BidaskClub Upgrades Automatic Data Processing (ADP) to “Buy”
Automatic Data Processing (NYSE:ADP) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.
A number of other brokerages have also issued reports on ADP. Morgan Stanley lowered Automatic Data Processing from an “equal weight” rating to an “underweight” rating and increased their price target for the stock from $98.00 to $100.00 in a research note on Thursday, August 3rd. Barclays PLC reiterated an “equal weight” rating and issued a $105.00 price target on shares of Automatic Data Processing in a research note on Tuesday, August 15th. BMO Capital Markets reiterated a “market perform” rating and issued a $105.00 price target on shares of Automatic Data Processing in a research note on Monday, August 21st. Citigroup Inc. reiterated a “neutral” rating and issued a $110.00 price target (up previously from $98.00) on shares of Automatic Data Processing in a research note on Thursday, August 17th. Finally, William Blair lowered Automatic Data Processing from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $107.25.
Automatic Data Processing (ADP) traded down 0.47% during midday trading on Friday, reaching $108.41. The company had a trading volume of 3,124,962 shares. The firm has a 50-day moving average price of $108.42 and a 200-day moving average price of $103.60. Automatic Data Processing has a 52 week low of $85.48 and a 52 week high of $121.77. The company has a market capitalization of $48.17 billion and a price-to-earnings ratio of 28.16.
Automatic Data Processing (NYSE:ADP) last posted its quarterly earnings data on Thursday, July 27th. The business services provider reported $0.65 EPS for the quarter, missing the consensus estimate of $0.67 by $0.02. Automatic Data Processing had a return on equity of 26.39% and a net margin of 8.67%. The company had revenue of $3.06 billion during the quarter, compared to analysts’ expectations of $3.04 billion. During the same quarter last year, the company earned $0.69 earnings per share. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. Analysts expect that Automatic Data Processing will post $3.81 EPS for the current fiscal year.
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In other Automatic Data Processing news, VP Donald Weinstein sold 1,933 shares of the stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $101.98, for a total transaction of $197,127.34. Following the completion of the transaction, the vice president now owns 25,737 shares of the company’s stock, valued at approximately $2,624,659.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael A. Bonarti sold 2,932 shares of the stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $101.98, for a total transaction of $299,005.36. Following the transaction, the insider now directly owns 46,256 shares of the company’s stock, 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 valued at $4,953,609 in the last three months.
Several institutional investors and hedge funds have recently added to or reduced their stakes in ADP. Acrospire Investment Management LLC bought a new position in shares of Automatic Data Processing during the 2nd quarter valued at about $102,000. Coconut Grove Bank lifted its holdings in shares of Automatic Data Processing by 79.6% in the 1st quarter. Coconut Grove Bank now owns 1,038 shares of the business services provider’s stock valued at $106,000 after acquiring an additional 460 shares during the last quarter. Grisanti Capital Management LLC lifted its holdings in shares of Automatic Data Processing by 4.5% in the 1st quarter. Grisanti Capital Management LLC now owns 1,045 shares of the business services provider’s stock valued at $107,000 after acquiring an additional 45 shares during the last quarter. Proficio Capital Partners LLC lifted its holdings in shares of Automatic Data Processing by 1.8% in the 2nd quarter. Proficio Capital Partners LLC now owns 964 shares of the business services provider’s stock valued at $111,000 after acquiring an additional 17 shares during the last quarter. Finally, Edmond DE Rothschild Holding S.A. bought a new position in shares of Automatic Data Processing in the 1st quarter valued at about $113,000.
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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