Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Acquired by Resona Asset Management Co. Ltd.

Key Points

• Resona Asset Management Co. Ltd. has increased its stake in Automatic Data Processing, Inc. by 7.8%, acquiring a total of 141,497 shares valued at approximately $43 million.
• Automatic Data Processing beat analysts' earnings expectations for the last quarter, reporting $2.26 EPS and a revenue of $5.13 billion, indicating a 6.3% increase year-over-year.
• The company declared a quarterly dividend of $1.54, which translates to an annualized dividend yield of 2.0%, with a payout ratio of 61.72%.

Resona Asset Management Co. Ltd. increased its position in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 7.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 141,497 shares of the business services provider's stock after buying an additional 10,261 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Automatic Data Processing were worth $43,105,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. AlphaCore Capital LLC bought a new position in shares of Automatic Data Processing during the 1st quarter valued at about $688,000. Golden State Wealth Management LLC boosted its holdings 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 valued at $173,000 after purchasing an additional 129 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Automatic Data Processing by 13.8% during the 1st quarter. GAMMA Investing LLC now owns 9,495 shares of the business services provider's stock valued at $2,901,000 after purchasing an additional 1,148 shares during the last quarter. Toronto Dominion Bank boosted its holdings in shares of Automatic Data Processing by 10.2% during the 4th quarter. Toronto Dominion Bank now owns 236,707 shares of the business services provider's stock valued at $69,290,000 after purchasing an additional 21,910 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Automatic Data Processing by 8.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 250,836 shares of the business services provider's stock valued at $76,638,000 after purchasing an additional 20,467 shares during the last quarter. Institutional investors own 80.03% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ADP. TD Securities increased their price target on shares of Automatic Data Processing from $298.00 to $321.00 and gave the company a "hold" rating in a report on Wednesday, May 21st. Mizuho increased their price target on shares of Automatic Data Processing from $321.00 to $332.00 and gave the company an "outperform" rating in a report on Friday, June 13th. BMO Capital Markets raised shares of Automatic Data Processing to a "hold" rating and set a $340.00 price target for the company in a report on Thursday, July 10th. Royal Bank Of Canada reissued a "sector perform" rating and issued a $315.00 price objective on shares of Automatic Data Processing in a research report on Thursday, June 5th. Finally, Morgan Stanley increased their price objective on shares of Automatic Data Processing from $310.00 to $311.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 31st. One analyst has rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, Automatic Data Processing has an average rating of "Hold" and a consensus target price of $314.33.

Automatic Data Processing Stock Up 0.0%

ADP stock traded up $0.11 during trading on Friday, hitting $301.79. 1,362,355 shares of the company's stock traded hands, compared to its average volume of 1,535,148. The firm has a market capitalization of $122.24 billion, a P/E ratio of 30.24, a PEG ratio of 2.77 and a beta of 0.81. The business has a fifty day simple moving average of $305.74 and a two-hundred day simple moving average of $305.57. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.64. Automatic Data Processing, Inc. has a 1 year low of $262.21 and a 1 year high of $329.93.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The business services provider reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.23 by $0.03. The company had revenue of $5.13 billion for the quarter, compared to analyst estimates of $5.05 billion. Automatic Data Processing had a net margin of 19.84% and a return on equity of 72.84%. Automatic Data Processing's revenue was up 6.3% compared to the same quarter last year. During the same period last year, the company posted $2.09 earnings per share. Sell-side analysts anticipate that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Dividend Announcement

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

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.