Soltis Investment Advisors LLC Boosts Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

Soltis Investment Advisors LLC boosted its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 235.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,536 shares of the business services provider’s stock after purchasing an additional 3,887 shares during the period. Soltis Investment Advisors LLC’s holdings in Automatic Data Processing were worth $1,383,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Heritage Investment Group Inc. increased its stake in shares of Automatic Data Processing by 1.9% in the fourth quarter. Heritage Investment Group Inc. now owns 2,201 shares of the business services provider’s stock worth $513,000 after purchasing an additional 41 shares during the period. Bedel Financial Consulting Inc. raised its position in Automatic Data Processing by 0.8% in the 4th quarter. Bedel Financial Consulting Inc. now owns 5,254 shares of the business services provider’s stock valued at $1,224,000 after purchasing an additional 42 shares during the last quarter. Argus Investors Counsel Inc. lifted its position in Automatic Data Processing by 0.5% during the 4th quarter. Argus Investors Counsel Inc. now owns 8,863 shares of the business services provider’s stock worth $2,065,000 after buying an additional 43 shares in the last quarter. Prestige Wealth Management Group LLC grew its stake in shares of Automatic Data Processing by 0.8% during the first quarter. Prestige Wealth Management Group LLC now owns 5,581 shares of the business services provider’s stock valued at $1,402,000 after purchasing an additional 43 shares during the last quarter. Finally, Patron Partners LLC increased its stake in shares of Automatic Data Processing by 1.6% in the 1st quarter. Patron Partners LLC now owns 2,733 shares of the business services provider’s stock valued at $683,000 after buying an additional 44 shares during the period. Institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Trading Up 0.8 %

Shares of NASDAQ:ADP traded up $2.22 during midday trading on Friday, hitting $263.52. 2,310,606 shares of the stock were exchanged, compared to its average volume of 1,644,141. The business’s 50-day moving average price is $245.11 and its 200 day moving average price is $245.77. Automatic Data Processing, Inc. has a 12 month low of $205.53 and a 12 month high of $269.49. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a market capitalization of $107.86 billion, a price-to-earnings ratio of 29.41, a P/E/G ratio of 2.72 and a beta of 0.78.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, July 31st. The business services provider reported $2.09 earnings per share for the quarter, topping the consensus estimate of $2.06 by $0.03. The company had revenue of $4.80 billion for 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%. Automatic Data Processing’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.89 earnings per share. Analysts predict that Automatic Data Processing, Inc. will post 10.01 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ADP has been the subject of a number of recent research reports. Stifel Nicolaus boosted their price target on shares of Automatic Data Processing from $271.00 to $287.00 and gave the stock a “hold” rating in a research note on Thursday. 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 report on Thursday, May 2nd. Bank of America boosted their target price on Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a research note on Thursday. JPMorgan Chase & Co. reduced their price target on Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating for the company in a research report on Thursday, May 2nd. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $267.00 price objective on shares of Automatic Data Processing in a research report on Thursday. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $259.64.

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.