Fintel reports that on January 4, 2024, Wolfe Research upgraded their outlook for Automatic Data Processing (NasdaqGS:ADP) from Underperform to Peer Perform .
Analyst Price Forecast Suggests 8.66% Upside
As of December 16, 2023, the average one-year price target for Automatic Data Processing is 252.64. The forecasts range from a low of 219.17 to a high of $294.00. The average price target represents an increase of 8.66% from its latest reported closing price of 232.51.
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The projected annual revenue for Automatic Data Processing is 19,387MM, an increase of 5.89%. The projected annual non-GAAP EPS is 9.11.
What is the Fund Sentiment?
There are 3084 funds or institutions reporting positions in Automatic Data Processing. This is an increase of 253 owner(s) or 8.94% in the last quarter. Average portfolio weight of all funds dedicated to ADP is 0.46%, an increase of 4.95%. Total shares owned by institutions increased in the last three months by 0.22% to 351,065K shares. 
The put/call ratio of ADP is 1.14, indicating a bearish outlook.
What are Other Shareholders Doing?
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 12,828K shares representing 3.12% ownership of the company. In it's prior filing, the firm reported owning 12,879K shares, representing a decrease of 0.40%. The firm increased its portfolio allocation in ADP by 13.16% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 9,900K shares representing 2.41% ownership of the company. In it's prior filing, the firm reported owning 9,836K shares, representing an increase of 0.64%. The firm increased its portfolio allocation in ADP by 12.80% over the last quarter.
Geode Capital Management holds 9,531K shares representing 2.32% ownership of the company. In it's prior filing, the firm reported owning 9,319K shares, representing an increase of 2.23%. The firm increased its portfolio allocation in ADP by 13.56% over the last quarter.
Bank of New York Mellon holds 9,018K shares representing 2.19% ownership of the company. In it's prior filing, the firm reported owning 9,198K shares, representing a decrease of 2.00%. The firm increased its portfolio allocation in ADP by 12.36% over the last quarter.
Charles Schwab Investment Management holds 8,670K shares representing 2.11% ownership of the company. In it's prior filing, the firm reported owning 8,472K shares, representing an increase of 2.28%. The firm increased its portfolio allocation in ADP by 12.34% over the last quarter.
Automatic Data Processing Background Information
(This description is provided by the company.)
ADP is a comprehensive global provider of cloud-based human capital management (HCM) solutions that unite HR, payroll, talent, time, tax and benefits administration, and a leader in business outsourcing services, analytics and compliance expertise. Its unmatched experience, deep insights and cutting-edge technology has transformed human resources from a back-office administrative function to a strategic business advantage.
Fintel is one of the most comprehensive investing research platforms available to individual investors, traders, financial advisors, and small hedge funds.
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This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
