901 Shares in Automatic Data Processing, Inc. (NASDAQ:ADP) Purchased by Norris Perne & French LLP MI

Norris Perne & French LLP MI purchased a new position in Automatic Data Processing, Inc. (NASDAQ:ADP) during the first quarter, HoldingsChannel reports. The firm purchased 901 shares of the business services provider’s stock, valued at approximately $225,000.

A number of other hedge funds have also bought and sold shares of ADP. Dark Forest Capital Management LP purchased a new position in Automatic Data Processing in the 3rd quarter worth about $414,000. Bank of Nova Scotia increased its position in shares of Automatic Data Processing by 51.1% during the 3rd quarter. Bank of Nova Scotia now owns 54,716 shares of the business services provider’s stock valued at $13,164,000 after purchasing an additional 18,509 shares during the last quarter. CWA Asset Management Group LLC increased its position in shares of Automatic Data Processing by 3.3% during the 3rd quarter. CWA Asset Management Group LLC now owns 2,255 shares of the business services provider’s stock valued at $543,000 after purchasing an additional 73 shares during the last quarter. Teza Capital Management LLC increased its position in shares of Automatic Data Processing by 675.3% during the 3rd quarter. Teza Capital Management LLC now owns 9,505 shares of the business services provider’s stock valued at $2,287,000 after purchasing an additional 8,279 shares during the last quarter. Finally, Richard Bernstein Advisors LLC increased its position in shares of Automatic Data Processing by 12.3% during the 3rd quarter. Richard Bernstein Advisors LLC now owns 14,472 shares of the business services provider’s stock valued at $3,482,000 after purchasing an additional 1,583 shares during the last quarter. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Trading Up 0.6 %

ADP stock opened at $238.69 on Friday. Automatic Data Processing, Inc. has a 1-year low of $205.53 and a 1-year high of $256.84. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market capitalization of $97.69 billion, a price-to-earnings ratio of 26.64, a PEG ratio of 2.61 and a beta of 0.78. The business has a 50 day simple moving average of $245.79 and a two-hundred day simple moving average of $243.83.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results on Wednesday, May 1st. The business services provider reported $2.88 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $5.30 billion during the quarter, compared to the consensus estimate of $5.22 billion. During the same period in the prior year, the company posted $2.52 EPS. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. Research analysts anticipate that Automatic Data Processing, Inc. will post 9.18 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a $1.40 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $5.60 annualized dividend and a yield of 2.35%. Automatic Data Processing’s payout ratio is 62.50%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. JPMorgan Chase & Co. reduced their price target on shares of Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating for the company in a research report on Thursday, May 2nd. StockNews.com raised shares of Automatic Data Processing from a “hold” rating to a “buy” rating in a research report on Tuesday, June 18th. Barclays upped their price target on shares of Automatic Data Processing from $280.00 to $282.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. Evercore ISI increased their target price on shares of Automatic Data Processing from $227.00 to $235.00 and gave the stock an “underperform” rating in a report on Tuesday, March 26th. Finally, Mizuho increased their target price on shares of Automatic Data Processing from $265.00 to $272.00 and gave the stock a “buy” rating in a report on Monday, March 11th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $255.42.

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.