DAVENPORT & Co LLC Raises Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

DAVENPORT & Co LLC increased its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.1% in the 1st quarter, HoldingsChannel reports. The fund owned 62,978 shares of the business services provider’s stock after purchasing an additional 668 shares during the quarter. DAVENPORT & Co LLC’s holdings in Automatic Data Processing were worth $15,728,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in ADP. Fortitude Family Office LLC purchased a new position in shares of Automatic Data Processing during the fourth quarter worth $35,000. Pineridge Advisors LLC purchased a new position in Automatic Data Processing in the fourth quarter valued at $39,000. Evolution Advisers Inc. purchased a new position in Automatic Data Processing in the fourth quarter valued at $41,000. Raleigh Capital Management Inc. boosted its holdings in Automatic Data Processing by 106.0% in the third quarter. Raleigh Capital Management Inc. now owns 173 shares of the business services provider’s stock valued at $42,000 after purchasing an additional 89 shares during the period. Finally, Bfsg LLC purchased a new stake in Automatic Data Processing during the 4th quarter worth about $42,000. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ADP has been the subject of a number of recent analyst reports. Evercore ISI lifted their price target on Automatic Data Processing from $227.00 to $235.00 and gave the stock an “underperform” rating in a report on Tuesday, March 26th. JPMorgan Chase & Co. reduced their target price on Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating for the company in a report on Thursday, May 2nd. StockNews.com downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Tuesday, July 2nd. TD Cowen dropped their price target 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. Finally, Barclays boosted their price target on Automatic Data Processing from $280.00 to $282.00 and gave the company an “overweight” rating 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 given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $255.42.

Automatic Data Processing Price Performance

Shares of NASDAQ:ADP traded up $1.48 during trading on Thursday, hitting $235.63. 1,577,533 shares of the stock were exchanged, compared to its average volume of 1,685,355. Automatic Data Processing, Inc. has a 12-month low of $205.53 and a 12-month high of $256.84. 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 company has a fifty day moving average price of $244.22 and a two-hundred day moving average price of $243.93. The company has a market cap of $96.44 billion, a PE ratio of 26.37, a P/E/G ratio of 2.36 and a beta of 0.78.

Automatic Data Processing (NASDAQ:ADP) last posted its earnings results on Wednesday, May 1st. The business services provider reported $2.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.79 by $0.09. Automatic Data Processing had a return on equity of 93.09% and a net margin of 19.56%. The firm had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.22 billion. During the same quarter in the prior year, the company earned $2.52 EPS. Automatic Data Processing’s revenue was up 7.6% on a year-over-year basis. On average, analysts forecast that Automatic Data Processing, Inc. will post 9.16 EPS for the current year.

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.