Jefferies Financial Group Boosts Automatic Data Processing (ADP) Price Target to $167.00

Automatic Data Processing (NASDAQ:ADP) had its price target increased by Jefferies Financial Group to $167.00 in a report released on Thursday morning, The Fly reports. They currently have a hold rating on the business services provider’s stock. Jefferies Financial Group also issued estimates for Automatic Data Processing’s Q2 2019 earnings at $1.23 EPS, Q3 2019 earnings at $1.69 EPS, Q4 2019 earnings at $1.18 EPS, FY2019 earnings at $5.30 EPS, Q1 2020 earnings at $1.38 EPS, Q2 2020 earnings at $1.42 EPS, Q3 2020 earnings at $1.91 EPS, Q4 2020 earnings at $1.41 EPS, FY2020 earnings at $6.12 EPS and Q1 2021 earnings at $1.67 EPS.

Several other brokerages have also recently commented on ADP. BidaskClub cut shares of Automatic Data Processing from a strong-buy rating to a buy rating in a report on Wednesday, August 1st. Argus raised their target price on shares of Automatic Data Processing from $145.00 to $150.00 and gave the stock a buy rating in a report on Monday, August 13th. Moffett Nathanson started coverage on shares of Automatic Data Processing in a report on Thursday, October 4th. They issued a buy rating and a $180.00 target price for the company. Guggenheim started coverage on shares of Automatic Data Processing in a report on Monday, August 20th. They set a buy rating and a $175.00 price target for the company. Finally, Zacks Investment Research cut shares of Automatic Data Processing from a buy rating to a hold rating in a report on Tuesday, August 14th. Nine research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Automatic Data Processing has an average rating of Buy and an average price target of $148.69.

Shares of ADP opened at $140.72 on Thursday. The company has a market capitalization of $61.56 billion, a PE ratio of 32.35, a price-to-earnings-growth ratio of 2.14 and a beta of 0.91. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.03 and a current ratio of 1.03. Automatic Data Processing has a 12-month low of $107.61 and a 12-month high of $153.51.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings data on Wednesday, October 31st. The business services provider reported $1.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.09. The company had revenue of $3.32 billion for the quarter, compared to analysts’ expectations of $3.28 billion. Automatic Data Processing had a net margin of 12.71% and a return on equity of 50.96%. The business’s revenue was up 8.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.94 EPS. As a group, research analysts forecast that Automatic Data Processing will post 5.26 EPS for the current fiscal year.

In related news, VP Don Mcguire sold 1,140 shares of the business’s stock in a transaction on Thursday, September 6th. The shares were sold at an average price of $145.78, for a total transaction of $166,189.20. Following the transaction, the vice president now owns 6,476 shares of the company’s stock, valued at $944,071.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael C. Eberhard sold 9,100 shares of the business’s stock in a transaction on Friday, September 21st. The stock was sold at an average price of $150.00, for a total transaction of $1,365,000.00. Following the transaction, the vice president now directly owns 48,468 shares in the company, valued at approximately $7,270,200. The disclosure for this sale can be found here. In the last three months, insiders sold 15,919 shares of company stock worth $2,351,933. Insiders own 0.33% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. increased its position in Automatic Data Processing by 1.4% during the second quarter. BlackRock Inc. now owns 29,370,904 shares of the business services provider’s stock worth $3,939,812,000 after acquiring an additional 410,257 shares during the period. Morgan Stanley boosted its stake in Automatic Data Processing by 11.7% during the second quarter. Morgan Stanley now owns 7,671,784 shares of the business services provider’s stock worth $1,029,094,000 after buying an additional 801,928 shares in the last quarter. Polen Capital Management LLC boosted its stake in Automatic Data Processing by 1.2% during the second quarter. Polen Capital Management LLC now owns 7,146,946 shares of the business services provider’s stock worth $958,691,000 after buying an additional 84,493 shares in the last quarter. Fundsmith Equity Fund L.P. acquired a new stake in Automatic Data Processing during the second quarter worth $776,199,000. Finally, Schwab Charles Investment Management Inc. boosted its stake in Automatic Data Processing by 2.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 2,797,951 shares of the business services provider’s stock worth $375,318,000 after buying an additional 65,759 shares in the last quarter. 77.94% of the stock is currently owned by institutional investors and hedge funds.

About Automatic Data Processing

Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.

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