Automatic Data Processing (ADP) Rating Lowered to Hold at BidaskClub
Automatic Data Processing (NYSE:ADP) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a note issued to investors on Friday.
Several other equities research analysts have also issued reports on ADP. BMO Capital Markets reissued a “market perform” rating and set a $105.00 price objective on shares of Automatic Data Processing in a research note on Wednesday, August 9th. Wells Fargo & Company reiterated a “market perform” rating on shares of Automatic Data Processing in a report on Wednesday, August 9th. Barclays PLC reiterated an “equal weight” rating and issued a $105.00 price objective on shares of Automatic Data Processing in a report on Tuesday, August 15th. Royal Bank Of Canada lifted their price objective on Automatic Data Processing from $94.00 to $95.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 1st. Finally, Argus boosted their price target on Automatic Data Processing from $118.00 to $130.00 and gave the company a “buy” rating in a report on Thursday, August 3rd. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have issued a buy rating to the company. Automatic Data Processing has an average rating of “Hold” and an average price target of $107.81.
Automatic Data Processing (NYSE ADP) traded down 0.01% during mid-day trading on Friday, reaching $106.78. The company had a trading volume of 3,116,724 shares. Automatic Data Processing has a 12-month low of $85.48 and a 12-month high of $121.77. The stock has a 50-day moving average of $108.51 and a 200 day moving average of $103.81. The company has a market capitalization of $47.45 billion and a price-to-earnings ratio of 27.74.
Automatic Data Processing (NYSE:ADP) last posted its quarterly earnings results on Thursday, July 27th. The business services provider reported $0.65 EPS for the quarter, missing the Zacks’ 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 the consensus estimate of $3.04 billion. During the same period in the previous year, the business earned $0.69 earnings per share. Automatic Data Processing’s revenue was up 5.7% on a year-over-year basis. On average, analysts expect that Automatic Data Processing will post $3.81 EPS for the current year.
In other news, VP Brock Albinson sold 3,663 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $106.54, for a total value of $390,256.02. Following the sale, the vice president now directly owns 6,287 shares of the company’s stock, valued at approximately $669,816.98. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Maria Black sold 631 shares of the business’s stock in a transaction that occurred on Saturday, September 2nd. The stock was sold at an average price of $106.64, for a total value of $67,289.84. Following the completion of the sale, the vice president now directly owns 10,550 shares in the company, valued at $1,125,052. The disclosure for this sale can be found here. Over the last three months, insiders sold 45,522 shares of company stock worth $4,953,609.
Institutional investors and hedge funds have recently modified their holdings of the company. Proficio Capital Partners LLC boosted its position 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 worth $111,000 after purchasing an additional 17 shares in the last quarter. Acrospire Investment Management LLC bought a new stake in shares of Automatic Data Processing in the 2nd quarter worth approximately $102,000. Coconut Grove Bank boosted its position 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 worth $106,000 after purchasing an additional 460 shares in the last quarter. Grisanti Capital Management LLC boosted its position 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 worth $107,000 after purchasing an additional 45 shares in the last quarter. Finally, Edmond DE Rothschild Holding S.A. bought a new stake in shares of Automatic Data Processing in the 1st quarter worth approximately $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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