Automatic Data Processing (NASDAQ:ADP) Price Target Raised to $336.00

Automatic Data Processing (NASDAQ:ADP) had its target price increased by Cantor Fitzgerald from $310.00 to $336.00 in a research report report published on Friday morning,Benzinga reports. The firm currently has an overweight rating on the business services provider’s stock.

A number of other brokerages also recently issued reports on ADP. Citigroup boosted their price objective on shares of Automatic Data Processing from $287.00 to $295.00 and gave the company a “neutral” rating in a research report on Thursday. Stifel Nicolaus raised their target price on Automatic Data Processing from $285.00 to $305.00 and gave the stock a “hold” rating in a report on Thursday. Wells Fargo & Company boosted their price target on Automatic Data Processing from $248.00 to $283.00 and gave the company an “equal weight” rating in a report on Thursday, July 30th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $290.00 price objective on shares of Automatic Data Processing in a research note on Thursday. Finally, TD Cowen lifted their price objective on Automatic Data Processing from $216.00 to $223.00 and gave the company a “hold” rating in a research report on Monday, July 6th. Three investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Automatic Data Processing currently has a consensus rating of “Hold” and a consensus target price of $285.00.

Automatic Data Processing Stock Performance

Shares of ADP stock opened at $293.84 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.03 and a debt-to-equity ratio of 0.98. The company has a 50 day moving average price of $277.25 and a 200-day moving average price of $240.83. Automatic Data Processing has a 52 week low of $188.16 and a 52 week high of $309.40. The firm has a market capitalization of $116.43 billion, a PE ratio of 26.05, a P/E/G ratio of 2.64 and a beta of 0.83.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings results on Wednesday, October 28th. The business services provider reported $2.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.77 by $0.05. The firm had revenue of $5.49 billion for the quarter, compared to the consensus estimate of $5.48 billion. Automatic Data Processing had a return on equity of 77.01% and a net margin of 20.33%. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period last year, the business posted $2.49 EPS. As a group, equities research analysts expect that Automatic Data Processing will post 12.36 earnings per share for the current year.

Automatic Data Processing Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Friday, September 11th were issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 2.3%. The ex-dividend date was Friday, September 11th. Automatic Data Processing’s dividend payout ratio is presently 60.28%.

Insider Buying and Selling at Automatic Data Processing

In other news, VP David Kwon sold 798 shares of Automatic Data Processing stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $280.00, for a total value of $223,440.00. Following the transaction, the vice president directly owned 13,193 shares in the company, valued at approximately $3,694,040. This trade represents a 5.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Brian Michaud sold 120 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $279.70, for a total transaction of $33,564.00. Following the transaction, the vice president owned 18,442 shares of the company’s stock, valued at approximately $5,158,227.40. This trade represents a 0.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 31,359 shares of company stock worth $8,809,422. Company insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Automatic Data Processing

Several institutional investors and hedge funds have recently modified their holdings of ADP. Pathway Financial Advisers LLC acquired a new position in shares of Automatic Data Processing during the 3rd quarter worth approximately $39,000. Chicago Partners Investment Group LLC grew its stake in Automatic Data Processing by 15.1% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 9,480 shares of the business services provider’s stock valued at $2,883,000 after acquiring an additional 1,243 shares during the period. Covestor Ltd grew its stake in Automatic Data Processing by 16.5% in the 3rd quarter. Covestor Ltd now owns 538 shares of the business services provider’s stock valued at $139,000 after acquiring an additional 76 shares during the period. Richardson Financial Services Inc. grew its stake in Automatic Data Processing by 82.7% in the 3rd quarter. Richardson Financial Services Inc. now owns 709 shares of the business services provider’s stock valued at $183,000 after acquiring an additional 321 shares during the period. Finally, Ascent Group LLC increased its holdings in Automatic Data Processing by 19.9% in the 3rd quarter. Ascent Group LLC now owns 19,301 shares of the business services provider’s stock worth $4,981,000 after acquiring an additional 3,200 shares in the last quarter. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Company Profile

Automatic Data Processing, Inc (NASDAQ: ADP) is a global provider of human capital management and business outsourcing solutions. The company helps employers manage payroll, human resources, workforce administration, benefits, tax compliance, time and attendance, talent management, and related employment processes.

ADP offers cloud-based platforms and services designed for businesses of various sizes, from small enterprises to large organizations. Its portfolio includes payroll processing, human resources management, employee benefits administration, retirement services, workforce management, data analytics, and professional employer organization services through ADP TotalSource.

Founded in 1949, ADP serves businesses in the United States and international markets.