Automatic Data Processing Sees Unusually Large Options Volume (ADP)
Automatic Data Processing (NYSE:ADP) was the target of unusually large options trading on Monday. Stock investors purchased 5,749 put options on the company. This is an increase of 553% compared to the average daily volume of 880 put options.
In related news, CEO Carlos A. Rodriguez sold 49,392 shares of the stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $100.01, for a total transaction of $4,939,693.92. Following the sale, the chief executive officer now directly owns 159,403 shares in the company, valued at approximately $15,941,894.03. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael A. Bonarti sold 2,932 shares of the stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $101.98, for a total value of $299,005.36. Following the sale, the insider now owns 46,256 shares in the company, valued at $4,717,186.88. The disclosure for this sale can be found here. Over the last three months, insiders sold 54,257 shares of company stock valued at $5,435,827.
Several institutional investors have recently added to or reduced their stakes in ADP. BlackRock Inc. boosted its position in Automatic Data Processing by 1,971.2% in the first quarter. BlackRock Inc. now owns 29,631,769 shares of the business services provider’s stock worth $3,033,995,000 after buying an additional 28,201,085 shares during the period. Norges Bank bought a new position in Automatic Data Processing during the fourth quarter worth about $338,766,000. Vanguard Group Inc. boosted its position in Automatic Data Processing by 4.4% in the first quarter. Vanguard Group Inc. now owns 34,188,021 shares of the business services provider’s stock worth $3,500,512,000 after buying an additional 1,430,863 shares during the period. American Century Companies Inc. boosted its position in Automatic Data Processing by 51.1% in the first quarter. American Century Companies Inc. now owns 2,697,795 shares of the business services provider’s stock worth $276,227,000 after buying an additional 912,528 shares during the period. Finally, Congress Asset Management Co. MA bought a new position in Automatic Data Processing during the fourth quarter worth about $55,906,000.
Shares of Automatic Data Processing (NYSE:ADP) traded down 1.41% during mid-day trading on Monday, reaching $103.66. The company had a trading volume of 5,402,706 shares. Automatic Data Processing has a one year low of $85.48 and a one year high of $105.68. The firm has a market capitalization of $46.38 billion and a price-to-earnings ratio of 26.82. The stock has a 50 day moving average of $100.83 and a 200-day moving average of $101.57.
Automatic Data Processing (NYSE:ADP) last issued its quarterly earnings results on Wednesday, May 3rd. The business services provider reported $1.31 EPS for the quarter, beating the Zacks’ consensus estimate of $1.23 by $0.08. The business had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.42 billion. Automatic Data Processing had a net margin of 17.24% and a return on equity of 59.56%. The business’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.17 earnings per share. Equities analysts predict that Automatic Data Processing will post $3.72 EPS for the current year.
ADP has been the topic of a number of research analyst reports. BMO Capital Markets restated a “hold” rating and set a $98.00 price target on shares of Automatic Data Processing in a research report on Wednesday, April 5th. Barclays PLC decreased their price target on Automatic Data Processing from $115.00 to $113.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 25th. Argus decreased their price target on Automatic Data Processing from $118.00 to $101.50 and set a “buy” rating on the stock in a research report on Wednesday, May 31st. Evercore ISI restated an “underperform” rating and set a $85.00 price target on shares of Automatic Data Processing in a research report on Friday, June 2nd. Finally, Goldman Sachs Group, Inc. (The) lowered Automatic Data Processing from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $115.00 to $108.00 in a research report on Tuesday, June 20th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $99.73.
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.
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