Hartford Investment Management Co. Boosts Stock Position in Automatic Data Processing (NASDAQ:ADP)

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Hartford Investment Management Co. boosted its holdings in shares of Automatic Data Processing (NASDAQ:ADP) by 0.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 124,583 shares of the business services provider’s stock after purchasing an additional 735 shares during the quarter. Hartford Investment Management Co.’s holdings in Automatic Data Processing were worth $20,597,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of ADP. Ronna Sue Cohen increased its holdings in Automatic Data Processing by 15,564.1% during the 1st quarter. Ronna Sue Cohen now owns 3,468,349 shares of the business services provider’s stock worth $3,468,000 after purchasing an additional 3,446,207 shares during the last quarter. Thoroughbred Financial Services LLC increased its holdings in Automatic Data Processing by 17,208.5% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 729,208 shares of the business services provider’s stock worth $72,921,000 after purchasing an additional 724,995 shares during the last quarter. Ellis Investment Partners LLC increased its holdings in Automatic Data Processing by 15,521.9% during the 1st quarter. Ellis Investment Partners LLC now owns 708,766 shares of the business services provider’s stock worth $708,000 after purchasing an additional 704,229 shares during the last quarter. FMR LLC increased its holdings in Automatic Data Processing by 90.4% during the 4th quarter. FMR LLC now owns 1,439,697 shares of the business services provider’s stock worth $188,772,000 after purchasing an additional 683,417 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Automatic Data Processing by 8.6% during the 4th quarter. Geode Capital Management LLC now owns 6,258,804 shares of the business services provider’s stock worth $819,520,000 after purchasing an additional 496,843 shares during the last quarter. Institutional investors own 79.77% of the company’s stock.

In other news, VP Dermot J. O’brien sold 1,771 shares of Automatic Data Processing stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $162.04, for a total value of $286,972.84. Following the completion of the transaction, the vice president now owns 14,896 shares in the company, valued at approximately $2,413,747.84. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.33% of the stock is currently owned by company insiders.

ADP has been the topic of several analyst reports. ValuEngine downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday. BidaskClub downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Monday, June 24th. Citigroup lifted their price objective on Automatic Data Processing from $147.00 to $162.00 and gave the stock a “neutral” rating in a report on Thursday, May 2nd. Zacks Investment Research upgraded Automatic Data Processing from a “hold” rating to a “buy” rating and set a $179.00 price objective on the stock in a report on Friday, June 21st. Finally, Jefferies Financial Group lifted their price objective on Automatic Data Processing to $176.00 and gave the stock a “hold” rating in a report on Wednesday, July 31st. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $170.64.

Shares of ADP opened at $162.04 on Monday. The firm has a market cap of $71.49 billion, a price-to-earnings ratio of 29.73, a price-to-earnings-growth ratio of 2.05 and a beta of 0.91. The business has a 50 day moving average price of $166.08. The company has a current ratio of 1.05, a quick ratio of 1.04 and a debt-to-equity ratio of 0.37. Automatic Data Processing has a 52 week low of $121.40 and a 52 week high of $172.00.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, July 31st. The business services provider reported $1.14 EPS for the quarter, topping the consensus estimate of $1.13 by $0.01. The company had revenue of $3.50 billion during the quarter, compared to analyst estimates of $3.50 billion. Automatic Data Processing had a return on equity of 47.48% and a net margin of 16.17%. The business’s revenue was up 5.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.99 EPS. As a group, sell-side analysts forecast that Automatic Data Processing will post 6.15 EPS for the current year.

Automatic Data Processing Company Profile

Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.

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Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

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