Investors Buy Automatic Data Processing (ADP) on Weakness
Investors bought shares of Automatic Data Processing (NYSE:ADP) on weakness during trading hours on Tuesday. $20.61 million flowed into the stock on the tick-up and $14.58 million flowed out of the stock on the tick-down, for a money net flow of $6.03 million into the stock. Of all equities tracked, Automatic Data Processing had the 43rd highest net in-flow for the day. Automatic Data Processing traded down ($0.20) for the day and closed at $89.59
Several research firms recently weighed in on ADP. Sanford C. Bernstein upgraded shares of Automatic Data Processing from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $97.00 to $110.00 in a report on Monday, July 11th. Robert W. Baird cut shares of Automatic Data Processing from an “outperform” rating to a “neutral” rating and set a $94.00 price target on the stock. in a report on Friday, July 29th. Citigroup Inc. restated a “neutral” rating and set a $90.00 price target (up from $89.00) on shares of Automatic Data Processing in a report on Friday, July 29th. Jefferies Group boosted their target price on shares of Automatic Data Processing from $75.00 to $81.00 and gave the company an “underperform” rating in a research note on Monday, August 1st. Finally, JPMorgan Chase & Co. reiterated a “hold” rating and issued a $93.00 target price on shares of Automatic Data Processing in a research note on Friday, July 29th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $94.33.
The company has a market cap of $40.96 billion and a PE ratio of 27.64. The firm’s 50-day moving average price is $91.47 and its 200-day moving average price is $89.02.
Automatic Data Processing (NYSE:ADP) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.02. During the same quarter in the previous year, the business earned $0.55 earnings per share. The business earned $2.90 billion during the quarter, compared to the consensus estimate of $2.94 billion. The firm’s revenue was up 7.6% compared to the same quarter last year. On average, equities analysts anticipate that Automatic Data Processing will post $3.62 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, October 1st. Investors of record on Friday, September 9th will be paid a $0.53 dividend. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $2.12 annualized dividend and a dividend yield of 2.36%.
In related news, CEO Carlos A. Rodriguez sold 67,064 shares of the stock in a transaction dated Monday, July 11th. The shares were sold at an average price of $95.00, for a total value of $6,371,080.00. Following the completion of the transaction, the chief executive officer now directly owns 166,627 shares in the company, valued at approximately $15,829,565. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Dermot J. O’brien sold 8,532 shares of the stock in a transaction dated Tuesday, June 7th. The stock was sold at an average price of $87.70, for a total transaction of $748,256.40. Following the completion of the transaction, the vice president now owns 30,445 shares of the company’s stock, valued at $2,670,026.50. The disclosure for this sale can be found here.
Automatic Data Processing, Inc (ADP) is a provider of human capital management (HCM) solutions and business process outsourcing. The Company operates through two segments: Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers a range of business outsourcing and technology-enabled HCM solutions.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.