MONECO Advisors LLC Purchases 566 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

MONECO Advisors LLC lifted its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 32.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,304 shares of the business services provider’s stock after purchasing an additional 566 shares during the period. MONECO Advisors LLC’s holdings in Automatic Data Processing were worth $537,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in ADP. Norges Bank purchased a new stake in Automatic Data Processing during the fourth quarter worth about $308,321,000. International Assets Investment Management LLC increased its stake in shares of Automatic Data Processing by 22,539.4% in the fourth quarter. International Assets Investment Management LLC now owns 934,326 shares of the business services provider’s stock worth $217,670,000 after purchasing an additional 930,199 shares in the last quarter. Invesco Ltd. increased its stake in shares of Automatic Data Processing by 40.7% in the third quarter. Invesco Ltd. now owns 3,128,701 shares of the business services provider’s stock worth $752,703,000 after purchasing an additional 905,043 shares in the last quarter. Capital Research Global Investors increased its stake in shares of Automatic Data Processing by 22.5% in the fourth quarter. Capital Research Global Investors now owns 3,543,317 shares of the business services provider’s stock worth $825,487,000 after purchasing an additional 649,791 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its stake in shares of Automatic Data Processing by 65.5% in the third quarter. Envestnet Asset Management Inc. now owns 1,402,511 shares of the business services provider’s stock worth $337,416,000 after purchasing an additional 555,184 shares in the last quarter. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Barclays lifted their target price on shares of Automatic Data Processing from $280.00 to $282.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. TD Cowen reduced their target price on shares of Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating for the company in a research note on Thursday, May 2nd. JPMorgan Chase & Co. reduced their target price on shares of Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating for the company in a research note on Thursday, May 2nd. StockNews.com upgraded shares of Automatic Data Processing from a “hold” rating to a “buy” rating in a research note on Tuesday. Finally, Mizuho lifted their target price on shares of Automatic Data Processing from $265.00 to $272.00 and gave the stock a “buy” rating in a research note on Monday, March 11th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Automatic Data Processing presently has a consensus rating of “Hold” and a consensus target price of $255.42.

Automatic Data Processing Price Performance

ADP stock opened at $244.96 on Tuesday. The firm has a 50 day moving average of $245.91 and a 200-day moving average of $243.18. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.65. Automatic Data Processing, Inc. has a 12 month low of $205.53 and a 12 month high of $256.84. The firm has a market capitalization of $100.26 billion, a P/E ratio of 27.34, a price-to-earnings-growth ratio of 2.67 and a beta of 0.78.

Automatic Data Processing (NASDAQ:ADP) last announced its earnings results on Wednesday, May 1st. The business services provider reported $2.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.79 by $0.09. Automatic Data Processing had a net margin of 19.56% and a return on equity of 93.09%. The business had revenue of $5.30 billion during the quarter, compared to analyst estimates of $5.22 billion. During the same period in the previous year, the business posted $2.52 earnings per share. Automatic Data Processing’s revenue for the quarter was up 7.6% on a year-over-year basis. As a group, sell-side analysts predict that Automatic Data Processing, Inc. will post 9.17 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a $1.40 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.29%. Automatic Data Processing’s payout ratio is 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.