Picton Mahoney Asset Management Makes New Investment in Automatic Data Processing, Inc. (NASDAQ:ADP)

Picton Mahoney Asset Management acquired a new position in Automatic Data Processing, Inc. (NASDAQ:ADP) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 3,756 shares of the business services provider’s stock, valued at approximately $1,147,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of ADP. GAMMA Investing LLC lifted its stake in Automatic Data Processing by 34,655.1% during the first quarter. GAMMA Investing LLC now owns 2,901,007 shares of the business services provider’s stock worth $886,345,000 after purchasing an additional 2,892,660 shares during the last quarter. Winslow Capital Management LLC bought a new stake in Automatic Data Processing in the 4th quarter worth approximately $396,714,000. Capital Research Global Investors lifted its position in Automatic Data Processing by 26.9% in the 4th quarter. Capital Research Global Investors now owns 6,136,763 shares of the business services provider’s stock worth $1,796,415,000 after buying an additional 1,299,390 shares during the last quarter. Northern Trust Corp boosted its stake in Automatic Data Processing by 17.1% in the fourth quarter. Northern Trust Corp now owns 6,174,419 shares of the business services provider’s stock worth $1,807,438,000 after buying an additional 902,354 shares in the last quarter. Finally, Mackenzie Financial Corp grew its position in Automatic Data Processing by 128.1% during the first quarter. Mackenzie Financial Corp now owns 1,585,704 shares of the business services provider’s stock valued at $484,480,000 after acquiring an additional 890,440 shares during the last quarter. Institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Trading Up 0.7%

Automatic Data Processing stock opened at $310.94 on Thursday. Automatic Data Processing, Inc. has a 12 month low of $256.47 and a 12 month high of $329.93. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.51. The business’s fifty day simple moving average is $310.94 and its two-hundred day simple moving average is $304.99. The company has a market capitalization of $126.22 billion, a price-to-earnings ratio of 31.83, a price-to-earnings-growth ratio of 2.83 and a beta of 0.76.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Wednesday, July 30th. The business services provider reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.23 by $0.03. The company had revenue of $5.13 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Automatic Data Processing had a net margin of 19.79% and a return on equity of 77.33%. Automatic Data Processing’s revenue was up 6.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.09 EPS. As a group, equities analysts predict that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ADP. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $315.00 price objective on shares of Automatic Data Processing in a research note on Thursday, June 5th. TD Securities upped their price target on shares of Automatic Data Processing from $298.00 to $321.00 and gave the company a “hold” rating in a research report on Wednesday, May 21st. Morgan Stanley increased their target price on Automatic Data Processing from $305.00 to $310.00 and gave the company an “equal weight” rating in a report on Tuesday, June 17th. BMO Capital Markets raised Automatic Data Processing to a “hold” rating and set a $340.00 price objective for the company in a research note on Thursday, July 10th. Finally, UBS Group reduced their price target on Automatic Data Processing from $323.00 to $315.00 and set a “neutral” rating on the stock in a report on Friday, June 13th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Automatic Data Processing presently has an average rating of “Hold” and an average target price of $309.62.

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.