Bayesian Capital Management LP Makes New $1.72 Million Investment in Automatic Data Processing, Inc. (NASDAQ:ADP)

Bayesian Capital Management LP acquired a new position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 6,883 shares of the business services provider’s stock, valued at approximately $1,719,000.

Other hedge funds also recently added to or reduced their stakes in the company. Keener Financial Planning LLC lifted its position in Automatic Data Processing by 230.3% during the 1st quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider’s stock worth $28,000 after acquiring an additional 76 shares during the period. Crewe Advisors LLC acquired a new stake in Automatic Data Processing during the 1st quarter worth approximately $33,000. Pineridge Advisors LLC acquired a new stake in Automatic Data Processing during the 4th quarter worth approximately $39,000. Evolution Advisers Inc. acquired a new stake in Automatic Data Processing during the 4th quarter worth approximately $41,000. Finally, Bfsg LLC acquired a new stake in Automatic Data Processing during the 4th quarter worth approximately $42,000. 80.03% of the stock is owned by institutional investors and hedge funds.

Automatic Data Processing Price Performance

NASDAQ ADP traded up $2.48 during mid-day trading on Tuesday, hitting $257.69. The stock had a trading volume of 1,123,176 shares, compared to its average volume of 1,664,564. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.65. The company has a 50 day simple moving average of $244.34 and a 200 day simple moving average of $245.19. The company has a market cap of $105.47 billion, a price-to-earnings ratio of 28.48, a P/E/G ratio of 2.64 and a beta of 0.78. Automatic Data Processing, Inc. has a 52-week low of $205.53 and a 52-week high of $258.45.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings results on Wednesday, May 1st. The business services provider reported $2.88 earnings per share for the quarter, topping the consensus estimate of $2.79 by $0.09. The company had revenue of $5.30 billion during the quarter, compared to the consensus estimate of $5.22 billion. Automatic Data Processing had a return on equity of 93.09% and a net margin of 19.56%. Automatic Data Processing’s revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.52 earnings per share. Equities analysts forecast that Automatic Data Processing, Inc. will post 9.16 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ADP has been the subject of several recent analyst reports. 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 report on Thursday, May 2nd. TD Cowen reduced their price target on Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating for the company in a report on Thursday, May 2nd. Barclays raised their price target on Automatic Data Processing from $280.00 to $282.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. Finally, StockNews.com cut Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Tuesday, July 2nd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $253.50.

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.