Monterey Private Wealth Inc. Invests $208,000 in Automatic Data Processing, Inc. (NASDAQ:ADP)

Monterey Private Wealth Inc. acquired a new stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) during the 1st quarter, Holdings Channel reports. The fund acquired 831 shares of the business services provider’s stock, valued at approximately $208,000.

A number of other large investors also recently made changes to their positions in ADP. Everence Capital Management Inc. lifted its holdings in shares of Automatic Data Processing by 28.5% during the 4th quarter. Everence Capital Management Inc. now owns 17,150 shares of the business services provider’s stock worth $3,995,000 after acquiring an additional 3,800 shares during the period. Cyndeo Wealth Partners LLC boosted its position in Automatic Data Processing by 36.7% during the 4th quarter. Cyndeo Wealth Partners LLC now owns 19,800 shares of the business services provider’s stock worth $4,613,000 after purchasing an additional 5,318 shares during the period. BKM Wealth Management LLC purchased a new stake in shares of Automatic Data Processing in the fourth quarter worth about $1,635,000. Bellecapital International Ltd. grew its position in Automatic Data Processing by 2.8% in the fourth quarter. Bellecapital International Ltd. now owns 21,746 shares of the business services provider’s stock valued at $5,066,000 after acquiring an additional 596 shares in the last quarter. Finally, Marks Group Wealth Management Inc acquired a new stake in Automatic Data Processing during the 4th quarter valued at $4,015,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Stock Performance

Automatic Data Processing stock traded up $0.84 during mid-day trading on Thursday, hitting $245.25. 280,018 shares of the company’s stock traded hands, compared to its average volume of 1,651,219. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.65. Automatic Data Processing, Inc. has a one year low of $205.53 and a one year high of $256.84. The firm has a 50 day moving average price of $245.77 and a 200 day moving average price of $243.27. The company has a market cap of $100.38 billion, a PE ratio of 27.28, a price-to-earnings-growth ratio of 2.69 and a beta of 0.78.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, May 1st. The business services provider reported $2.88 earnings per share for the quarter, beating analysts’ consensus estimates of $2.79 by $0.09. The business had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.22 billion. Automatic Data Processing had a net margin of 19.56% and a return on equity of 93.09%. The company’s revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.52 earnings per share. On average, equities analysts forecast that Automatic Data Processing, Inc. will post 9.17 EPS for the current year.

Automatic Data Processing Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 2.28%. The ex-dividend date is Friday, June 14th. Automatic Data Processing’s dividend payout ratio (DPR) is presently 62.50%.

Analyst Ratings Changes

Several research firms have recently commented on ADP. StockNews.com upgraded Automatic Data Processing from a “hold” rating to a “buy” rating in a research note on Tuesday. Barclays increased their target price on shares of Automatic Data Processing from $280.00 to $282.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Evercore ISI increased their price target on Automatic Data Processing from $227.00 to $235.00 and gave the stock an “underperform” rating in a research report on Tuesday, March 26th. Mizuho raised their price target on Automatic Data Processing from $265.00 to $272.00 and gave the stock a “buy” rating in a report on Monday, March 11th. Finally, TD Cowen lowered their price objective on Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating for the company in a research note on Thursday, May 2nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $255.42.

Automatic Data Processing 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.