RBC Capital Initiates Coverage on Automatic Data Processing (ADP)
Equities researchers at RBC Capital initiated coverage on shares of Automatic Data Processing (NASDAQ:ADP) in a research report issued on Thursday, TheFlyOnTheWall.com reports. The firm set a “sector perform” rating on the stock.
Automatic Data Processing (NASDAQ:ADP) traded up 0.35% during mid-day trading on Thursday, hitting $80.63. 1,444,744 shares of the company’s stock traded hands. Automatic Data Processing has a 52-week low of $58.79 and a 52-week high of $83.82. The stock has a 50-day moving average of $79.52 and a 200-day moving average of $74.. The company has a market cap of $38.817 billion and a price-to-earnings ratio of 27.33.
Automatic Data Processing (NASDAQ:ADP) last released its earnings data on Wednesday, October 30th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.02. The company had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.81 billion. During the same quarter in the previous year, the company posted $0.62 earnings per share. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. On average, analysts predict that Automatic Data Processing will post $3.17 earnings per share for the current fiscal year.
In other Automatic Data Processing news, CEO Carlos Rodriguez sold 47,500 shares of the company’s stock on the open market in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $80.33, for a total transaction of $3,815,675.00. Following the completion of the sale, the chief executive officer now directly owns 130,085 shares in the company, valued at approximately $10,449,728. The sale was disclosed in a legal filing with the SEC, which is available at this link.
A number of other analysts have also recently weighed in on ADP. Analysts at Argus raised their price target on shares of Automatic Data Processing from $80.00 to $88.00 in a research note to investors on Friday, January 3rd. They now have a “buy” rating on the stock. Separately, analysts at Morgan Stanley initiated coverage on shares of Automatic Data Processing in a research note to investors on Thursday, December 5th. They set an “equal weight” rating and a $82.00 price target on the stock. Finally, analysts at BMO Capital Markets reiterated an “outperform” rating on shares of Automatic Data Processing in a research note to investors on Thursday, October 31st. They now have a $84.00 price target on the stock, up previously from $78.00. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $74.04.
Automatic Data Processing, Inc (NASDAQ:ADP) is a provider of business outsourcing solutions.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.