B. Riley Wealth Advisors Inc. Buys 1,794 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

B. Riley Wealth Advisors Inc. lifted its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 6.7% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 28,661 shares of the business services provider’s stock after purchasing an additional 1,794 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Automatic Data Processing were worth $6,928,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the business. Keener Financial Planning LLC boosted its holdings in shares of Automatic Data Processing by 230.3% during the 1st quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 76 shares during the last quarter. Crewe Advisors LLC purchased a new position in shares of Automatic Data Processing in the first quarter valued at $33,000. Pineridge Advisors LLC bought a new stake in shares of Automatic Data Processing in the 4th quarter valued at approximately $39,000. Evolution Advisers Inc. bought a new position in Automatic Data Processing during the 4th quarter valued at about $41,000. Finally, Bfsg LLC bought a new stake in shares of Automatic Data Processing during the 4th quarter worth approximately $42,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on ADP shares. Barclays raised their price objective on Automatic Data Processing from $280.00 to $282.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. TD Cowen reduced their target price on Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating on the stock in a research report on Thursday, May 2nd. StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Tuesday, July 2nd. Finally, JPMorgan Chase & Co. cut their price target on Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating on the stock in a research report on Thursday, May 2nd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $253.50.

Automatic Data Processing Stock Performance

Shares of Automatic Data Processing stock traded up $4.88 on Wednesday, reaching $262.62. 2,900,134 shares of the stock were exchanged, compared to its average volume of 1,677,404. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.65. The firm has a market capitalization of $107.49 billion, a PE ratio of 28.77, a PEG ratio of 2.67 and a beta of 0.78. Automatic Data Processing, Inc. has a 1-year low of $205.53 and a 1-year high of $269.49. The business has a fifty day moving average price of $244.45 and a two-hundred day moving average price of $245.35.

Automatic Data Processing (NASDAQ:ADP) last released its earnings results on Wednesday, May 1st. The business services provider reported $2.88 EPS for the quarter, beating analysts’ consensus estimates of $2.79 by $0.09. The company had revenue of $5.30 billion during the quarter, compared to the consensus estimate of $5.22 billion. Automatic Data Processing had a return on equity of 93.09% and a net margin of 19.56%. Automatic Data Processing’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the company earned $2.52 earnings per share. As a group, research analysts anticipate that Automatic Data Processing, Inc. will post 9.16 earnings per share for the current fiscal year.

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.