Connor Clark & Lunn Investment Management Ltd. Acquires New Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) during the 1st quarter, Holdings Channel.com reports. The institutional investor purchased 4,338 shares of the business services provider’s stock, valued at approximately $1,325,000.

Several other hedge funds also recently modified their holdings of ADP. von Borstel & Associates Inc. purchased a new position in shares of Automatic Data Processing in the 1st quarter valued at $30,000. Main Street Group LTD grew its position 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 buying an additional 38 shares in the last quarter. Y.D. More Investments Ltd acquired a new stake in shares of Automatic Data Processing during the first quarter worth approximately $35,000. Abound Wealth Management grew its position 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 buying an additional 43 shares in the last quarter. Finally, Banque de Luxembourg S.A. acquired a new stake in shares of Automatic Data Processing during the fourth quarter worth approximately $37,000. 80.03% of the stock is owned by institutional investors and hedge funds.

Automatic Data Processing Stock Up 0.0%

ADP opened at $301.79 on Friday. Automatic Data Processing, Inc. has a 1-year low of $262.21 and a 1-year high of $329.93. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $122.24 billion, a price-to-earnings ratio of 30.24, a P/E/G ratio of 2.77 and a beta of 0.81. The business has a 50 day moving average of $305.74 and a 200-day moving average of $305.61.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, July 30th. The business services provider reported $2.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.23 by $0.03. The company had revenue of $5.13 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Automatic Data Processing had a return on equity of 72.84% and a net margin of 19.84%. The business’s revenue was up 6.3% on a year-over-year basis. During the same period last year, the business earned $2.09 earnings per share. As a group, sell-side analysts anticipate that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Automatic Data Processing Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be issued a $1.54 dividend. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, September 12th. Automatic Data Processing’s payout ratio is currently 61.72%.

Wall Street Analyst Weigh In

A number of research firms have commented on ADP. UBS Group decreased their price objective on shares of Automatic Data Processing from $323.00 to $315.00 and set a “neutral” rating for the company in a report on Friday, June 13th. Stifel Nicolaus boosted their price target on shares of Automatic Data Processing from $305.00 to $318.00 and gave the company a “hold” rating in a report on Thursday, July 31st. Royal Bank Of Canada reissued a “sector perform” rating and set a $315.00 price target on shares of Automatic Data Processing in a report on Thursday, June 5th. Mizuho boosted their price target on shares of Automatic Data Processing from $321.00 to $332.00 and gave the company an “outperform” rating in a report on Friday, June 13th. Finally, Morgan Stanley upped their price objective on shares of Automatic Data Processing from $310.00 to $311.00 and gave the stock an “equal weight” rating in a report on Thursday, July 31st. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $314.33.

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.