Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Purchased by Carson Advisory Inc.

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

A number of other hedge funds and other institutional investors have also modified their holdings of ADP. Catalina Capital Group LLC bought a new stake in shares of Automatic Data Processing in the first quarter worth $347,000. Avidian Wealth Solutions LLC raised its stake in shares of Automatic Data Processing by 11.8% in the 1st quarter. Avidian Wealth Solutions LLC now owns 1,238 shares of the business services provider’s stock valued at $309,000 after purchasing an additional 131 shares in the last quarter. Mediolanum International Funds Ltd bought a new position in shares of Automatic Data Processing during the first quarter worth about $31,355,000. Larson Financial Group LLC grew its stake in Automatic Data Processing by 134.9% in the first quarter. Larson Financial Group LLC now owns 1,233 shares of the business services provider’s stock worth $308,000 after purchasing an additional 708 shares in the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors raised its stake in Automatic Data Processing by 74.2% during the first quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 6,603 shares of the business services provider’s stock valued at $1,649,000 after buying an additional 2,813 shares in the last quarter. 80.03% of the stock is owned by hedge funds and other institutional investors.

Automatic Data Processing Stock Performance

ADP traded down $0.56 during trading hours on Wednesday, hitting $234.15. The company’s stock had a trading volume of 1,686,901 shares, 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 fifty-two week low of $205.53 and a fifty-two week high of $256.84. The company has a 50-day simple moving average of $244.22 and a 200 day simple moving average of $243.93. The firm has a market capitalization of $95.84 billion, a PE ratio of 26.13, a PEG ratio of 2.36 and a beta of 0.78.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, May 1st. The business services provider reported $2.88 earnings per share for the quarter, beating analysts’ consensus estimates of $2.79 by $0.09. The business had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.22 billion. Automatic Data Processing had a net margin of 19.56% and a return on equity of 93.09%. The company’s revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.52 earnings per share. As a group, sell-side analysts expect that Automatic Data Processing, Inc. will post 9.16 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on ADP shares. Evercore ISI boosted their price target on Automatic Data Processing from $227.00 to $235.00 and gave the company an “underperform” rating in a report on Tuesday, March 26th. TD Cowen dropped their target price on shares of Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating on the stock in a report on Thursday, May 2nd. StockNews.com downgraded shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Tuesday, July 2nd. Barclays boosted their price objective 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. Finally, JPMorgan Chase & Co. cut 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 report on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $255.42.

Automatic Data Processing Company Profile

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.