Ridgecrest Wealth Partners LLC Acquires New Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Ridgecrest Wealth Partners LLC bought a new position in Automatic Data Processing, Inc. (NASDAQ:ADP) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 810 shares of the business services provider’s stock, valued at approximately $202,000.

Other institutional investors have also modified their holdings of the company. Dark Forest Capital Management LP purchased a new position in Automatic Data Processing during the 3rd quarter valued at about $414,000. Bank of Nova Scotia boosted its holdings in shares of Automatic Data Processing by 51.1% in 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 buying an additional 18,509 shares in the last quarter. CWA Asset Management Group LLC grew its position in shares of Automatic Data Processing by 3.3% in the 3rd quarter. CWA Asset Management Group LLC now owns 2,255 shares of the business services provider’s stock worth $543,000 after buying an additional 73 shares during the last quarter. Teza Capital Management LLC raised its stake 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 worth $2,287,000 after acquiring an additional 8,279 shares in the last quarter. Finally, Richard Bernstein Advisors LLC lifted its position in Automatic Data Processing by 12.3% during the third quarter. Richard Bernstein Advisors LLC now owns 14,472 shares of the business services provider’s stock valued at $3,482,000 after acquiring an additional 1,583 shares during the last quarter. 80.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ADP. JPMorgan Chase & Co. reduced their price target on Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating on the stock in a research report on Thursday, May 2nd. Barclays raised their price target on Automatic Data Processing from $280.00 to $282.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. TD Cowen lowered 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. Evercore ISI raised their price target 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 boosted their price objective on shares of Automatic Data Processing from $265.00 to $272.00 and gave the company a “buy” rating in a report on Monday, March 11th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $255.42.

Automatic Data Processing Price Performance

NASDAQ:ADP opened at $238.69 on Friday. The firm’s fifty day moving average is $245.79 and its two-hundred day moving average is $243.83. The firm has a market cap of $97.69 billion, a price-to-earnings ratio of 26.64, a PEG ratio of 2.62 and a beta of 0.78. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.01 and a current ratio of 1.01. Automatic Data Processing, Inc. has a one year low of $205.53 and a one year high of $256.84.

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

Automatic Data Processing Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend is Friday, June 14th. Automatic Data Processing’s dividend payout ratio (DPR) 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.