Madison Asset Management LLC lowered its stake in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 22.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 98,041 shares of the business services provider's stock after selling 28,805 shares during the quarter. Madison Asset Management LLC's holdings in Automatic Data Processing were worth $29,954,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in ADP. Golden State Wealth Management LLC boosted its stake in shares of Automatic Data Processing by 29.6% during the 1st quarter. Golden State Wealth Management LLC now owns 565 shares of the business services provider's stock worth $173,000 after buying an additional 129 shares during the last quarter. GAMMA Investing LLC raised its position 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 increased its stake in 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 acquiring an additional 21,910 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in 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 acquiring an additional 20,467 shares during the last quarter. Finally, Brighton Jones LLC increased its stake in 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 acquiring an additional 4,808 shares during the last quarter. Institutional investors and hedge funds own 80.03% of the company's stock.
Automatic Data Processing Price Performance
Shares of ADP traded up $2.39 during mid-day trading on Friday, reaching $308.63. The stock had a trading volume of 936,145 shares, compared to its average volume of 1,343,466. Automatic Data Processing, Inc. has a 12 month low of $249.49 and a 12 month high of $329.93. The business has a fifty day moving average of $311.78 and a 200 day moving average of $304.60. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a market cap of $125.28 billion, a price-to-earnings ratio of 31.59, a PEG ratio of 2.80 and a beta of 0.76.
Automatic Data Processing (NASDAQ:ADP - Get Free Report) last announced 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 business had revenue of $5.55 billion for the quarter, compared to the consensus estimate of $5.49 billion. Automatic Data Processing had a net margin of 19.79% and a return on equity of 77.33%. The business's revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.88 earnings per share. Equities analysts predict that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.
Wall Street Analyst Weigh In
A number of equities analysts have recently commented on the stock. Stifel Nicolaus lifted their price target on shares of Automatic Data Processing to $305.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. 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. BMO Capital Markets raised shares of Automatic Data Processing to a "hold" rating and set a $340.00 target price for the company in a research report on Thursday, July 10th. Morgan Stanley increased their target price 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. Finally, Mizuho raised their price objective on shares of Automatic Data Processing from $321.00 to $332.00 and gave the company an "outperform" rating 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 three have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $309.62.
Check Out Our Latest Stock Analysis on ADP
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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