price objective on Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating on the stock in a research note on Friday, June 13th. 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. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $315.00 price target on shares of Automatic Data Processing in a research note on Thursday, June 5th. Finally, 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. One analyst has rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Automatic Data Processing presently has a consensus rating of "Hold" and an average price target of $314.33.

Automatic Data Processing Stock Up 0.0%

Shares of NASDAQ:ADP opened at $301.79 on Monday. The stock's 50-day moving average price is $305.74 and its 200-day moving average price is $305.62. Automatic Data Processing, Inc. has a 12-month low of $262.21 and a 12-month high of $329.93. The stock has a market capitalization of $122.24 billion, a P/E ratio of 30.24, a price-to-earnings-growth ratio of 2.77 and a beta of 0.81. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.64.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last posted its earnings results on Wednesday, July 30th. The business services provider reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.23 by $0.03. The company 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%. Automatic Data Processing's quarterly revenue was up 6.3% on a year-over-year basis. During the same period last year, the firm earned $2.09 earnings per share. On average, equities analysts anticipate that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Automatic Data Processing Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be given a $1.54 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $6.16 annualized dividend and a yield of 2.0%. Automatic Data Processing's dividend payout ratio is 61.72%.

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.

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