Bank of America Corporation Increases Automatic Data Processing (ADP) Price Target to $114.00

Automatic Data Processing (NYSE:ADP) had its price target lifted by equities research analysts at Bank of America Corporation from $111.00 to $114.00 in a research note issued on Friday. The firm presently has a “neutral” rating on the business services provider’s stock. Bank of America Corporation’s price target points to a potential upside of 0.36% from the stock’s current price.

Other analysts also recently issued reports about the company. Argus increased their price target on Automatic Data Processing from $118.00 to $130.00 and gave the company a “buy” rating in a report on Thursday, August 3rd. BidaskClub upgraded Automatic Data Processing from a “hold” rating to a “buy” rating in a research note on Tuesday, August 1st. Barclays PLC downgraded Automatic Data Processing from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $110.00 to $105.00 in a research note on Tuesday, July 18th. Stifel Nicolaus restated a “hold” rating and set a $108.00 target price (up from $103.00) on shares of Automatic Data Processing in a research note on Sunday, July 30th. Finally, Deutsche Bank AG restated a “hold” rating and set a $102.00 target price on shares of Automatic Data Processing in a research note on Monday, August 21st. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $107.81.

Automatic Data Processing (NYSE:ADP) traded up 0.445% on Friday, reaching $114.095. The company had a trading volume of 196,098 shares. The stock’s 50-day moving average price is $108.59 and its 200 day moving average price is $104.64. Automatic Data Processing has a 52-week low of $85.48 and a 52-week high of $121.77. The firm has a market capitalization of $50.70 billion and a price-to-earnings ratio of 29.635.

Automatic Data Processing (NYSE:ADP) last announced its quarterly earnings results on Thursday, July 27th. The business services provider reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.02). Automatic Data Processing had a net margin of 8.67% and a return on equity of 26.39%. The company had revenue of $3.06 billion during the quarter, compared to analyst estimates of $3.04 billion. During the same quarter in the prior year, the company posted $0.69 earnings per share. The firm’s revenue for the quarter was up 5.7% on a year-over-year basis. On average, equities analysts anticipate that Automatic Data Processing will post $3.81 earnings per share for the current fiscal year.

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In other Automatic Data Processing news, VP Maria Black sold 631 shares of the firm’s stock in a transaction dated Saturday, September 2nd. The shares were sold at an average price of $106.64, for a total value of $67,289.84. Following the transaction, the vice president now owns 10,550 shares of the company’s stock, valued at $1,125,052. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Carlos A. Rodriguez sold 36,363 shares of the firm’s stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $110.00, for a total transaction of $3,999,930.00. Following the completion of the transaction, the chief executive officer now directly owns 146,494 shares in the company, valued at approximately $16,114,340. The disclosure for this sale can be found here. Insiders have sold 40,657 shares of company stock worth $4,457,476 in the last ninety days.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Goelzer Investment Management Inc. lifted its holdings in Automatic Data Processing by 0.3% in the first quarter. Goelzer Investment Management Inc. now owns 4,239 shares of the business services provider’s stock worth $434,000 after acquiring an additional 12 shares during the last quarter. Guardian Life Insurance Co. of America lifted its holdings in Automatic Data Processing by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 1,740 shares of the business services provider’s stock worth $178,000 after acquiring an additional 12 shares during the last quarter. Washington Trust Bank lifted its holdings in Automatic Data Processing by 0.4% in the second quarter. Washington Trust Bank now owns 3,392 shares of the business services provider’s stock worth $348,000 after acquiring an additional 12 shares during the last quarter. Flagship Harbor Advisors LLC lifted its holdings in Automatic Data Processing by 0.6% in the first quarter. Flagship Harbor Advisors LLC now owns 2,778 shares of the business services provider’s stock worth $282,000 after acquiring an additional 16 shares during the last quarter. Finally, Personal Capital Advisors Corp lifted its holdings in Automatic Data Processing by 0.7% in the second quarter. Personal Capital Advisors Corp now owns 2,371 shares of the business services provider’s stock worth $243,000 after acquiring an additional 16 shares during the last quarter.

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 (NYSE:ADP)

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