Phillips Financial Management LLC Invests $258,000 in Automatic Data Processing, Inc. (NASDAQ:ADP)

Phillips Financial Management LLC acquired a new position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 843 shares of the business services provider's stock, valued at approximately $258,000.

A number of other hedge funds have also added to or reduced their stakes in the business. von Borstel & Associates Inc. bought a new stake in shares of Automatic Data Processing during the first quarter valued at approximately $30,000. Main Street Group LTD increased its holdings in shares of Automatic Data Processing by 50.7% during the fourth quarter. Main Street Group LTD now owns 113 shares of the business services provider's stock valued at $33,000 after acquiring an additional 38 shares in the last quarter. Cyrus J. Lawrence LLC increased its holdings in shares of Automatic Data Processing by 121.8% during the fourth quarter. Cyrus J. Lawrence LLC now owns 122 shares of the business services provider's stock valued at $35,000 after acquiring an additional 67 shares in the last quarter. Abound Wealth Management increased its holdings in shares of Automatic Data Processing by 58.1% during the first quarter. Abound Wealth Management now owns 117 shares of the business services provider's stock valued at $36,000 after acquiring an additional 43 shares in the last quarter. Finally, Banque de Luxembourg S.A. bought a new stake in shares of Automatic Data Processing during the fourth quarter valued at approximately $37,000. 80.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on ADP shares. Royal Bank Of Canada restated a "sector perform" rating and set a $315.00 price objective on shares of Automatic Data Processing in a report on Thursday, June 5th. Mizuho lifted their target price on Automatic Data Processing from $321.00 to $332.00 and gave the company an "outperform" rating in a research report on Friday, June 13th. Morgan Stanley lifted their target price on Automatic Data Processing from $305.00 to $310.00 and gave the company an "equal weight" rating in a research report on Tuesday, June 17th. BMO Capital Markets raised Automatic Data Processing to a "hold" rating and set a $340.00 target price on the stock in a research report on Thursday. Finally, TD Securities lifted their target price on Automatic Data Processing from $298.00 to $321.00 and gave the company a "hold" rating in a research report on Wednesday, May 21st. One investment 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. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $309.62.

Automatic Data Processing Stock Performance

ADP stock traded up $0.71 during midday trading on Monday, hitting $303.36. The company's stock had a trading volume of 1,128,371 shares, compared to its average volume of 1,709,835. The stock's 50-day moving average price is $313.00 and its 200 day moving average price is $303.99. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.51. Automatic Data Processing, Inc. has a 1 year low of $238.19 and a 1 year high of $329.93. The stock has a market cap of $123.14 billion, a price-to-earnings ratio of 31.05, a PEG ratio of 2.77 and a beta of 0.76.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.97 by $0.09. Automatic Data Processing had a return on equity of 77.33% and a net margin of 19.79%. The business had revenue of $5.55 billion for the quarter, compared to analysts' expectations of $5.49 billion. During the same period in the previous year, the business posted $2.88 EPS. The firm's quarterly revenue was up 5.7% compared to the same quarter last year. On average, equities analysts forecast that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

About Automatic Data Processing

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.