Cibc World Markets Corp Has $55.60 Million Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

Cibc World Markets Corp increased its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADPFree Report) by 240.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 238,638 shares of the business services provider’s stock after purchasing an additional 168,505 shares during the period. Cibc World Markets Corp owned approximately 0.06% of Automatic Data Processing worth $55,595,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in ADP. Dorsey & Whitney Trust CO LLC increased its stake in Automatic Data Processing by 34.1% during the 3rd quarter. Dorsey & Whitney Trust CO LLC now owns 12,698 shares of the business services provider’s stock worth $3,055,000 after acquiring an additional 3,226 shares during the period. Mattern Capital Management LLC increased its stake in Automatic Data Processing by 4.6% during the 3rd quarter. Mattern Capital Management LLC now owns 33,554 shares of the business services provider’s stock worth $8,072,000 after acquiring an additional 1,482 shares during the period. Atria Wealth Solutions Inc. increased its stake in Automatic Data Processing by 7.9% during the 3rd quarter. Atria Wealth Solutions Inc. now owns 21,416 shares of the business services provider’s stock worth $5,168,000 after acquiring an additional 1,562 shares during the period. Soltis Investment Advisors LLC increased its stake in Automatic Data Processing by 21.6% during the 3rd quarter. Soltis Investment Advisors LLC now owns 1,618 shares of the business services provider’s stock worth $389,000 after acquiring an additional 287 shares during the period. Finally, Cornerstone Planning Group LLC increased its stake in Automatic Data Processing by 1,605.3% during the 3rd quarter. Cornerstone Planning Group LLC now owns 324 shares of the business services provider’s stock worth $78,000 after acquiring an additional 305 shares during the period. 80.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on ADP shares. Barclays lifted their price target on Automatic Data Processing from $280.00 to $282.00 and gave the company an “overweight” rating in a research note on Thursday, May 2nd. StockNews.com raised Automatic Data Processing from a “hold” rating to a “buy” rating in a report on Friday, May 31st. Mizuho raised their price objective on Automatic Data Processing from $265.00 to $272.00 and gave the company a “buy” rating in a report on Monday, March 11th. JPMorgan Chase & Co. cut their price objective on Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating on the stock in a report on Thursday, May 2nd. Finally, TD Cowen cut their price objective on Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating on the stock in a report on Thursday, May 2nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $255.42.

Read Our Latest Research Report on Automatic Data Processing

Automatic Data Processing Stock Up 0.9 %

Automatic Data Processing stock traded up $2.19 during midday trading on Thursday, reaching $247.97. The stock had a trading volume of 1,613,317 shares, compared to its average volume of 1,675,107. Automatic Data Processing, Inc. has a 12 month low of $205.53 and a 12 month high of $256.84. The company has a market capitalization of $101.49 billion, a P/E ratio of 27.68, a PEG ratio of 2.70 and a beta of 0.78. The company has a fifty day moving average price of $245.85 and a two-hundred day moving average price of $242.23. 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 (NASDAQ:ADPGet Free Report) last issued its earnings results on Wednesday, May 1st. The business services provider reported $2.88 EPS for the quarter, beating analysts’ consensus estimates of $2.79 by $0.09. The business had revenue of $5.30 billion during 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 firm’s revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.52 EPS. As a group, equities analysts expect that Automatic Data Processing, Inc. will post 9.17 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

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 issued a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 2.26%. The ex-dividend date is Friday, June 14th. Automatic Data Processing’s dividend payout ratio is presently 62.50%.

About Automatic Data Processing

(Free Report)

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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Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

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