Automatic Data Processing (ADP) Cut to “Neutral” at Goldman Sachs Group, Inc. (The)

Automatic Data Processing (NYSE:ADP) was downgraded by analysts at Goldman Sachs Group, Inc. (The) from a “buy” rating to a “neutral” rating in a research report issued on Tuesday, MarketBeat reports. They presently have a $108.00 target price on the business services provider’s stock, down from their previous target price of $115.00. Goldman Sachs Group, Inc. (The)’s target price suggests a potential upside of 3.74% from the stock’s current price.

Other equities analysts have also issued reports about the company. Argus lowered their target price on Automatic Data Processing from $118.00 to $101.50 and set a “buy” rating for the company in a report on Wednesday, May 31st. Barclays PLC reaffirmed a “buy” rating on shares of Automatic Data Processing in a report on Thursday, April 27th. BMO Capital Markets reaffirmed a “hold” rating and set a $98.00 target price on shares of Automatic Data Processing in a report on Wednesday, April 5th. Finally, Evercore ISI lowered Automatic Data Processing from an “in-line” rating to an “underperform” rating and set a $85.00 target price for the company. in a report on Friday, June 2nd. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company. Automatic Data Processing presently has a consensus rating of “Hold” and a consensus price target of $99.73.

Analyst Recommendations for Automatic Data Processing (NYSE:ADP)

Automatic Data Processing (NYSE ADP) traded down 1.28% during trading on Tuesday, reaching $102.78. The company had a trading volume of 473,527 shares. Automatic Data Processing has a 12 month low of $85.23 and a 12 month high of $105.68. The firm’s 50 day moving average is $100.21 and its 200-day moving average is $101.33. The company has a market capitalization of $45.98 billion and a P/E ratio of 26.59.

Automatic Data Processing (NYSE:ADP) last announced its quarterly earnings data on Wednesday, May 3rd. The business services provider reported $1.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.23 by $0.08. The firm had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.42 billion. Automatic Data Processing had a return on equity of 59.56% and a net margin of 17.24%. Automatic Data Processing’s quarterly revenue was up 5.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.17 earnings per share. On average, equities analysts expect that Automatic Data Processing will post $3.72 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Saturday, July 1st. Investors of record on Friday, June 9th will be given a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.19%. The ex-dividend date is Wednesday, June 7th.

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In related news, CEO Carlos A. Rodriguez sold 49,392 shares of the stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $100.01, for a total value of $4,939,693.92. Following the completion of the transaction, the chief executive officer now owns 159,403 shares of the company’s stock, valued at $15,941,894.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

A number of hedge funds and other institutional investors have recently bought and sold shares of ADP. Coconut Grove Bank raised its stake in Automatic Data Processing by 79.6% in the first quarter. Coconut Grove Bank now owns 1,038 shares of the business services provider’s stock valued at $106,000 after buying an additional 460 shares during the last quarter. Grisanti Capital Management LLC raised its stake in shares of Automatic Data Processing by 4.5% in the first quarter. Grisanti Capital Management LLC now owns 1,045 shares of the business services provider’s stock worth $107,000 after buying an additional 45 shares in the last quarter. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Automatic Data Processing during the first quarter worth $113,000. Zions Bancorporation raised its stake in shares of Automatic Data Processing by 3.1% in the fourth quarter. Zions Bancorporation now owns 1,224 shares of the business services provider’s stock worth $126,000 after buying an additional 37 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV bought a new stake in shares of Automatic Data Processing during the fourth quarter worth $132,000.

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.

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