Bank of America Raises Automatic Data Processing (NASDAQ:ADP) Price Target to $267.00

Automatic Data Processing (NASDAQ:ADP) had its price target increased by Bank of America from $250.00 to $267.00 in a research report report published on Thursday morning, Benzinga reports. Bank of America currently has a neutral rating on the business services provider’s stock.

Several other research analysts have also issued reports on ADP. Barclays raised their target price 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, May 2nd. TD Cowen reduced their price objective on shares of Automatic Data Processing from $253.00 to $251.00 and set a hold rating on the stock in a research note on Thursday, May 2nd. Stifel Nicolaus lifted their price objective on shares of Automatic Data Processing from $271.00 to $287.00 and gave the stock a hold rating in a research note on Thursday. StockNews.com lowered shares of Automatic Data Processing from a buy rating to a hold rating in a research note on Tuesday, July 2nd. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Automatic Data Processing from $254.00 to $250.00 and set an underweight rating on the stock in a research note on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $259.64.

Automatic Data Processing Stock Up 0.8 %

Shares of NASDAQ ADP opened at $263.52 on Thursday. The firm has a market capitalization of $107.86 billion, a PE ratio of 29.41, a price-to-earnings-growth ratio of 2.72 and a beta of 0.78. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.66. Automatic Data Processing has a 1 year low of $205.53 and a 1 year high of $269.49. The firm’s 50-day moving average is $245.11 and its 200-day moving average is $245.92.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, July 31st. The business services provider reported $2.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.06 by $0.03. The company had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.74 billion. Automatic Data Processing had a net margin of 19.54% and a return on equity of 89.20%. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.89 EPS. Equities analysts expect that Automatic Data Processing will post 10.01 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Keener Financial Planning LLC lifted its position in shares of Automatic Data Processing by 230.3% in the first quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider’s stock worth $28,000 after purchasing an additional 76 shares in the last quarter. Crewe Advisors LLC bought a new stake in shares of Automatic Data Processing in the first quarter worth $33,000. Pathway Financial Advisers LLC bought a new stake in shares of Automatic Data Processing in the first quarter worth $36,000. New Millennium Group LLC bought a new stake in shares of Automatic Data Processing in the second quarter worth $40,000. Finally, Pineridge Advisors LLC bought a new stake in shares of Automatic Data Processing in the fourth quarter worth $39,000. Institutional investors and hedge funds 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.