Royal Bank of Canada Has $504.17 Million Position in Automatic Data Processing, Inc. $ADP

Royal Bank of Canada cut its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,481,417 shares of the business services provider’s stock after selling 33,292 shares during the quarter. Royal Bank of Canada owned 0.62% of Automatic Data Processing worth $504,174,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the stock. State Street Corp increased its position in Automatic Data Processing by 0.7% in the 4th quarter. State Street Corp now owns 18,940,841 shares of the business services provider’s stock worth $4,903,769,000 after purchasing an additional 133,039 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Automatic Data Processing by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 11,576,572 shares of the business services provider’s stock valued at $2,977,777,000 after buying an additional 136,876 shares in the last quarter. Capital Research Global Investors lifted its stake in shares of Automatic Data Processing by 4.6% in the 4th quarter. Capital Research Global Investors now owns 8,393,607 shares of the business services provider’s stock valued at $2,159,088,000 after purchasing an additional 372,413 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Automatic Data Processing by 8.0% in the fourth quarter. Wellington Management Group LLP now owns 7,374,504 shares of the business services provider’s stock worth $1,896,944,000 after purchasing an additional 544,210 shares in the last quarter. Finally, Cardano Risk Management B.V. boosted its holdings in Automatic Data Processing by 950.1% in the fourth quarter. Cardano Risk Management B.V. now owns 3,563,180 shares of the business services provider’s stock worth $916,557,000 after purchasing an additional 3,223,855 shares in the last quarter. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Automatic Data Processing Stock Performance

Shares of Automatic Data Processing stock opened at $264.17 on Wednesday. The firm has a market cap of $105.60 billion, a P/E ratio of 24.64 and a beta of 0.83. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.04 and a quick ratio of 1.04. Automatic Data Processing, Inc. has a fifty-two week low of $188.16 and a fifty-two week high of $315.98. The firm has a 50 day simple moving average of $233.13 and a 200 day simple moving average of $224.26.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings results on Wednesday, April 29th. The business services provider reported $3.37 EPS for the quarter, topping the consensus estimate of $3.30 by $0.07. Automatic Data Processing had a net margin of 20.12% and a return on equity of 68.82%. The company had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter in the previous year, the company earned $3.06 EPS. Automatic Data Processing’s revenue was up 7.0% on a year-over-year basis. Sell-side analysts predict that Automatic Data Processing, Inc. will post 11.08 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ADP. Wells Fargo & Company raised their target price on Automatic Data Processing from $214.00 to $248.00 and gave the company an “equal weight” rating in a report on Thursday, July 9th. Morgan Stanley reduced their price objective on shares of Automatic Data Processing from $311.00 to $274.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 28th. Robert W. Baird decreased their price objective on shares of Automatic Data Processing from $300.00 to $270.00 in a report on Thursday, April 30th. TD Cowen raised their price target on Automatic Data Processing from $216.00 to $223.00 and gave the company a “hold” rating in a research report on Monday, July 6th. Finally, Stifel Nicolaus boosted their price objective on shares of Automatic Data Processing from $240.00 to $260.00 and gave the stock a “hold” rating in a report on Wednesday, July 8th. Three equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $256.00.

Automatic Data Processing Profile

Automatic Data Processing, Inc (ADP) is a global provider of cloud-based human capital management (HCM) and payroll solutions. Founded in 1949 and headquartered in Roseland, New Jersey, ADP began as a payroll processing company and has evolved into a diversified provider of workforce management, HR, benefits administration, tax and compliance services, and analytics for employers of all sizes.

ADP’s product portfolio includes payroll processing and tax filing, time and attendance systems, benefits administration, talent management, and HR outsourcing.