Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Purchased by State of Alaska Department of Revenue

State of Alaska Department of Revenue raised its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 44,565 shares of the business services provider’s stock after purchasing an additional 165 shares during the quarter. State of Alaska Department of Revenue’s holdings in Automatic Data Processing were worth $11,129,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Norges Bank bought a new stake in shares of Automatic Data Processing during the 4th quarter worth about $308,321,000. International Assets Investment Management LLC raised its position in 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 acquiring an additional 930,199 shares in the last quarter. Capital Research Global Investors lifted its holdings in Automatic Data Processing by 22.5% in the 4th quarter. Capital Research Global Investors now owns 3,543,317 shares of the business services provider’s stock valued at $825,487,000 after acquiring an additional 649,791 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Automatic Data Processing by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 39,596,142 shares of the business services provider’s stock worth $9,224,713,000 after buying an additional 412,434 shares in the last quarter. Finally, Comerica Bank acquired a new position in Automatic Data Processing in the third quarter worth approximately $74,595,000. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Automatic Data Processing Price Performance

Shares of Automatic Data Processing stock opened at $236.91 on Thursday. The firm has a fifty day moving average price of $245.37 and a two-hundred day moving average price of $243.88. 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 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 cap of $96.96 billion, a PE ratio of 26.44, a price-to-earnings-growth ratio of 2.39 and a beta of 0.78.

Automatic Data Processing (NASDAQ:ADP) last released its earnings results on Wednesday, May 1st. The business services provider reported $2.88 earnings per share for the quarter, beating the consensus estimate of $2.79 by $0.09. The business had revenue of $5.30 billion during 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 firm’s revenue was up 7.6% on a year-over-year basis. During the same quarter last year, the company earned $2.52 earnings per share. Analysts expect that Automatic Data Processing, Inc. will post 9.16 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on ADP shares. StockNews.com cut Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Tuesday. Evercore ISI increased their price objective on Automatic Data Processing from $227.00 to $235.00 and gave the stock an “underperform” rating in a report on Tuesday, March 26th. Barclays boosted their target price on Automatic Data Processing from $280.00 to $282.00 and gave the company an “overweight” rating in a research note on Thursday, May 2nd. Mizuho lifted their price target on Automatic Data Processing from $265.00 to $272.00 and gave the company a “buy” rating in a report on Monday, March 11th. Finally, JPMorgan Chase & Co. lowered their price target on 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. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $255.42.

Automatic Data Processing 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.