Choate Investment Advisors Purchases 1,342 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Choate Investment Advisors increased its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 3.6% during the first quarter, Holdings Channel.com reports. The firm owned 38,321 shares of the business services provider’s stock after buying an additional 1,342 shares during the quarter. Choate Investment Advisors’ holdings in Automatic Data Processing were worth $9,570,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Keener Financial Planning LLC raised its holdings in Automatic Data Processing by 230.3% during the first quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider’s stock worth $28,000 after buying an additional 76 shares during the last quarter. Fortitude Family Office LLC bought a new stake in shares of Automatic Data Processing during the fourth quarter worth about $35,000. Pineridge Advisors LLC acquired a new stake in shares of Automatic Data Processing in the 4th quarter worth about $39,000. Evolution Advisers Inc. bought a new position in Automatic Data Processing in the 4th quarter valued at about $41,000. Finally, Raleigh Capital Management Inc. boosted its stake in Automatic Data Processing by 106.0% during the 3rd quarter. Raleigh Capital Management Inc. now owns 173 shares of the business services provider’s stock valued at $42,000 after purchasing an additional 89 shares during the last quarter. Institutional investors and hedge funds own 80.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on ADP shares. Evercore ISI increased their price objective on Automatic Data Processing from $227.00 to $235.00 and gave the stock an “underperform” rating in a research note on Tuesday, March 26th. TD Cowen dropped their price objective on 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. Barclays lifted their price objective on shares of Automatic Data Processing from $280.00 to $282.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. JPMorgan Chase & Co. dropped their price target on shares of Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating on the stock in a research report on Thursday, May 2nd. Finally, StockNews.com downgraded shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Tuesday, July 2nd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Automatic Data Processing has a consensus rating of “Hold” and an average price target of $255.42.

Automatic Data Processing Stock Performance

Shares of NASDAQ:ADP traded up $4.62 during mid-day trading on Monday, reaching $242.64. The company had a trading volume of 1,268,269 shares, compared to its average volume of 1,680,364. Automatic Data Processing, Inc. has a one year low of $205.53 and a one year high of $256.84. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.65. The company’s 50-day moving average price is $244.02 and its 200-day moving average price is $244.09. The firm has a market cap of $99.31 billion, a price-to-earnings ratio of 27.03, a PEG ratio of 2.40 and a beta of 0.78.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, May 1st. The business services provider reported $2.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.79 by $0.09. The firm had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.22 billion. Automatic Data Processing had a return on equity of 93.09% and a net margin of 19.56%. The business’s revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the company posted $2.52 earnings per share. As a group, equities research analysts anticipate that Automatic Data Processing, Inc. will post 9.16 EPS for the current fiscal year.

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.