Cardinal Capital Management Buys 2,256 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Cardinal Capital Management boosted its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 5.6% during the 1st quarter, Holdings Channel.com reports. The fund owned 42,332 shares of the business services provider’s stock after purchasing an additional 2,256 shares during the quarter. Automatic Data Processing accounts for 1.7% of Cardinal Capital Management’s investment portfolio, making the stock its 12th biggest holding. Cardinal Capital Management’s holdings in Automatic Data Processing were worth $10,627,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in ADP. Fortitude Family Office LLC purchased a new stake in Automatic Data Processing in the 4th quarter valued at about $35,000. Pineridge Advisors LLC purchased a new stake in Automatic Data Processing in the 4th quarter valued at about $39,000. Evolution Advisers Inc. purchased a new stake in Automatic Data Processing in the 4th quarter valued at about $41,000. Raleigh Capital Management Inc. increased its stake in Automatic Data Processing by 106.0% in the 3rd quarter. Raleigh Capital Management Inc. now owns 173 shares of the business services provider’s stock valued at $42,000 after buying an additional 89 shares during the last quarter. Finally, Bfsg LLC purchased a new stake in Automatic Data Processing in the 4th quarter valued at about $42,000. Institutional investors own 80.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ADP. Barclays raised their price target on shares of Automatic Data Processing from $280.00 to $282.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. StockNews.com upgraded shares of Automatic Data Processing from a “hold” rating to a “buy” rating in a research note on Tuesday, June 18th. Evercore ISI lifted their price objective on shares of Automatic Data Processing from $227.00 to $235.00 and gave the company an “underperform” rating in a research note on Tuesday, March 26th. JPMorgan Chase & Co. reduced their price objective on shares of 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. Finally, TD Cowen reduced 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 research note on Thursday, May 2nd. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $255.42.

Automatic Data Processing Stock Down 0.3 %

NASDAQ:ADP traded down $0.72 during mid-day trading on Thursday, hitting $237.30. 1,811,081 shares of the company’s stock were exchanged, compared to its average volume of 1,686,002. Automatic Data Processing, Inc. has a one year low of $205.53 and a one year 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 business has a fifty day moving average price of $245.98 and a 200 day moving average price of $243.79. The company has a market cap of $97.12 billion, a PE ratio of 26.56, a P/E/G ratio of 2.73 and a beta of 0.78.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, May 1st. The business services provider reported $2.88 EPS for the quarter, topping the consensus estimate of $2.79 by $0.09. The business had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.22 billion. Automatic Data Processing had a net margin of 19.56% and a return on equity of 93.09%. Automatic Data Processing’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.52 earnings per share. Equities analysts predict that Automatic Data Processing, Inc. will post 9.18 EPS for the current year.

Automatic Data Processing Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a dividend of $1.40 per share. The ex-dividend date is Friday, June 14th. This represents a $5.60 dividend on an annualized basis and a yield of 2.36%. Automatic Data Processing’s dividend payout ratio is currently 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.