Carson Advisory Inc. Raises Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Carson Advisory Inc. boosted its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 5.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,073 shares of the business services provider’s stock after buying an additional 60 shares during the period. Carson Advisory Inc.’s holdings in Automatic Data Processing were worth $268,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Harbour Investments Inc. increased its holdings in shares of Automatic Data Processing by 13.4% in the third quarter. Harbour Investments Inc. now owns 1,326 shares of the business services provider’s stock valued at $319,000 after purchasing an additional 157 shares during the last quarter. Creative Planning raised its holdings in shares of Automatic Data Processing by 20.5% during the 3rd quarter. Creative Planning now owns 116,403 shares of the business services provider’s stock worth $28,004,000 after acquiring an additional 19,826 shares during the period. Spartan Planning & Wealth Management acquired a new position in shares of Automatic Data Processing during the 3rd quarter valued at about $498,000. Diversified Trust Co grew its holdings in shares of Automatic Data Processing by 25.8% in the third quarter. Diversified Trust Co now owns 8,256 shares of the business services provider’s stock valued at $1,986,000 after purchasing an additional 1,693 shares during the period. Finally, Hohimer Wealth Management LLC acquired a new stake in Automatic Data Processing during the third quarter worth about $213,000. Institutional investors and hedge funds own 80.03% of the company’s stock.

Automatic Data Processing Stock Down 0.2 %

ADP traded down $0.56 during trading hours on Wednesday, hitting $234.15. 1,686,901 shares of the company’s stock were exchanged, compared to its average volume of 1,686,177. 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 cap of $95.84 billion, a P/E ratio of 26.13, a price-to-earnings-growth ratio of 2.36 and a beta of 0.78. The firm has a 50 day moving average of $244.22 and a 200 day moving average of $243.93.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings data 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 return on equity of 93.09% and a net margin of 19.56%. The business had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.22 billion. During the same period last year, the firm earned $2.52 earnings per share. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. Analysts predict that Automatic Data Processing, Inc. will post 9.16 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Barclays increased 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 note on Thursday, May 2nd. Evercore ISI lifted their target price on Automatic Data Processing from $227.00 to $235.00 and gave the company an “underperform” rating in a research report on Tuesday, March 26th. TD Cowen lowered their price target on Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating for the company in a report on Thursday, May 2nd. StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Tuesday, July 2nd. Finally, JPMorgan Chase & Co. decreased their target price on shares of 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. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price 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.