OVERSEA CHINESE BANKING Corp Ltd Makes New $329,000 Investment in Automatic Data Processing, Inc. (NASDAQ:ADP)

OVERSEA CHINESE BANKING Corp Ltd purchased a new position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) in the first quarter, Holdings Channel reports. The fund purchased 1,077 shares of the business services provider’s stock, valued at approximately $329,000.

A number of other institutional investors also recently bought and sold shares of ADP. Sentinus LLC raised its position in Automatic Data Processing by 2.3% in the fourth quarter. Sentinus LLC now owns 1,548 shares of the business services provider’s stock worth $453,000 after acquiring an additional 35 shares in the last quarter. Rehmann Capital Advisory Group raised its position in Automatic Data Processing by 1.0% in the fourth quarter. Rehmann Capital Advisory Group now owns 3,686 shares of the business services provider’s stock worth $1,079,000 after acquiring an additional 36 shares in the last quarter. Detalus Advisors LLC raised its position in Automatic Data Processing by 2.4% in the first quarter. Detalus Advisors LLC now owns 1,566 shares of the business services provider’s stock worth $478,000 after acquiring an additional 37 shares in the last quarter. Main Street Group LTD raised its position in Automatic Data Processing by 50.7% in the fourth quarter. Main Street Group LTD now owns 113 shares of the business services provider’s stock worth $33,000 after acquiring an additional 38 shares in the last quarter. Finally, Howard Financial Services LTD. grew its holdings in Automatic Data Processing by 2.2% in the first quarter. Howard Financial Services LTD. now owns 1,735 shares of the business services provider’s stock valued at $530,000 after purchasing an additional 38 shares during the last quarter. 80.03% of the stock is owned by hedge funds and other institutional investors.

Automatic Data Processing Stock Down 1.7%

ADP opened at $298.18 on Wednesday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.51. The firm has a market cap of $121.04 billion, a P/E ratio of 30.52, a PEG ratio of 2.78 and a beta of 0.76. Automatic Data Processing, Inc. has a 52 week low of $242.76 and a 52 week high of $329.93. The business’s fifty day simple moving average is $312.88 and its 200 day simple moving average is $304.00.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 EPS for the quarter, beating analysts’ consensus estimates of $2.97 by $0.09. The business had revenue of $5.55 billion for the quarter, compared to analyst estimates of $5.49 billion. Automatic Data Processing had a return on equity of 77.33% and a net margin of 19.79%. The business’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter last year, the company earned $2.88 earnings per share. As a group, equities research analysts anticipate that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have weighed in on ADP shares. Mizuho upped their target price on Automatic Data Processing from $321.00 to $332.00 and gave the company an “outperform” rating in a report on Friday, June 13th. BMO Capital Markets raised Automatic Data Processing to a “hold” rating and set a $340.00 target price on the stock in a report on Thursday, July 10th. TD Securities upped their target price on Automatic Data Processing from $298.00 to $321.00 and gave the company a “hold” rating in a report on Wednesday, May 21st. UBS Group lowered their target price on Automatic Data Processing from $323.00 to $315.00 and set a “neutral” rating on the stock in a report on Friday, June 13th. Finally, Stifel Nicolaus upped their target price on Automatic Data Processing to $305.00 and gave the company a “buy” rating in a report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Automatic Data Processing presently has an average rating of “Hold” and an average target price of $309.62.

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.