Bourne Lent Asset Management Inc. Makes New Investment in Automatic Data Processing, Inc. (NASDAQ:ADP)

Bourne Lent Asset Management Inc. purchased a new stake in Automatic Data Processing, Inc. (NASDAQ:ADPFree Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 850 shares of the business services provider’s stock, valued at approximately $212,000.

A number of other hedge funds have also recently added to or reduced their stakes in ADP. Riverview Trust Co acquired a new position in shares of Automatic Data Processing during the 1st quarter valued at about $135,000. Nova R Wealth Inc. bought a new position in shares of Automatic Data Processing in the first quarter valued at approximately $404,000. Harbor Investment Advisory LLC lifted its stake in shares of Automatic Data Processing by 4.5% in the first quarter. Harbor Investment Advisory LLC now owns 4,302 shares of the business services provider’s stock worth $1,074,000 after buying an additional 186 shares during the last quarter. Global Assets Advisory LLC bought a new stake in shares of Automatic Data Processing during the 1st quarter worth $12,375,000. Finally, FCF Advisors LLC grew its stake in Automatic Data Processing by 8.6% in the 1st quarter. FCF Advisors LLC now owns 19,441 shares of the business services provider’s stock valued at $4,855,000 after buying an additional 1,537 shares during the last quarter. Institutional investors and hedge funds own 80.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ADP. Mizuho upped their price target on shares of Automatic Data Processing from $265.00 to $272.00 and gave the company a “buy” rating in a report on Monday, March 11th. StockNews.com upgraded Automatic Data Processing from a “hold” rating to a “buy” rating in a research note on Tuesday, June 18th. JPMorgan Chase & Co. dropped their price target on Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating on the stock in a research report on Thursday, May 2nd. TD Cowen cut their price target on Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating for the company in a report on Thursday, May 2nd. Finally, Evercore ISI raised their price objective 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. Two analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $255.42.

View Our Latest Report on Automatic Data Processing

Automatic Data Processing Price Performance

Shares of ADP stock traded down $0.26 during mid-day trading 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 firm’s 50-day moving average is $245.99 and its two-hundred day moving average is $243.70. 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 1-year low of $205.53 and a 1-year high of $256.84. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.01 and a current ratio of 1.01.

Automatic Data Processing (NASDAQ:ADPGet Free Report) last posted its quarterly earnings results on Wednesday, May 1st. The business services provider reported $2.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.79 by $0.09. The firm had revenue of $5.30 billion during 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%. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.52 earnings per share. On average, research analysts predict that Automatic Data Processing, Inc. will post 9.17 earnings per share for the current year.

Automatic Data Processing Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend is Friday, June 14th. Automatic Data Processing’s dividend payout ratio (DPR) is 62.50%.

Automatic Data Processing Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

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