Automatic Data Processing (ADP) Lowered to “Buy” at BidaskClub

Automatic Data Processing (NYSE:ADP) was downgraded by BidaskClub from a “strong-buy” rating to a “buy” rating in a report released on Thursday.

A number of other research firms also recently commented on ADP. Morgan Stanley downgraded Automatic Data Processing from an “equal weight” rating to an “underweight” rating and boosted their price target for the company from $98.00 to $100.00 in a research note on Thursday, August 3rd. Bank of America Corporation boosted their price target on Automatic Data Processing from $111.00 to $114.00 and gave the company a “neutral” rating in a research note on Friday, October 13th. Barclays PLC reaffirmed an “equal weight” rating and issued a $105.00 price target on shares of Automatic Data Processing in a research note on Tuesday, August 15th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $105.00 price target on shares of Automatic Data Processing in a research note on Monday, August 21st. Finally, Citigroup Inc. reiterated a “neutral” rating and issued a $110.00 target price (up previously from $98.00) on shares of Automatic Data Processing in a research report on Thursday, August 17th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and four have issued a buy rating to the company’s stock. Automatic Data Processing presently has an average rating of “Hold” and a consensus target price of $110.97.

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In other news, VP Maria Black sold 631 shares of the business’s stock in a transaction dated Saturday, September 2nd. The stock was sold at an average price of $106.64, for a total transaction of $67,289.84. Following the sale, the vice president now directly owns 10,550 shares in the company, valued at $1,125,052. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Brock Albinson sold 3,663 shares of the business’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $106.54, for a total value of $390,256.02. Following the sale, the vice president now owns 6,287 shares in the company, valued at $669,816.98. The disclosure for this sale can be found here.

Several large investors have recently added to or reduced their stakes in the company. Proficio Capital Partners LLC boosted its holdings in Automatic Data Processing by 1.8% in the second quarter. Proficio Capital Partners LLC now owns 964 shares of the business services provider’s stock valued at $111,000 after acquiring an additional 17 shares during the last quarter. Acrospire Investment Management LLC bought a new stake in Automatic Data Processing in the second quarter valued at approximately $102,000. Edmond DE Rothschild Holding S.A. bought a new stake in Automatic Data Processing in the first quarter valued at approximately $113,000. Grove Bank & Trust boosted its holdings in Automatic Data Processing by 16.4% in the second quarter. Grove Bank & Trust now owns 1,208 shares of the business services provider’s stock valued at $124,000 after acquiring an additional 170 shares during the last quarter. Finally, Family Capital Trust Co bought a new stake in Automatic Data Processing in the third quarter valued at approximately $137,000.

About Automatic Data Processing

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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