TD Asset Management Inc Has $246.74 Million Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Key Points

• TD Asset Management Inc increased its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 2.2%, acquiring an additional 17,109 shares, bringing its total ownership to 807,580 shares valued at approximately $246.74 million.
• Automatic Data Processing reported a quarterly earnings per share (EPS) of $3.06, exceeding analysts' expectations of $2.97, and achieved a revenue of $5.55 billion, up 5.7% year-over-year.
• Several analysts have given automatic ratings for ADP stock, with a consensus rating of "Hold" and a target price averaging $309.62.

TD Asset Management Inc grew its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 2.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 807,580 shares of the business services provider's stock after acquiring an additional 17,109 shares during the quarter. TD Asset Management Inc owned 0.20% of Automatic Data Processing worth $246,740,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. HB Wealth Management LLC boosted its holdings in Automatic Data Processing by 9.0% during the first quarter. HB Wealth Management LLC now owns 47,488 shares of the business services provider's stock worth $14,509,000 after buying an additional 3,917 shares during the last quarter. Applied Finance Capital Management LLC raised its position in Automatic Data Processing by 8.2% in the 1st quarter. Applied Finance Capital Management LLC now owns 4,993 shares of the business services provider's stock valued at $1,526,000 after buying an additional 378 shares during the last quarter. Skandinaviska Enskilda Banken AB publ increased its position in shares of Automatic Data Processing by 35.8% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 122,797 shares of the business services provider's stock worth $37,518,000 after purchasing an additional 32,353 shares during the last quarter. Drive Wealth Management LLC raised its stake in shares of Automatic Data Processing by 13.2% during the 1st quarter. Drive Wealth Management LLC now owns 1,950 shares of the business services provider's stock worth $599,000 after purchasing an additional 228 shares in the last quarter. Finally, Caliber Wealth Management LLC KS acquired a new position in shares of Automatic Data Processing during the 1st quarter worth approximately $928,000. Institutional investors and hedge funds own 80.03% of the company's stock.

Automatic Data Processing Price Performance

ADP traded up $4.45 on Wednesday, hitting $313.09. 1,050,083 shares of the company were exchanged, compared to its average volume of 1,748,772. The business's fifty day moving average is $311.17 and its 200 day moving average is $304.95. The firm has a market capitalization of $127.09 billion, a P/E ratio of 32.12, a price-to-earnings-growth ratio of 2.81 and a beta of 0.76. Automatic Data Processing, Inc. has a fifty-two week low of $256.47 and a fifty-two week high of $329.93. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.02.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last released 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 net margin of 19.79% and a return on equity of 77.33%. The business had revenue of $5.13 billion during the quarter, compared to analyst estimates of $5.05 billion. During the same period last year, the business earned $2.09 EPS. The business's revenue was up 6.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Mizuho boosted their price target 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. BMO Capital Markets raised Automatic Data Processing to a "hold" rating and set a $340.00 price target for the company in a research note on Thursday, July 10th. UBS Group decreased their target price on Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating for the company in a research note on Friday, June 13th. 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 note on Thursday, June 5th. Finally, Morgan Stanley boosted their target price on Automatic Data Processing from $305.00 to $310.00 and gave the company an "equal weight" rating in a research note on Tuesday, June 17th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $309.62.

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.