Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Acquired by QRG Capital Management Inc.

QRG Capital Management Inc. grew its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 9.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 33,549 shares of the business services provider’s stock after purchasing an additional 2,835 shares during the period. QRG Capital Management Inc.’s holdings in Automatic Data Processing were worth $8,379,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Keener Financial Planning LLC lifted its position in Automatic Data Processing by 230.3% in the first quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider’s stock valued at $28,000 after buying an additional 76 shares during the last quarter. Fortitude Family Office LLC purchased a new position in shares of Automatic Data Processing during the 4th quarter worth approximately $35,000. Pineridge Advisors LLC acquired a new stake in Automatic Data Processing in the 4th quarter valued at approximately $39,000. Raleigh Capital Management Inc. lifted its stake in Automatic Data Processing by 106.0% during the third quarter. Raleigh Capital Management Inc. now owns 173 shares of the business services provider’s stock worth $42,000 after purchasing an additional 89 shares in the last quarter. Finally, Evolution Advisers Inc. purchased a new position in shares of Automatic Data Processing during the fourth quarter worth $41,000. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ADP. Barclays boosted 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. JPMorgan Chase & Co. reduced their price objective on Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating on the stock in a research note 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. Evercore ISI boosted their target price on shares of Automatic Data Processing from $227.00 to $235.00 and gave the stock an “underperform” rating in a research note on Tuesday, March 26th. Finally, TD Cowen dropped their price objective on Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating on the stock in a report on Thursday, May 2nd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $255.42.

Automatic Data Processing Stock Performance

Shares of NASDAQ:ADP traded up $3.05 during trading on Tuesday, reaching $245.69. The company had a trading volume of 869,628 shares, compared to its average volume of 1,675,725. The stock’s fifty day moving average price is $244.01 and its 200 day moving average price is $244.16. 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 firm has a market capitalization of $100.56 billion, a price-to-earnings ratio of 27.33, a price-to-earnings-growth ratio of 2.40 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 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $5.30 billion during the quarter, compared to the consensus estimate of $5.22 billion. During the same quarter last year, the company earned $2.52 earnings per share. Automatic Data Processing’s quarterly revenue was up 7.6% compared to the same quarter last year. As a group, equities research analysts predict that Automatic Data Processing, Inc. will post 9.16 EPS for the current year.

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.