Automatic Data Processing (ADP) Upgraded by BidaskClub to Buy

BidaskClub upgraded shares of Automatic Data Processing (NYSE:ADP) from a hold rating to a buy rating in a report released on Saturday morning.

ADP has been the topic of several other research reports. BMO Capital Markets reissued a market perform rating and issued a $105.00 price objective on shares of Automatic Data Processing in a research note on Wednesday, August 9th. Robert W. Baird reissued a neutral rating and issued a $95.00 price objective on shares of Automatic Data Processing in a research note on Sunday, July 30th. Evercore ISI cut Automatic Data Processing from an in-line rating to an underperform rating and set a $85.00 price objective on the stock. in a research note on Friday, June 2nd. Wells Fargo & Company reissued a market perform rating on shares of Automatic Data Processing in a research note on Wednesday, August 9th. Finally, Stifel Nicolaus reissued a hold rating and issued a $108.00 price objective (up previously from $103.00) on shares of Automatic Data Processing in a research note on Sunday, July 30th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $107.81.

Shares of Automatic Data Processing (NYSE ADP) traded down 0.47% during midday trading on Friday, hitting $108.41. The stock had a trading volume of 3,124,962 shares. Automatic Data Processing has a 52-week low of $85.48 and a 52-week high of $121.77. The company has a market cap of $48.17 billion and a PE ratio of 28.16. The company’s 50 day moving average is $108.42 and its 200 day moving average is $103.60.

Automatic Data Processing (NYSE:ADP) last released its earnings results on Thursday, July 27th. The business services provider reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.67 by $0.02. The business had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $3.04 billion. Automatic Data Processing had a net margin of 8.67% and a return on equity of 26.39%. The company’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.69 EPS. On average, analysts anticipate that Automatic Data Processing will post $3.81 earnings per share for the current year.

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The business also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 8th will be given a dividend of $0.57 per share. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $2.28 annualized dividend and a yield of 2.10%.

In other Automatic Data Processing news, VP Donald Weinstein sold 1,933 shares of the stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $101.98, for a total transaction of $197,127.34. Following the sale, the vice president now owns 25,737 shares of the company’s stock, valued at approximately $2,624,659.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael A. Bonarti sold 2,932 shares of the stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $101.98, for a total value of $299,005.36. Following the sale, the insider now directly owns 46,256 shares in the company, valued at approximately $4,717,186.88. The disclosure for this sale can be found here. Insiders have sold a total of 45,522 shares of company stock worth $4,953,609 in the last ninety days.

A number of hedge funds and other institutional investors have recently made changes to their positions in ADP. UMB Bank N A MO boosted its position in Automatic Data Processing by 1.0% during the 1st quarter. UMB Bank N A MO now owns 18,417 shares of the business services provider’s stock valued at $1,885,000 after acquiring an additional 181 shares in the last quarter. IFC Holdings Incorporated FL lifted its holdings in shares of Automatic Data Processing by 1.3% during the 1st quarter. IFC Holdings Incorporated FL now owns 7,732 shares of the business services provider’s stock valued at $792,000 after purchasing an additional 99 shares during the last quarter. Korea Investment CORP lifted its holdings in shares of Automatic Data Processing by 27.6% during the 1st quarter. Korea Investment CORP now owns 155,850 shares of the business services provider’s stock valued at $15,957,000 after purchasing an additional 33,712 shares during the last quarter. Headinvest LLC lifted its holdings in shares of Automatic Data Processing by 2.7% during the 1st quarter. Headinvest LLC now owns 7,640 shares of the business services provider’s stock valued at $782,000 after purchasing an additional 200 shares during the last quarter. Finally, Glen Harbor Capital Management LLC lifted its holdings in shares of Automatic Data Processing by 19.5% during the 1st quarter. Glen Harbor Capital Management LLC now owns 24,820 shares of the business services provider’s stock valued at $2,542,000 after purchasing an additional 4,046 shares during the last quarter.

About Automatic Data Processing

Automatic Data Processing, Inc (ADP) is a provider of human capital management (HCM) solutions to employers, offering solutions to businesses of various sizes. The Company also provides business process outsourcing solutions. Its segments include Employer Services and Professional Employer Organization (PEO) Services.

Analyst Recommendations for Automatic Data Processing (NYSE:ADP)

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