JPMorgan Chase & Co. Cuts Automatic Data Processing (NASDAQ:ADP) Price Target to $250.00

Automatic Data Processing (NASDAQ:ADP) had its price objective dropped by analysts at JPMorgan Chase & Co. from $254.00 to $250.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has an “underweight” rating on the business services provider’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 3.35% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. StockNews.com lowered Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Tuesday, March 19th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $267.00 price target on shares of Automatic Data Processing in a research report on Thursday, February 1st. Wolfe Research raised Automatic Data Processing from an “underperform” rating to a “peer perform” rating in a research report on Thursday, January 4th. Mizuho upped their price target on Automatic Data Processing from $265.00 to $272.00 and gave the stock a “buy” rating in a report on Monday, March 11th. Finally, Bank of America upgraded Automatic Data Processing from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $217.00 to $243.00 in a research note on Wednesday, January 17th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $255.42.

Automatic Data Processing Price Performance

Shares of ADP opened at $241.89 on Thursday. The business has a 50-day moving average of $245.91 and a 200-day moving average of $239.13. Automatic Data Processing has a 1 year low of $205.53 and a 1 year high of $256.84. The company has a market capitalization of $99.37 billion, a price-to-earnings ratio of 27.00, a price-to-earnings-growth ratio of 2.32 and a beta of 0.78. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.01 and a quick ratio of 1.01.

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

Insider Buying and Selling at Automatic Data Processing

In related news, VP Joseph Desilva sold 1,904 shares of the company’s stock in a transaction that occurred 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 sale, the vice president now directly owns 17,179 shares in the company, valued at approximately $4,380,645. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Automatic Data Processing news, VP Sreenivasa Kutam sold 368 shares of Automatic Data Processing stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $247.01, for a total transaction of $90,899.68. Following the completion of the transaction, the vice president now owns 20,319 shares of the company’s stock, valued at approximately $5,018,996.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Joseph Desilva sold 1,904 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $255.00, for a total transaction of $485,520.00. Following the completion of the sale, the vice president now directly owns 17,179 shares in the company, valued at $4,380,645. The disclosure for this sale can be found here. Insiders have sold a total of 3,829 shares of company stock valued at $965,274 over the last three months. 0.26% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Automatic Data Processing

Several hedge funds have recently bought and sold shares of ADP. OFI Invest Asset Management purchased a new stake in shares of Automatic Data Processing in the 3rd quarter valued at about $25,000. Fortitude Family Office LLC bought a new stake in Automatic Data Processing during the fourth quarter valued at approximately $35,000. Pineridge Advisors LLC bought a new stake in Automatic Data Processing during the fourth quarter valued at approximately $39,000. Evolution Advisers Inc. purchased a new position in Automatic Data Processing in the 4th quarter worth approximately $41,000. Finally, Raleigh Capital Management Inc. increased its holdings in shares of Automatic Data Processing by 106.0% in the 3rd quarter. Raleigh Capital Management Inc. now owns 173 shares of the business services provider’s stock worth $42,000 after buying an additional 89 shares during the last quarter. Hedge funds and other institutional investors own 80.03% of the company’s stock.

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.