Automatic Data Processing, Inc. (ADP) Upgraded to “Equal Weight” by Morgan Stanley

Morgan Stanley upgraded shares of Automatic Data Processing, Inc. (NASDAQ:ADP) from an underweight rating to an equal weight rating in a report published on Tuesday. They currently have $114.00 price objective on the business services provider’s stock.

Several other equities research analysts have also issued reports on ADP. BMO Capital Markets reiterated a market perform rating and set a $105.00 price target on shares of Automatic Data Processing in a report on Wednesday, August 9th. Wells Fargo & Company reiterated a market perform rating on shares of Automatic Data Processing in a report on Wednesday, August 9th. Zacks Investment Research upgraded Automatic Data Processing from a hold rating to a buy rating and set a $126.00 price target for the company in a report on Wednesday, November 8th. BidaskClub lowered Automatic Data Processing from a buy rating to a hold rating in a report on Wednesday, November 8th. Finally, Royal Bank Of Canada reduced their price target on Automatic Data Processing from $100.00 to $95.00 and set a sector perform rating for the company in a report on Monday, November 6th. Thirteen equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $112.37.

Shares of Automatic Data Processing (NASDAQ ADP) traded up $0.55 during trading on Tuesday, hitting $112.08. The stock had a trading volume of 1,992,000 shares, compared to its average volume of 2,916,417. The firm has a market cap of $49,462.40, a price-to-earnings ratio of 29.82, a price-to-earnings-growth ratio of 2.86 and a beta of 0.87. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.51. Automatic Data Processing has a fifty-two week low of $91.60 and a fifty-two week high of $121.77.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Thursday, November 2nd. The business services provider reported $0.91 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.85 by $0.06. The business had revenue of $3.08 billion during the quarter, compared to analyst estimates of $3.06 billion. Automatic Data Processing had a return on equity of 42.34% and a net margin of 14.08%. The firm’s revenue was up 5.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.86 EPS. equities research analysts predict that Automatic Data Processing will post 3.91 EPS for the current year.

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The firm also recently declared a quarterly dividend, which will be paid on Monday, January 1st. Shareholders of record on Friday, December 8th will be given a $0.63 dividend. This is an increase from Automatic Data Processing’s previous quarterly dividend of $0.57. This represents a $2.52 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend is Thursday, December 7th. Automatic Data Processing’s payout ratio is currently 58.02%.

In other news, VP Maria Black sold 631 shares of the business’s stock in a transaction that occurred on Saturday, September 2nd. The stock was sold at an average price of $106.64, for a total transaction of $67,289.84. Following the sale, the vice president now directly owns 10,550 shares in the company, valued at $1,125,052. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Brock Albinson sold 3,663 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $106.54, for a total value of $390,256.02. Following the sale, the vice president now owns 6,287 shares in the company, valued at $669,816.98. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Guardian Capital LP increased its position in shares of Automatic Data Processing by 1.9% during the third quarter. Guardian Capital LP now owns 180,484 shares of the business services provider’s stock valued at $19,731,000 after purchasing an additional 3,397 shares during the period. Griffin Asset Management Inc. bought a new stake in shares of Automatic Data Processing during the third quarter valued at approximately $205,000. Highlander Capital Management LLC increased its position in shares of Automatic Data Processing by 34.5% during the third quarter. Highlander Capital Management LLC now owns 3,900 shares of the business services provider’s stock valued at $426,000 after purchasing an additional 1,000 shares during the period. Piedmont Investment Advisors LLC increased its position in shares of Automatic Data Processing by 0.9% during the third quarter. Piedmont Investment Advisors LLC now owns 97,978 shares of the business services provider’s stock valued at $10,711,000 after purchasing an additional 881 shares during the period. Finally, California Public Employees Retirement System increased its position in shares of Automatic Data Processing by 3.7% during the third quarter. California Public Employees Retirement System now owns 1,093,650 shares of the business services provider’s stock valued at $119,558,000 after purchasing an additional 39,284 shares during the period. Institutional investors and hedge funds own 79.74% of the company’s stock.

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.

Analyst Recommendations for Automatic Data Processing (NASDAQ:ADP)

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