Gilman Hill Asset Management LLC Boosts Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

Gilman Hill Asset Management LLC grew its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 14.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,768 shares of the business services provider’s stock after buying an additional 224 shares during the quarter. Gilman Hill Asset Management LLC’s holdings in Automatic Data Processing were worth $422,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in ADP. Keener Financial Planning LLC grew its holdings in shares of Automatic Data Processing by 230.3% during the 1st quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 76 shares during the last quarter. Crewe Advisors LLC bought a new position in shares of Automatic Data Processing during the 1st quarter valued at $33,000. Pathway Financial Advisers LLC bought a new position in shares of Automatic Data Processing during the 1st quarter valued at $36,000. Pineridge Advisors LLC bought a new position in shares of Automatic Data Processing during the 4th quarter valued at $39,000. Finally, Evolution Advisers Inc. bought a new position in shares of Automatic Data Processing during the 4th quarter valued at $41,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ADP. Jefferies Financial Group raised their price target on shares of Automatic Data Processing from $250.00 to $260.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Barclays raised their price target on shares of Automatic Data Processing from $282.00 to $310.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Bank of America raised their price target on shares of Automatic Data Processing from $250.00 to $267.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. JPMorgan Chase & Co. cut their target price on shares of Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating on the stock in a research note on Thursday, May 2nd. Finally, TD Cowen cut their target price on shares of Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating on the stock in a research note on Thursday, May 2nd. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $262.18.

Automatic Data Processing Stock Down 0.2 %

Shares of NASDAQ ADP traded down $0.61 during trading on Friday, reaching $262.18. The company had a trading volume of 1,462,311 shares, compared to its average volume of 1,693,371. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.66. Automatic Data Processing, Inc. has a 12-month low of $205.53 and a 12-month high of $269.49. The stock has a market cap of $107.31 billion, a PE ratio of 29.26, a P/E/G ratio of 2.72 and a beta of 0.78. The business’s 50-day moving average is $246.78 and its 200 day moving average is $246.63.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, July 31st. The business services provider reported $2.09 EPS for the quarter, beating the consensus estimate of $2.06 by $0.03. Automatic Data Processing had a return on equity of 89.20% and a net margin of 19.54%. The company had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.74 billion. During the same period last year, the firm posted $1.89 earnings per share. Automatic Data Processing’s revenue was up 7.2% compared to the same quarter last year. As a group, equities analysts forecast that Automatic Data Processing, Inc. will post 10.01 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a $1.40 dividend. The ex-dividend date is Friday, September 13th. This represents a $5.60 annualized dividend and a yield of 2.14%. Automatic Data Processing’s payout ratio is 62.50%.

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.