Alberta Investment Management Corp raised its stake in Automatic Data Processing (NASDAQ:ADP) by 92.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 221,500 shares of the business services provider’s stock after acquiring an additional 106,700 shares during the period. Alberta Investment Management Corp’s holdings in Automatic Data Processing were worth $35,755,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Krane Funds Advisors LLC acquired a new position in Automatic Data Processing in the 2nd quarter valued at $25,000. Horan Capital Advisors LLC. acquired a new position in Automatic Data Processing in the 3rd quarter valued at $31,000. Virtus ETF Advisers LLC acquired a new position in Automatic Data Processing in the 2nd quarter valued at $41,000. MRA Associates USA LLC acquired a new position in Automatic Data Processing in the 2nd quarter valued at $42,000. Finally, Gradient Investments LLC raised its holdings in Automatic Data Processing by 126.2% in the 3rd quarter. Gradient Investments LLC now owns 276 shares of the business services provider’s stock valued at $45,000 after acquiring an additional 154 shares in the last quarter. 80.40% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have recently issued reports on ADP. ValuEngine lowered Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Barclays lifted their price target on Automatic Data Processing from $180.00 to $190.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Cowen began coverage on Automatic Data Processing in a research note on Wednesday, September 11th. They issued an “outperform” rating and a $195.00 price target on the stock. Bank of America lowered Automatic Data Processing from a “buy” rating to a “neutral” rating in a research note on Wednesday, September 11th. Finally, Jefferies Financial Group lifted their price target on Automatic Data Processing to $176.00 and gave the company a “hold” rating in a research note on Wednesday, July 31st. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $175.67.
Shares of ADP stock opened at $160.04 on Thursday. The firm has a market capitalization of $69.17 billion, a P/E ratio of 29.37, a P/E/G ratio of 1.99 and a beta of 0.90. Automatic Data Processing has a twelve month low of $121.40 and a twelve month high of $174.50. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.37. The stock’s fifty day simple moving average is $162.02 and its 200 day simple moving average is $163.75.
Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, July 31st. The business services provider reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.01. The business had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.50 billion. Automatic Data Processing had a return on equity of 47.48% and a net margin of 16.17%. Automatic Data Processing’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.99 EPS. As a group, equities research analysts expect that Automatic Data Processing will post 6.16 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were given a dividend of $0.79 per share. The ex-dividend date was Thursday, September 12th. This represents a $3.16 dividend on an annualized basis and a yield of 1.97%. Automatic Data Processing’s dividend payout ratio is currently 57.98%.
About Automatic Data Processing
Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.
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