HBK Sorce Advisory LLC lessened its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.6% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,321 shares of the business services provider’s stock after selling 163 shares during the period. HBK Sorce Advisory LLC’s holdings in Automatic Data Processing were worth $2,050,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Swaine & Leidel Wealth Services LLC increased its stake in Automatic Data Processing by 5.9% in the first quarter. Swaine & Leidel Wealth Services LLC now owns 21,412 shares of the business services provider’s stock valued at $4,036,000 after purchasing an additional 1,189 shares in the last quarter. FIL Ltd increased its position in shares of Automatic Data Processing by 2.3% during the first quarter. FIL Ltd now owns 53,011 shares of the business services provider’s stock worth $9,991,000 after acquiring an additional 1,212 shares in the last quarter. Dempze Nancy E increased its position in shares of Automatic Data Processing by 6.5% during the first quarter. Dempze Nancy E now owns 20,700 shares of the business services provider’s stock worth $3,901,000 after acquiring an additional 1,260 shares in the last quarter. HFR Wealth Management LLC bought a new stake in shares of Automatic Data Processing during the second quarter worth about $9,613,000. Finally, Breiter Capital Management Inc. purchased a new position in Automatic Data Processing during the second quarter worth about $1,685,000. 78.39% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have weighed in on ADP. Mizuho boosted their target price on shares of Automatic Data Processing from $220.00 to $230.00 and gave the company a “buy” rating in a research note on Monday, August 2nd. Citigroup lowered shares of Automatic Data Processing from a “buy” rating to a “neutral” rating and boosted their price target for the company from $212.00 to $220.00 in a research report on Tuesday, August 10th. JPMorgan Chase & Co. lowered shares of Automatic Data Processing from a “neutral” rating to an “underweight” rating and set a $224.00 price target on the stock. in a research report on Tuesday, August 17th. They noted that the move was a valuation call. Jefferies Financial Group boosted their price target on shares of Automatic Data Processing from $200.00 to $215.00 and gave the company a “hold” rating in a research report on Wednesday, July 28th. Finally, Morgan Stanley boosted their price target on shares of Automatic Data Processing from $185.00 to $200.00 and gave the company an “equal weight” rating in a research report on Thursday, July 29th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $200.92.
Shares of Automatic Data Processing stock opened at $201.72 on Tuesday. Automatic Data Processing, Inc. has a 52-week low of $135.11 and a 52-week high of $217.15. The stock has a market capitalization of $85.34 billion, a price-to-earnings ratio of 33.23, a price-to-earnings-growth ratio of 2.52 and a beta of 0.73. The company has a fifty day moving average of $207.11 and a 200-day moving average of $198.89. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.07 and a current ratio of 1.07.
Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Tuesday, July 27th. The business services provider reported $1.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.14 by $0.06. The business had revenue of $3.74 billion during the quarter, compared to analysts’ expectations of $3.67 billion. Automatic Data Processing had a net margin of 17.32% and a return on equity of 44.73%. During the same quarter in the prior year, the company posted $1.14 EPS. On average, equities research analysts forecast that Automatic Data Processing, Inc. will post 6.64 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 1st. Shareholders of record on Friday, September 10th will be given a dividend of $0.93 per share. The ex-dividend date of this dividend is Thursday, September 9th. This represents a $3.72 annualized dividend and a yield of 1.84%. Automatic Data Processing’s payout ratio is currently 61.79%.
About Automatic Data Processing
Automatic Data Processing, Inc engages in the provision of business outsourcing solutions specializes in cloud-based human capital management. It operates through the following business segments: Employer Services; and Professional Employer Organization Services; and Other. The Employer Services segment provides clients ranging from single-employee small businesses to large enterprises with tens of thousands of employees around the world, offering a range of human resources outsourcing and technology-based human capital management solutions, including strategic, cloud-based platforms.
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