Automatic Data Processing (NASDAQ:ADP) Price Target Cut to $251.00 by Analysts at TD Cowen

Automatic Data Processing (NASDAQ:ADP) had its target price cut by TD Cowen from $253.00 to $251.00 in a research note released on Thursday morning, Benzinga reports. They currently have a hold rating on the business services provider’s stock.

Other analysts have also issued research reports about the stock. Barclays lifted their price objective on shares of Automatic Data Processing from $280.00 to $282.00 and gave the company an overweight rating in a research note on Thursday. Bank of America raised Automatic Data Processing from an underperform rating to a neutral rating and upped their price target for the stock from $217.00 to $243.00 in a research note on Wednesday, January 17th. Mizuho raised their price objective on Automatic Data Processing from $265.00 to $272.00 and gave the company a buy rating in a research note on Monday, March 11th. Evercore ISI upped their target price on Automatic Data Processing from $227.00 to $235.00 and gave the stock an underperform rating in a research report on Tuesday, March 26th. Finally, StockNews.com downgraded shares of Automatic Data Processing from a buy rating to a hold rating in a research report on Tuesday, March 19th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Hold and an average target price of $255.42.

Automatic Data Processing Price Performance

Shares of NASDAQ ADP opened at $241.89 on Thursday. The company has a market capitalization of $99.37 billion, a PE ratio of 27.00, a P/E/G ratio of 2.27 and a beta of 0.78. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.65. Automatic Data Processing has a twelve month low of $205.53 and a twelve month high of $256.84. The firm has a fifty day simple moving average of $245.63 and a 200 day simple moving average of $239.08.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, May 1st. The business services provider reported $2.88 earnings per share for the quarter, topping the consensus estimate of $2.79 by $0.09. Automatic Data Processing had a return on equity of 93.09% and a net margin of 19.56%. The firm had revenue of $5.30 billion during the quarter, compared to analyst estimates of $5.22 billion. During the same period last year, the company posted $2.52 EPS. The business’s quarterly revenue was up 7.6% on a year-over-year basis. On average, sell-side analysts forecast that Automatic Data Processing will post 9.15 EPS for the current year.

Automatic Data Processing Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 2.32%. The ex-dividend date is Friday, June 14th. Automatic Data Processing’s dividend payout ratio (DPR) is currently 62.50%.

Insider Buying and Selling

In other news, VP Joseph Desilva sold 1,904 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $255.00, for a total value of $485,520.00. Following the completion of the transaction, the vice president now directly owns 17,179 shares of the company’s stock, valued at $4,380,645. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Automatic Data Processing news, VP Sreenivasa Kutam sold 368 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $247.01, for a total value of $90,899.68. Following the sale, the vice president now directly owns 20,319 shares in the company, valued at approximately $5,018,996.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Joseph Desilva sold 1,904 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $255.00, for a total transaction of $485,520.00. Following the transaction, the vice president now owns 17,179 shares of the company’s stock, valued at $4,380,645. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,829 shares of company stock valued at $965,274. Company insiders own 0.26% of the company’s stock.

Hedge Funds Weigh In On Automatic Data Processing

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ADP. Howland Capital Management LLC grew its holdings in shares of Automatic Data Processing by 1.6% during the first quarter. Howland Capital Management LLC now owns 93,608 shares of the business services provider’s stock worth $23,509,000 after purchasing an additional 1,508 shares in the last quarter. Keener Financial Planning LLC increased its holdings in shares of Automatic Data Processing by 230.3% in the 1st quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider’s stock worth $28,000 after buying an additional 76 shares during the last quarter. Coulter & Justus Financial Services LLC purchased a new stake in shares of Automatic Data Processing during the 1st quarter valued at $216,000. Geneos Wealth Management Inc. lifted its holdings in shares of Automatic Data Processing by 0.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 10,885 shares of the business services provider’s stock worth $2,718,000 after acquiring an additional 100 shares during the last quarter. Finally, DAVENPORT & Co LLC grew its position in Automatic Data Processing by 1.1% in the first quarter. DAVENPORT & Co LLC now owns 62,978 shares of the business services provider’s stock worth $15,728,000 after acquiring an additional 668 shares in the last quarter. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

About Automatic Data Processing

Automatic Data Processing, Inc provides cloud-based human capital management solutions worldwide. It operates in two segments, Employer Services and Professional Employer Organization (PEO). The Employer Services segment offers strategic, cloud-based platforms, and human resources (HR) outsourcing solutions.