The Brokerages Set Automatic Data Processing (ADP) Price Target at $94.67

The Brokerages Set Automatic Data Processing (ADP) Price Target at $94.67

Shares of Automatic Data Processing (NYSE:ADP) have been assigned a consensus recommendation of “Hold” from the seven analysts that are presently covering the firm. One investment analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and one has given a buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $94.67.

Several equities research analysts have issued reports on ADP shares. JPMorgan Chase & Co. restated a “hold” rating and set a $93.00 price objective on shares of Automatic Data Processing in a report on Friday, July 29th. Wedbush started coverage on Automatic Data Processing in a report on Thursday, September 8th. They set a “neutral” rating and a $100.00 price objective on the stock. Sanford C. Bernstein upgraded Automatic Data Processing from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $97.00 to $110.00 in a report on Monday, July 11th. Zacks Investment Research upgraded Automatic Data Processing from a “hold” rating to a “buy” rating and set a $98.00 price objective on the stock in a report on Wednesday, June 29th. Finally, Jefferies Group lifted their price objective on Automatic Data Processing from $75.00 to $81.00 and gave the stock an “underperform” rating in a report on Monday, August 1st.

Shares of Automatic Data Processing (NYSE:ADP) opened at 86.87 on Monday. Automatic Data Processing has a one year low of $76.65 and a one year high of $96.00. The company’s 50 day moving average price is $88.29 and its 200 day moving average price is $89.32. The firm has a market capitalization of $39.63 billion and a P/E ratio of 26.75.

Automatic Data Processing (NYSE:ADP) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.67 by $0.02. The company had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.94 billion. The business’s revenue was up 7.6% on a year-over-year basis. During the same period last year, the firm posted $0.55 earnings per share. On average, analysts expect that Automatic Data Processing will post $3.61 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Saturday, October 1st. Stockholders of record on Friday, September 9th were issued a $0.53 dividend. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.44%.

In related news, CEO Carlos A. Rodriguez sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $89.91, for a total transaction of $899,100.00. Following the completion of the transaction, the chief executive officer now directly owns 119,877 shares in the company, valued at approximately $10,778,141.07. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Jan Siegmund sold 6,592 shares of the company’s stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $89.20, for a total value of $588,006.40. Following the transaction, the insider now owns 52,193 shares of the company’s stock, valued at $4,655,615.60. The disclosure for this sale can be found here.

Hedge funds and other institutional investors have recently modified their holdings of the company. Jarislowsky Fraser Ltd increased its position in shares of Automatic Data Processing by 269.1% in the second quarter. Jarislowsky Fraser Ltd now owns 1,158,265 shares of the company’s stock worth $44,030,000 after buying an additional 844,458 shares during the last quarter. Emerald Acquisition Ltd. bought a new position in shares of Automatic Data Processing during the second quarter worth approximately $68,548,000. BlackRock Fund Advisors increased its position in shares of Automatic Data Processing by 7.9% in the second quarter. BlackRock Fund Advisors now owns 8,269,243 shares of the company’s stock worth $759,695,000 after buying an additional 608,214 shares during the last quarter. Williams Jones & Associates LLC increased its position in shares of Automatic Data Processing by 339.2% in the second quarter. Williams Jones & Associates LLC now owns 753,887 shares of the company’s stock worth $69,260,000 after buying an additional 582,256 shares during the last quarter. Finally, Polen Capital Management LLC increased its position in shares of Automatic Data Processing by 11.5% in the second quarter. Polen Capital Management LLC now owns 4,362,933 shares of the company’s stock worth $400,823,000 after buying an additional 450,019 shares during the last quarter.

Related posts

Leave a Comment