Cantor Fitzgerald Issues Positive Forecast for Automatic Data Processing (NASDAQ:ADP) Stock Price

Automatic Data Processing (NASDAQ:ADP) had its target price upped by Cantor Fitzgerald from $310.00 to $336.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has an overweight rating on the business services provider’s stock.

Other analysts have also issued research reports about the stock. Wells Fargo & Company lifted their price target on shares of Automatic Data Processing from $248.00 to $283.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 30th. Guggenheim reiterated a “buy” rating and set a $340.00 target price on shares of Automatic Data Processing in a research note on Thursday. Jefferies Financial Group upped their target price on Automatic Data Processing from $225.00 to $250.00 and gave the company an “underperform” rating in a report on Wednesday, October 28th. TD Cowen lifted their price target on Automatic Data Processing from $216.00 to $223.00 and gave the company a “hold” rating in a report on Monday, July 6th. Finally, Weiss Ratings raised shares of Automatic Data Processing from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, September 22nd. Three equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $285.00.

Automatic Data Processing Stock Performance

Shares of ADP opened at $293.84 on Friday. Automatic Data Processing has a 1 year low of $188.16 and a 1 year high of $309.40. The company’s 50 day simple moving average is $277.25 and its 200 day simple moving average is $240.83. The company has a market capitalization of $116.43 billion, a price-to-earnings ratio of 26.05, a PEG ratio of 2.64 and a beta of 0.83. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.05 and a current ratio of 1.03.

Automatic Data Processing (NASDAQ:ADP) last released its earnings results on Wednesday, October 28th. The business services provider reported $2.82 EPS for the quarter, beating the consensus estimate of $2.77 by $0.05. Automatic Data Processing had a return on equity of 77.01% and a net margin of 20.33%. The firm had revenue of $5.49 billion during the quarter, compared to analyst estimates of $5.48 billion. During the same period in the prior year, the firm posted $2.49 earnings per share. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, sell-side analysts predict that Automatic Data Processing will post 12.36 EPS for the current year.

Automatic Data Processing Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Friday, September 11th were paid a $1.70 dividend. The ex-dividend date of this dividend was Friday, September 11th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.3%. Automatic Data Processing’s dividend payout ratio is 60.28%.

Insider Activity at Automatic Data Processing

In other Automatic Data Processing news, CEO Maria Black sold 29,810 shares of Automatic Data Processing stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $280.91, for a total transaction of $8,373,927.10. Following the completion of the transaction, the chief executive officer directly owned 80,624 shares of the company’s stock, valued at $22,648,087.84. The trade was a 26.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP David Kwon sold 798 shares of the firm’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $280.00, for a total value of $223,440.00. Following the transaction, the vice president owned 13,193 shares in the company, valued at approximately $3,694,040. This trade represents a 5.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 31,359 shares of company stock valued at $8,809,422. Corporate insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Pathway Financial Advisers LLC bought a new stake in Automatic Data Processing in the 3rd quarter valued at about $39,000. Chicago Partners Investment Group LLC boosted its stake in Automatic Data Processing by 15.1% during the third quarter. Chicago Partners Investment Group LLC now owns 9,480 shares of the business services provider’s stock valued at $2,883,000 after buying an additional 1,243 shares during the period. Covestor Ltd increased its position in shares of Automatic Data Processing by 16.5% in the third quarter. Covestor Ltd now owns 538 shares of the business services provider’s stock worth $139,000 after purchasing an additional 76 shares during the last quarter. Richardson Financial Services Inc. lifted its stake in Automatic Data Processing by 82.7% during the third quarter. Richardson Financial Services Inc. now owns 709 shares of the business services provider’s stock worth $183,000 after purchasing an additional 321 shares during the last quarter. Finally, Ascent Group LLC boosted its stake in shares of Automatic Data Processing by 19.9% in the 3rd quarter. Ascent Group LLC now owns 19,301 shares of the business services provider’s stock valued at $4,981,000 after purchasing an additional 3,200 shares in the last quarter. 80.03% of the stock is owned by institutional investors.

About Automatic Data Processing

Automatic Data Processing, Inc (NASDAQ: ADP) is a global provider of human capital management and business outsourcing solutions. The company helps employers manage payroll, human resources, workforce administration, benefits, tax compliance, time and attendance, talent management, and related employment processes.

ADP offers cloud-based platforms and services designed for businesses of various sizes, from small enterprises to large organizations. Its portfolio includes payroll processing, human resources management, employee benefits administration, retirement services, workforce management, data analytics, and professional employer organization services through ADP TotalSource.

Founded in 1949, ADP serves businesses in the United States and international markets.