iA Global Asset Management Inc. Has $15.23 Million Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

iA Global Asset Management Inc. grew its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 49,854 shares of the business services provider’s stock after buying an additional 587 shares during the quarter. iA Global Asset Management Inc.’s holdings in Automatic Data Processing were worth $15,232,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. von Borstel & Associates Inc. acquired a new stake in shares of Automatic Data Processing during the first quarter worth approximately $30,000. Main Street Group LTD boosted its holdings in shares of Automatic Data Processing by 50.7% during the fourth 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 period. Abound Wealth Management boosted its holdings in shares of Automatic Data Processing by 58.1% during the first quarter. Abound Wealth Management now owns 117 shares of the business services provider’s stock worth $36,000 after purchasing an additional 43 shares during the period. Banque de Luxembourg S.A. acquired a new stake in Automatic Data Processing in the fourth quarter valued at approximately $37,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Automatic Data Processing in the fourth quarter valued at approximately $37,000. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Automatic Data Processing Stock Up 0.6%

ADP opened at $302.26 on Tuesday. Automatic Data Processing, Inc. has a fifty-two week low of $256.47 and a fifty-two week high of $329.93. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.05 and a quick ratio of 1.02. The firm’s fifty day moving average price is $309.91 and its two-hundred day moving average price is $305.37. The company has a market capitalization of $122.69 billion, a P/E ratio of 30.29, a P/E/G ratio of 2.76 and a beta of 0.81.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results on Wednesday, July 30th. The business services provider reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates of $2.23 by $0.03. Automatic Data Processing had a net margin of 19.84% and a return on equity of 72.84%. The firm had revenue of $5.13 billion for the quarter, compared to the consensus estimate of $5.05 billion. During the same quarter in the previous year, the company earned $2.09 earnings per share. The business’s revenue was up 6.3% compared to the same quarter last year. On average, analysts anticipate that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Stifel Nicolaus lifted their target price on shares of Automatic Data Processing from $305.00 to $318.00 and gave the company a “hold” rating in a research note on Thursday, July 31st. Royal Bank Of Canada reissued a “sector perform” rating and issued a $315.00 price target on shares of Automatic Data Processing in a research report on Thursday, June 5th. TD Securities lifted their price target on shares of Automatic Data Processing from $298.00 to $321.00 and gave the company a “hold” rating in a research report on Wednesday, May 21st. BMO Capital Markets raised shares of Automatic Data Processing to a “hold” rating and set a $340.00 price target on the stock in a research report on Thursday, July 10th. Finally, UBS Group dropped their price target on shares of Automatic Data Processing from $323.00 to $315.00 and set a “neutral” rating on the stock in a research report on Friday, June 13th. One analyst has rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $314.33.

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.