Corundum Group Inc. Increases Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

Corundum Group Inc. increased its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 127.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,222 shares of the business services provider’s stock after purchasing an additional 2,364 shares during the quarter. Corundum Group Inc.’s holdings in Automatic Data Processing were worth $1,008,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Keener Financial Planning LLC raised its holdings in 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 buying an additional 76 shares during the last quarter. Crewe Advisors LLC bought a new position in shares of Automatic Data Processing during the first quarter valued at about $33,000. Pathway Financial Advisers LLC purchased a new stake in shares of Automatic Data Processing during the first quarter worth about $36,000. Pineridge Advisors LLC bought a new stake in shares of Automatic Data Processing in the fourth quarter worth about $39,000. Finally, Evolution Advisers Inc. purchased a new position in Automatic Data Processing during the 4th quarter valued at about $41,000. 80.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ADP has been the topic of a number of recent analyst reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $267.00 price objective on shares of Automatic Data Processing in a research report on Thursday, August 1st. Barclays raised their target price on shares of Automatic Data Processing from $282.00 to $310.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Stifel Nicolaus boosted their price target on shares of Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Tuesday, July 2nd. Finally, 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 report on Thursday, May 2nd. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $262.18.

Automatic Data Processing Stock Up 0.3 %

Automatic Data Processing stock traded up $0.84 during mid-day trading on Thursday, hitting $263.66. The company had a trading volume of 1,169,508 shares, compared to its average volume of 1,680,278. Automatic Data Processing, Inc. has a 12 month low of $205.53 and a 12 month high of $269.49. The company has a market capitalization of $107.91 billion, a PE ratio of 29.43, a price-to-earnings-growth ratio of 2.72 and a beta of 0.78. The stock’s 50 day moving average price is $248.06 and its two-hundred day moving average price is $247.25. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.66.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Wednesday, July 31st. The business services provider reported $2.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.06 by $0.03. The company had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.74 billion. Automatic Data Processing had a net margin of 19.54% and a return on equity of 89.20%. Automatic Data Processing’s revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.89 EPS. As a group, sell-side analysts anticipate that Automatic Data Processing, Inc. will post 10.01 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a $1.40 dividend. The ex-dividend date is Friday, September 13th. This represents a $5.60 dividend on an annualized basis and a yield of 2.12%. Automatic Data Processing’s payout ratio is currently 62.50%.

About Automatic Data Processing

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.