Royal Bank of Canada Sells 33,292 Shares of Automatic Data Processing, Inc. $ADP

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

Several other hedge funds and other institutional investors have also modified their holdings of the stock. State Street Corp lifted its holdings in Automatic Data Processing by 0.7% during 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% during the fourth quarter. Geode Capital Management LLC now owns 11,576,572 shares of the business services provider’s stock worth $2,977,777,000 after buying an additional 136,876 shares during the last quarter. Capital Research Global Investors boosted its holdings in shares of Automatic Data Processing by 4.6% during 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 acquiring an additional 372,413 shares in the last quarter. Wellington Management Group LLP boosted its position in Automatic Data Processing by 8.0% during the 4th quarter. Wellington Management Group LLP now owns 7,374,504 shares of the business services provider’s stock worth $1,896,944,000 after buying an additional 544,210 shares during the period. Finally, Cardano Risk Management B.V. grew its holdings in Automatic Data Processing by 950.1% during the 4th quarter. Cardano Risk Management B.V. now owns 3,563,180 shares of the business services provider’s stock worth $916,557,000 after acquiring an additional 3,223,855 shares during the last quarter. Institutional investors own 80.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Robert W. Baird decreased their price target on Automatic Data Processing from $300.00 to $270.00 in a research note on Thursday, April 30th. Argus lowered their price target on shares of Automatic Data Processing from $300.00 to $240.00 and set a “buy” rating for the company in a report on Tuesday, May 5th. Guggenheim restated a “buy” rating and issued a $270.00 price target on shares of Automatic Data Processing in a research report on Tuesday, July 21st. Citigroup reduced their price objective on shares of Automatic Data Processing from $265.00 to $230.00 and set a “neutral” rating on the stock in a research note on Thursday, April 30th. Finally, BMO Capital Markets decreased their price objective on shares of Automatic Data Processing from $281.00 to $234.00 and set a “market perform” rating for the company in a research report on Tuesday, April 7th. Three equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Automatic Data Processing presently has a consensus rating of “Hold” and an average target price of $256.00.

Automatic Data Processing Trading Up 3.6%

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

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

Automatic Data Processing Company 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.