The Vanguard Group, Inc. recently announced the acquisition of new stake in Automatic Data Processing Inc. (NASDAQ:ADP). The institutional investor has increased its shareholding in the Industrials company by 1.60% to 38.44 million shares with purchase of 0.61 million shares. This fresh investment now brings its stake to 9.28% valued currently at $8.46 billion. In addition, Geode Capital Management LLC raised its holdings by 0.12 million to 9.05 million shares.
With over 1.52 million Automatic Data Processing Inc. (ADP) shares trading Monday and a closing price of $216.53 on the day, the dollar volume was approximately $329.48 million. The shares have shown a negative half year performance of -14.60% and its price on 05/22/23 gained nearly 0.16%. Currently, there are 413.70M common shares owned by the public and among those 410.16M shares have been available to trade.
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The analysts have set the share’s price value over the next 12 months at a high of $275.00 and a low of $180.00. The average price target is 6.34% above its recent price level and a downside to the estimated low will see the stock lose -20.29% over that period. But an upside of 21.26% will see the stock hit the forecast high price target while median target price for the stock is $235.00.
Insiders at the company have transacted a total of 223 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 96 of these insider trades were purchases, accounting for 643,525 shares. Insider sales of the common stock occurred on 127 occasions, with total insider shares sold totaling 553,031 shares.
The top 3 mutual fund holders in Automatic Data Processing Inc. are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Schwab US Dividend Equity ETF. Vanguard Total Stock Market ETF owns 12.83 million shares of the company’s stock, all valued at over $2.82 billion. The company bought an additional 70413.0 shares recently to bring their total holdings to about 3.10% of the shares outstanding. Vanguard 500 Index Fund bought 36485.0 shares to see its total holdings expand to 9.67 million shares valued at over $2.13 billion and representing 2.34% of the shares outstanding. Schwab US Dividend Equity ETF sold 948.0 shares to bring its total holdings to over 6.1 million shares at a value of $1.34 billion. Schwab US Dividend Equity ETF now owns shares totaling to 1.47% of the shares outstanding.
Shares of Automatic Data Processing Inc. (NASDAQ: ADP) opened at $216.86, up $0.68 from a prior closing price of $216.18. However, the script later moved the day high at 217.40, up 0.16%. The company’s stock has a 5-day price change of 1.00% and -3.63% over the past three months. ADP shares are trading -9.35% year to date (YTD), with the 12-month market performance up to 4.68% higher. It has a 12-month low price of $196.61 and touched a high of $274.92 over the same period. ADP has an average intraday trading volume of 1.82 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 0.83%, 0.57%, and -7.40% respectively.
Institutional ownership of Automatic Data Processing Inc. (NASDAQ: ADP) shares accounts for 81.90% of the company’s 413.70M shares outstanding. Mutual fund holders own 40.16%, while other institutional holders and individual stakeholders account for 40.34% and 2.28% respectively.
It has a market capitalization of $89.14B and a beta (3y monthly) value of 0.81. The stock’s trailing 12-month PE ratio is 27.66, while the earnings-per-share (ttm) stands at $7.83. The company has a PEG of 2.02 and a Quick Ratio of 1.00 with the debt-to-equity ratio at 0.81. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.11% over the week and 1.77% over the month.
Analysts forecast that Automatic Data Processing Inc. (ADP) will achieve an EPS of $1.83 for the current quarter, $2.04 for the next quarter and $8.94 for 2024. The lowest estimate earnings-per-share for the quarter is $1.78 while analysts give the company a high EPS estimate of $1.89. Comparatively, EPS for the current quarter was $1.5 a year ago. Earnings per share for the fiscal year are expected to increase by 15.40%, and 9.49% over the next financial year. EPS should grow at an annualized rate of 13.68% over the next five years, compared to 12.00% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 21 brokerage firm advisors rate Automatic Data Processing Inc. (ADP) as a “Hold” at a consensus score of 3.00. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 14 of the 21 advise that investors “hold,” and 3 rated it as a “Sell.”
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