Bourne Lent Asset Management Inc. Buys Shares of 850 Automatic Data Processing, Inc. (NASDAQ:ADP)

Bourne Lent Asset Management Inc. purchased a new stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) in the first quarter, HoldingsChannel reports. The institutional investor purchased 850 shares of the business services provider’s stock, valued at approximately $212,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ADP. Everence Capital Management Inc. grew its holdings in Automatic Data Processing by 28.5% during the fourth quarter. Everence Capital Management Inc. now owns 17,150 shares of the business services provider’s stock valued at $3,995,000 after purchasing an additional 3,800 shares during the period. Cyndeo Wealth Partners LLC increased its holdings in Automatic Data Processing by 36.7% in the 4th quarter. Cyndeo Wealth Partners LLC now owns 19,800 shares of the business services provider’s stock worth $4,613,000 after acquiring an additional 5,318 shares in the last quarter. BKM Wealth Management LLC bought a new stake in Automatic Data Processing during the 4th quarter worth approximately $1,635,000. Bellecapital International Ltd. lifted its holdings in Automatic Data Processing by 2.8% during the fourth quarter. Bellecapital International Ltd. now owns 21,746 shares of the business services provider’s stock valued at $5,066,000 after purchasing an additional 596 shares in the last quarter. Finally, Marks Group Wealth Management Inc bought a new position in shares of Automatic Data Processing in the fourth quarter worth approximately $4,015,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Price Performance

Shares of NASDAQ:ADP traded down $0.26 on Tuesday, reaching $248.94. The company’s stock had a trading volume of 717,004 shares, compared to its average volume of 1,666,488. The company has a 50-day simple moving average of $245.99 and a 200 day simple moving average of $243.70. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market cap of $101.89 billion, a P/E ratio of 27.81, a PEG ratio of 2.73 and a beta of 0.78. Automatic Data Processing, Inc. has a 52-week low of $205.53 and a 52-week high of $256.84.

Automatic Data Processing (NASDAQ:ADP) last posted 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. The business had revenue of $5.30 billion during the quarter, compared to analyst estimates 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 for the quarter was up 7.6% on a year-over-year basis. During the same period last year, the company earned $2.52 EPS. As a group, equities research analysts anticipate that Automatic Data Processing, Inc. will post 9.17 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

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 paid a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend is Friday, June 14th. Automatic Data Processing’s dividend payout ratio is currently 62.50%.

Analysts Set New Price Targets

Several brokerages have recently commented on ADP. Mizuho raised their price objective on shares of Automatic Data Processing from $265.00 to $272.00 and gave the company a “buy” rating in a research report on Monday, March 11th. Barclays raised their price target on Automatic Data Processing from $280.00 to $282.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. StockNews.com raised Automatic Data Processing from a “hold” rating to a “buy” rating in a research note on Tuesday, June 18th. 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 note on Tuesday, March 26th. Finally, TD Cowen cut their price objective on shares of Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating for the company in a report on Thursday, May 2nd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price 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.