Automatic Data Processing, Inc. (NASDAQ:ADP) Stock Has Consensus Target Price of $276.36 According to Brokerages

Shares of Automatic Data Processing, Inc. (NASDAQ:ADP) have earned an average recommendation of “Hold” from the twelve brokerages that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, eight have given a hold recommendation and three have given a buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $276.36.

ADP has been the topic of several analyst reports. Stifel Nicolaus raised their price target on shares of Automatic Data Processing from $260.00 to $285.00 and gave the stock a “hold” rating in a research note on Thursday, July 30th. Wells Fargo & Company boosted their price objective on shares of Automatic Data Processing from $248.00 to $283.00 and gave the company an “equal weight” rating in a research report on Thursday, July 30th. Guggenheim upped their price objective on shares of Automatic Data Processing from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, October 23rd. Morgan Stanley raised their target price on shares of Automatic Data Processing from $240.00 to $286.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 30th. Finally, UBS Group raised their target price on shares of Automatic Data Processing from $260.00 to $270.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 22nd.

Automatic Data Processing Stock Down 2.7%

ADP opened at $293.11 on Friday. Automatic Data Processing has a 52 week low of $188.16 and a 52 week high of $309.40. The business’s fifty day simple moving average is $276.46 and its 200 day simple moving average is $240.47.

Automatic Data Processing (NASDAQ:ADP) last announced its earnings results on Wednesday, July 29th. The business services provider reported $2.64 earnings per share for the quarter, beating the consensus estimate of $2.59 by $0.05. The firm had revenue of $5.47 billion during the quarter, compared to analyst estimates of $5.44 billion. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.26 EPS. On average, equities analysts expect that Automatic Data Processing will post 12.27 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Friday, September 11th were paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Friday, September 11th.

Insiders Place Their Bets

In other news, VP Joseph Desilva sold 631 shares of Automatic Data Processing stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $282.87, for a total value of $178,490.97. Following the completion of the sale, the vice president owned 18,824 shares of the company’s stock, valued at $5,324,744.88. The trade was a 3.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Maria Black sold 29,810 shares of the company’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $280.91, for a total value of $8,373,927.10. Following the completion of the transaction, the chief executive officer 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 33,773 shares of company stock worth $9,450,629. 0.15% of the stock is owned by company insiders.

Institutional Trading of Automatic Data Processing

A number of hedge funds have recently added to or reduced their stakes in ADP. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Automatic Data Processing during the second quarter worth approximately $13,283,000. Royal Capital Wealth Management LLC acquired a new position in Automatic Data Processing during the 2nd quarter worth $1,226,000. Canada Pension Plan Investment Board acquired a new position in Automatic Data Processing during the 2nd quarter worth $152,706,000. Fulton Bank N.A. boosted its position in Automatic Data Processing by 192.0% in the 2nd quarter. Fulton Bank N.A. now owns 7,165 shares of the business services provider’s stock valued at $1,605,000 after buying an additional 4,711 shares during the last quarter. Finally, Bank of America Corp DE acquired a new stake in shares of Automatic Data Processing in the 2nd quarter valued at $1,231,175,000. 80.03% of the stock is owned by institutional investors and hedge funds.

Automatic Data Processing Company Profile

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.