Automatic Data Processing (NASDAQ:ADP) Given New $295.00 Price Target at Citigroup

Automatic Data Processing (NASDAQ:ADP) had its price target hoisted by equities research analysts at Citigroup from $260.00 to $295.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the business services provider’s stock. Citigroup’s price target would indicate a potential upside of 6.85% from the company’s previous close.

Several other brokerages have also weighed in on ADP. JPMorgan Chase & Co. lifted their price objective on Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a report on Tuesday, August 20th. StockNews.com cut Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday, September 19th. Jefferies Financial Group raised their price objective on Automatic Data Processing from $250.00 to $260.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Bank of America lifted their price target on Automatic Data Processing from $250.00 to $267.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $267.00 target price on shares of Automatic Data Processing in a research note on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $267.83.

Automatic Data Processing Trading Down 0.2 %

ADP stock traded down $0.54 during trading on Wednesday, hitting $276.10. The company had a trading volume of 370,293 shares, compared to its average volume of 1,646,667. The stock has a market cap of $112.60 billion, a PE ratio of 30.80, a PEG ratio of 3.02 and a beta of 0.79. Automatic Data Processing has a one year low of $205.53 and a one year high of $281.54. The business has a 50-day moving average of $266.07 and a 200-day moving average of $252.09. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.66.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, July 31st. The business services provider reported $2.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.06 by $0.03. The company had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.74 billion. Automatic Data Processing had a return on equity of 89.20% and a net margin of 19.54%. Automatic Data Processing’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period last year, the business earned $1.89 EPS. Research analysts predict that Automatic Data Processing will post 10.04 earnings per share for the current fiscal year.

Insider Transactions at Automatic Data Processing

In related news, Director Carlos A. Rodriguez sold 9,203 shares of Automatic Data Processing stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the completion of the transaction, the director now directly owns 36,741 shares in the company, valued at approximately $9,899,862.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Automatic Data Processing news, CEO Maria Black sold 19,147 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total value of $5,253,553.86. Following the completion of the transaction, the chief executive officer now directly owns 92,807 shares of the company’s stock, valued at approximately $25,464,384.66. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Carlos A. Rodriguez sold 9,203 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the completion of the transaction, the director now directly owns 36,741 shares of the company’s stock, valued at $9,899,862.45. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 58,817 shares of company stock worth $15,999,208. Corporate insiders own 0.26% of the company’s stock.

Institutional Investors Weigh In On Automatic Data Processing

Institutional investors have recently modified their holdings of the stock. TD Asset Management Inc raised its stake in shares of Automatic Data Processing by 14.2% in the 1st quarter. TD Asset Management Inc now owns 801,857 shares of the business services provider’s stock valued at $200,256,000 after purchasing an additional 99,515 shares in the last quarter. Assenagon Asset Management S.A. grew its position in Automatic Data Processing by 70.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 638,507 shares of the business services provider’s stock worth $152,405,000 after purchasing an additional 264,466 shares during the last quarter. SG Americas Securities LLC grew its position in Automatic Data Processing by 195.1% in the 1st quarter. SG Americas Securities LLC now owns 51,607 shares of the business services provider’s stock worth $12,888,000 after purchasing an additional 34,118 shares during the last quarter. Cornerstone Wealth Group LLC bought a new position in Automatic Data Processing in the 1st quarter worth about $2,924,000. Finally, LVW Advisors LLC boosted its holdings in shares of Automatic Data Processing by 23.8% in the first quarter. LVW Advisors LLC now owns 3,854 shares of the business services provider’s stock valued at $962,000 after acquiring an additional 740 shares in the last quarter. Institutional investors and hedge funds own 80.03% of the company’s stock.

About Automatic Data Processing

Automatic Data Processing, Inc provides cloud-based human capital management solutions worldwide. It operates in two segments, Employer Services and Professional Employer Organization (PEO). The Employer Services segment offers strategic, cloud-based platforms, and human resources (HR) outsourcing solutions.