Argus Lowers Automatic Data Processing (ADP) Price Target to $101.50

Automatic Data Processing (NYSE:ADP) had its target price dropped by research analysts at Argus from $118.00 to $101.50 in a note issued to investors on Wednesday. The firm presently has a “buy” rating on the business services provider’s stock. Argus’ price objective indicates a potential downside of 1.79% from the stock’s current price.

ADP has been the topic of several other reports. Zacks Investment Research downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Thursday, February 2nd. William Blair reaffirmed an “outperform” rating on shares of Automatic Data Processing in a report on Tuesday, February 7th. BMO Capital Markets reaffirmed a “hold” rating on shares of Automatic Data Processing in a report on Thursday, February 2nd. Finally, Barclays PLC reaffirmed a “buy” rating on shares of Automatic Data Processing in a report on Thursday, April 27th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $101.21.

Analyst Recommendations for Automatic Data Processing (NYSE:ADP)

Automatic Data Processing (NYSE ADP) opened at 103.35 on Wednesday. Automatic Data Processing has a 12 month low of $85.23 and a 12 month high of $105.68. The stock’s 50 day moving average price is $100.71 and its 200 day moving average price is $100.72. The company has a market capitalization of $46.24 billion and a price-to-earnings ratio of 26.74.

Automatic Data Processing (NYSE:ADP) last announced its quarterly earnings data on Wednesday, May 3rd. The business services provider reported $1.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.23 by $0.08. The business had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.42 billion. During the same quarter in the previous year, the firm earned $1.17 earnings per share. Automatic Data Processing’s revenue was up 5.0% on a year-over-year basis. Equities research analysts anticipate that Automatic Data Processing will post $3.72 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, July 1st. Shareholders of record on Friday, June 9th will be paid a dividend of $0.57 per share. The ex-dividend date of this dividend is Wednesday, June 7th. This represents a $2.28 annualized dividend and a yield of 2.21%.

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In other Automatic Data Processing news, CEO Carlos A. Rodriguez sold 49,392 shares of the business’s 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 of the company’s stock, valued at $15,941,894.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael C. Eberhard sold 500 shares of the business’s stock in a transaction that occurred on Monday, March 6th. The stock was sold at an average price of $105.00, for a total value of $52,500.00. Following the sale, the insider now directly owns 27,166 shares in the company, valued at $2,852,430. The disclosure for this sale can be found here. Insiders have sold 60,223 shares of company stock worth $6,077,006 over the last three months.

Large investors have recently modified their holdings of the company. Coconut Grove Bank boosted its stake in shares of Automatic Data Processing by 79.6% in the first quarter. Coconut Grove Bank now owns 1,038 shares of the business services provider’s stock valued at $106,000 after buying an additional 460 shares during the last quarter. Grisanti Capital Management LLC boosted its stake in shares of Automatic Data Processing by 4.5% in the first quarter. Grisanti Capital Management LLC now owns 1,045 shares of the business services provider’s stock valued at $107,000 after buying an additional 45 shares during the last quarter. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Automatic Data Processing during the first quarter valued at $113,000. Zions Bancorporation boosted its stake in shares of Automatic Data Processing by 3.1% in the fourth quarter. Zions Bancorporation now owns 1,224 shares of the business services provider’s stock valued at $126,000 after buying an additional 37 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV bought a new stake in shares of Automatic Data Processing during the fourth quarter valued at $132,000.

Automatic Data Processing Company Profile

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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