IMS Capital Management Acquires 283 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

IMS Capital Management boosted its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 3.2% in the first quarter, Holdings Channel reports. The firm owned 9,016 shares of the business services provider’s stock after purchasing an additional 283 shares during the quarter. Automatic Data Processing comprises about 1.0% of IMS Capital Management’s holdings, making the stock its 26th biggest position. IMS Capital Management’s holdings in Automatic Data Processing were worth $2,252,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADP. Keener Financial Planning LLC lifted its stake in Automatic Data Processing by 230.3% in the first quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 76 shares during the last quarter. Crewe Advisors LLC acquired a new stake in Automatic Data Processing in the 1st quarter valued at about $33,000. Pathway Financial Advisers LLC bought a new position in Automatic Data Processing during the first quarter worth about $36,000. Pineridge Advisors LLC acquired a new position in Automatic Data Processing during the fourth quarter worth approximately $39,000. Finally, Evolution Advisers Inc. bought a new stake in shares of Automatic Data Processing in the fourth quarter valued at about $41,000. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Automatic Data Processing Trading Up 0.8 %

Shares of Automatic Data Processing stock traded up $2.22 on Friday, hitting $263.52. The stock had a trading volume of 2,310,606 shares, compared to its average volume of 1,644,141. The stock has a 50 day moving average of $245.11 and a 200 day moving average of $245.84. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.01 and a current ratio of 1.01. Automatic Data Processing, Inc. has a twelve month low of $205.53 and a twelve month high of $269.49. The firm has a market capitalization of $107.86 billion, a P/E ratio of 29.41, a PEG ratio of 2.72 and a beta of 0.78.

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ADP. StockNews.com cut Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Tuesday, July 2nd. JPMorgan Chase & Co. decreased 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 report on Thursday, May 2nd. TD Cowen dropped their target price on shares of Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating for the company in a research report on Thursday, May 2nd. Bank of America lifted their price objective on shares of Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a research note on Thursday. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $267.00 target price on shares of Automatic Data Processing in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, Automatic Data Processing currently has an average rating of “Hold” and a consensus price target of $259.64.

Automatic Data Processing Profile

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.