Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Bought by Victory Capital Management Inc.

Victory Capital Management Inc. boosted its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 8.1% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 632,299 shares of the business services provider’s stock after acquiring an additional 47,628 shares during the quarter. Victory Capital Management Inc.’s holdings in Automatic Data Processing were worth $193,186,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Sentinus LLC lifted its holdings in shares of Automatic Data Processing by 2.3% in the 4th quarter. Sentinus LLC now owns 1,548 shares of the business services provider’s stock worth $453,000 after purchasing an additional 35 shares during the last quarter. Rehmann Capital Advisory Group lifted its holdings in shares of Automatic Data Processing by 1.0% in the 4th quarter. Rehmann Capital Advisory Group now owns 3,686 shares of the business services provider’s stock worth $1,079,000 after purchasing an additional 36 shares during the last quarter. Detalus Advisors LLC lifted its holdings in shares of Automatic Data Processing by 2.4% in the 1st quarter. Detalus Advisors LLC now owns 1,566 shares of the business services provider’s stock worth $478,000 after purchasing an additional 37 shares during the last quarter. Main Street Group LTD lifted its holdings in shares of Automatic Data Processing by 50.7% in the 4th quarter. Main Street Group LTD now owns 113 shares of the business services provider’s stock worth $33,000 after purchasing an additional 38 shares during the last quarter. Finally, Howard Financial Services LTD. lifted its holdings in shares of Automatic Data Processing by 2.2% in the 1st quarter. Howard Financial Services LTD. now owns 1,735 shares of the business services provider’s stock worth $530,000 after purchasing an additional 38 shares during the last quarter. Institutional investors and hedge funds own 80.03% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ADP. BMO Capital Markets raised Automatic Data Processing to a “hold” rating and set a $340.00 price target on the stock in a report on Thursday, July 10th. Mizuho raised their target price on Automatic Data Processing from $321.00 to $332.00 and gave the company an “outperform” rating in a research report on Friday, June 13th. Morgan Stanley raised their target price on Automatic Data Processing from $305.00 to $310.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 17th. TD Securities raised their target price on Automatic Data Processing from $298.00 to $321.00 and gave the company a “hold” rating in a research report on Wednesday, May 21st. Finally, Stifel Nicolaus raised their target price on Automatic Data Processing to $305.00 and gave the company a “buy” rating in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $309.62.

Automatic Data Processing Stock Down 1.7%

Shares of ADP stock opened at $298.18 on Wednesday. Automatic Data Processing, Inc. has a 1 year low of $242.76 and a 1 year high of $329.93. The stock has a market cap of $121.04 billion, a PE ratio of 30.52, a price-to-earnings-growth ratio of 2.78 and a beta of 0.76. The business’s fifty day moving average is $312.88 and its 200-day moving average is $304.00. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.02.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings results on Wednesday, April 30th. The business services provider reported $3.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.97 by $0.09. Automatic Data Processing had a return on equity of 77.33% and a net margin of 19.79%. The company had revenue of $5.55 billion for the quarter, compared to analysts’ expectations of $5.49 billion. During the same period last year, the firm earned $2.88 EPS. The firm’s revenue for the quarter was up 5.7% on a year-over-year basis. Equities analysts expect that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal 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.