Automatic Data Processing, Inc. $ADP Holdings Boosted by Resources Management Corp CT ADV

Resources Management Corp CT ADV raised its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 10.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,567 shares of the business services provider’s stock after acquiring an additional 2,611 shares during the period. Resources Management Corp CT ADV’s holdings in Automatic Data Processing were worth $5,804,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in ADP. Imprint Wealth LLC bought a new stake in shares of Automatic Data Processing in the 3rd quarter worth approximately $25,000. Cornerstone Financial Management LLC bought a new position in Automatic Data Processing during the 4th quarter worth $26,000. Bard Associates Inc. bought a new position in Automatic Data Processing during the 4th quarter worth $28,000. Whipplewood Advisors LLC increased its position in Automatic Data Processing by 2,740.0% in the first quarter. Whipplewood Advisors LLC now owns 142 shares of the business services provider’s stock worth $29,000 after buying an additional 137 shares during the period. Finally, Prosperity Bancshares Inc acquired a new stake in Automatic Data Processing in the fourth quarter worth $33,000. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Jefferies Financial Group reduced their price target on shares of Automatic Data Processing from $230.00 to $190.00 in a report on Thursday, April 30th. UBS Group increased their price objective on shares of Automatic Data Processing from $260.00 to $270.00 and gave the stock a “neutral” rating in a report on Wednesday, July 22nd. BMO Capital Markets cut their price objective on shares of Automatic Data Processing from $281.00 to $234.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 7th. Guggenheim reissued a “buy” rating and set a $270.00 target price on shares of Automatic Data Processing in a research note on Tuesday, July 21st. Finally, Robert W. Baird decreased their target price on shares of Automatic Data Processing from $300.00 to $270.00 in a research report on Thursday, April 30th. Three equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $256.00.

Automatic Data Processing Stock Up 3.6%

Shares of Automatic Data Processing stock opened at $264.17 on Wednesday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.04 and a quick ratio of 1.04. Automatic Data Processing, Inc. has a 1-year low of $188.16 and a 1-year high of $315.98. The business’s fifty day moving average price is $233.13 and its two-hundred day moving average price is $224.26. The company has a market capitalization of $105.60 billion, a P/E ratio of 24.64 and a beta of 0.83.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings results on Wednesday, April 29th. The business services provider reported $3.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.30 by $0.07. Automatic Data Processing had a return on equity of 68.82% and a net margin of 20.12%.The company had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter in the prior year, the business posted $3.06 earnings per share. The company’s revenue for the quarter was up 7.0% compared to the same quarter last year. As a group, research analysts forecast that Automatic Data Processing, Inc. will post 11.08 EPS for the current year.

About Automatic Data Processing

Automatic Data Processing, Inc (ADP) is a global provider of cloud-based human capital management (HCM) and payroll solutions. Founded in 1949 and headquartered in Roseland, New Jersey, ADP began as a payroll processing company and has evolved into a diversified provider of workforce management, HR, benefits administration, tax and compliance services, and analytics for employers of all sizes.

ADP’s product portfolio includes payroll processing and tax filing, time and attendance systems, benefits administration, talent management, and HR outsourcing.