SSgA Funds Management, Inc. has recently announced that it has increased stake in Automatic Data Processing Inc. (NASDAQ:ADP) by 0.05%. After grabbing 17.99 million shares, the institutional investor is now in possession of 9589.0 shares of the Industrials Company. The new investment brought the stake of investor firm to 4.37% having worth around $4.14 billion. Moreover, Geode Capital Management LLC increased its share by 0.21 million to have a control over 9.53 million shares. And Charles Schwab Investment Managem raised its holdings to 0.2 million shares by acquiring 8.67 million shares or 2.11% of the stake.
Automatic Data Processing Inc. (ADP) concluded trading on 12/21/23 at a closing price of $228.99, with 1.74 million shares of worth about $399.52 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 7.09% during that period and on Thursday the price saw a loss of about -1.40%. Currently the company’s common shares owned by public are about 412.10M shares, out of which, 409.19M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 21 analysts are covering the ADP stock and their offered price forecasts bring an average price target of $241.21. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $280.00 and could fall to a lowest price of $155.00. The stock’s current price level is 5.07% above of average price target set by the analysts, while a rise to estimated low would result in loss of -47.74% for the stock. However, touching the estimated high of $280.00 would mean a gain of 18.22% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 119 times over the past 12 months. They bought 598,544 shares in 57 of the transactions. In 62 selling transactions, insiders dumped 534,554 shares.
Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Invesco QQQ Trust are the top 3 mutual funds which are holding stakes in Automatic Data Processing Inc. Vanguard Total Stock Market ETF is currently holding 12.89 million shares of worth totaling $2.96 billion. The company recently came buying 58806.0 shares which brought its stake up to 3.14% of the company’s outstanding shares. Vanguard 500 Index Fund bought 48248.0 shares, after which its hold over company’s outstanding shares expand to 2.42%, leaving 9.95 million shares with the mutual fund that have a worth of about $2.29 billion. Invesco QQQ Trust, after selling 7.17 million shares, have now control over 1.74% of the stake in the company. It holds 24320.0 shares of worth $1.65 billion.
Automatic Data Processing Inc. (NASDAQ: ADP) started trading at $232.00, below -$0.23 from concluding price of the previous day. However, the stock later moved at a day high price of 232.00, or with a loss of -1.40%. Stock saw a price change of -2.96% in past 5 days and over the past one month there was a price change of -0.96%. Year-to-date (YTD), ADP shares are showing a performance of -4.13% which decreased to -6.12% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $201.46 but also hit the highest price of $256.84 during that period. The average intraday trading volume for Automatic Data Processing Inc. shares is 1.73 million. The stock is currently trading -1.46% below its 20-day simple moving average (SMA20), while that difference is down -1.09% for SMA50 and it goes to -0.24% lower than SMA200.
SSgA Funds Management, Inc. acquired 17.99 million shares of Automatic Data Processing Inc. having value of about $4.14 billion. Data submitted at the U.S SEC by SSgA Funds Management, Inc. revealed that the firm now holds 9589.0 shares in the company valued at close to $2195785.11, or have control over 0.05% stake in the company. Automatic Data Processing Inc. (NASDAQ: ADP) currently have 412.10M outstanding shares and institutions hold larger chunk of about 81.42% of that. Holding of mutual funds in the company is about 40.41% while other institutional holders and individual stake holders have control over 41.34% and 2.32% of the stake respectively.
The stock has a current market capitalization of $94.19B and its 3Y-monthly beta is at 0.80. PE ratio of stock for trailing 12 months is 27.21, while it has posted earnings per share of $8.42 in the same period. Its PEG reads 2.44 and has Quick Ratio of 0.98 while making debt-to-equity ratio of 1.08. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for ADP, volatility over the week remained 1.45% while standing at 1.41% over the month.
Analysts are in expectations that Automatic Data Processing Inc. (ADP) stock would likely to be making an EPS of $2.11 in the current quarter, while forecast for next quarter EPS is $2.8 and it is $10 for next year. For the current quarter EPS, analysts have given the company a lowest target $2.06 which is $2.17 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $1.96 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 10.83% while it is estimated to increase by 9.62% in next year. EPS is likely to shrink at an annualized rate of 11.14% for next 5-years, compared to annual growth of 14.07% made by the stock over the past 5-years.
Analysts at 21 brokerage firms have issued recommendations for the Automatic Data Processing Inc. (ADP)’s stock and average of those rates the stock at a “Hold” and assign it a score of 3.00. Out of those 21 Wall Street analysts, 3 recommended a “Buy” rating, while 13 were in favor recommending the stock as a “Hold” and 3 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by UBS on November 07, 2023 offering a Neutral rating for the stock and assigned a target price of $235 to it.
