Cardinal Capital Management boosted its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) by 5.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 42,332 shares of the business services provider’s stock after buying an additional 2,256 shares during the quarter. Automatic Data Processing accounts for approximately 1.7% of Cardinal Capital Management’s investment portfolio, making the stock its 12th largest position. Cardinal Capital Management’s holdings in Automatic Data Processing were worth $10,627,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently bought and sold shares of ADP. Norges Bank purchased a new stake in shares of Automatic Data Processing during the fourth quarter valued at $308,321,000. International Assets Investment Management LLC boosted its stake in shares of Automatic Data Processing by 22,539.4% during the fourth quarter. International Assets Investment Management LLC now owns 934,326 shares of the business services provider’s stock valued at $217,670,000 after purchasing an additional 930,199 shares during the period. Capital Research Global Investors boosted its stake in shares of Automatic Data Processing by 22.5% during the fourth quarter. Capital Research Global Investors now owns 3,543,317 shares of the business services provider’s stock valued at $825,487,000 after purchasing an additional 649,791 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of Automatic Data Processing by 18.3% during the third quarter. Ameriprise Financial Inc. now owns 3,576,575 shares of the business services provider’s stock valued at $855,287,000 after purchasing an additional 553,946 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of Automatic Data Processing by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 39,596,142 shares of the business services provider’s stock valued at $9,224,713,000 after purchasing an additional 412,434 shares during the period. 80.03% of the stock is owned by hedge funds and other institutional investors.
Automatic Data Processing Stock Performance
Automatic Data Processing stock traded down $0.72 during mid-day trading on Thursday, hitting $237.30. The company had a trading volume of 1,811,081 shares, compared to its average volume of 1,686,002. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.65. Automatic Data Processing, Inc. has a 12-month low of $205.53 and a 12-month high of $256.84. The company’s fifty day moving average is $245.98 and its 200-day moving average is $243.79. The company has a market capitalization of $97.12 billion, a price-to-earnings ratio of 26.56, a P/E/G ratio of 2.73 and a beta of 0.78.
Automatic Data Processing Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a dividend of $1.40 per share. The ex-dividend date is Friday, June 14th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.36%. Automatic Data Processing’s dividend payout ratio (DPR) is 62.50%.
Wall Street Analysts Forecast Growth
ADP has been the subject of a number of research reports. StockNews.com raised shares of Automatic Data Processing from a “hold” rating to a “buy” rating in a research note on Tuesday, June 18th. Mizuho upped their price objective on shares of Automatic Data Processing from $265.00 to $272.00 and gave the stock a “buy” rating in a research note on Monday, March 11th. TD Cowen lowered their price objective on shares of Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating for the company in a research note on Thursday, May 2nd. Evercore ISI upped their price objective on shares of Automatic Data Processing from $227.00 to $235.00 and gave the stock an “underperform” rating in a research note on Tuesday, March 26th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating for the company in a report on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Automatic Data Processing currently has a consensus rating of “Hold” and a consensus target price of $255.42.
View Our Latest Stock Analysis on Automatic Data Processing
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.
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