Automatic Data Processing (NASDAQ:ADP) Releases Fiscal 2023 Earnings Forecast
Automatic Data Processing (NASDAQ: ADP), which previously provided earnings forecasts for fiscal year 2023, released an updated version on Wednesday. The company’s expected quarterly earnings per share will be $8.06 to $8.20, which is above the consensus estimate of $8.03 for those earnings. Additionally, the company provided a revenue forecast of between $17.82 billion and $17.98 billion, which is significantly lower than the average revenue estimate of $17.87 billion.
Automatic Data Processing (NASDAQ: ADP), in a report made publicly available on July 27, provided details on the company’s performance. The business services provider reported earnings per share for the quarter of $1.50, $0.02 higher than the consensus earnings-per-share forecast made by industry experts, who had predicted earnings per share. of $1.48 for the quarter. The return on equity for automatic data processing was calculated at 66.25%, while the company’s net margin was calculated at 17.87%. Contrary to the $4.05 billion in sales that relevant industry professionals predicted the company would achieve in the quarter, the company generated $4.13 billion in revenue during this period. The company posted earnings of $1.20 per share in the same period last year compared to the current year. In the third fiscal quarter of automatic data processing, the company recorded a year-over-year revenue increase of 10.5% over the prior year. Analysts who study the stocks believe the automatic data processing will return $8.05 per share in the current fiscal year.
The NASDAQ ADP hit a new session high of $240.04 during Wednesday trading, reflecting a rise of $2.28 from the previous day’s closing price. Compared to the typical volume of 1,818,754 shares, there were only 69,705 trades involving the company’s stock. The debt ratio, quick ratio, and current ratio all equal 0.93, and all three have a value of 0.99. The moving average of the company’s stock price over the past 200 days is $227.56 and the moving average for the past fifty days is $238.20. The company has a price/earnings ratio of 33.87, a price/earnings/growth ratio of 2.41 and a beta value of 0.83. These three ratios measure the cost of the business relative to its future earnings potential. Its current market value is $99.69 billion. The 52-week low and the 52-week high for automatic data processing are currently at the same price level of $261.59. The stock is currently trading at $192.26.
Recently, the company has been in communication with a variety of analysts, and they have provided their comments. In a September 20 research note, Cowen announced that it was raising its price target on automatic data processing from $230.00 to $236.00. In a research report published on July 20, Wolfe Research lowered its price target on Automatic Data Processing shares from $235.00 to $210.00. On October 12, StockNews.com released a research report announcing that it would begin covering automatic data processing stocks. The report was released on Wednesday. They suggested that shareholders continue to keep their shares in the company. Following the release of their analysis on Tuesday, September 20, Cowen raised their price target for Automatic Data Processing from $230.00 to $236.00. The new price target can be found here. Barclays raised its price target for automatic data processing to $280.00 in a research report released on Tuesday, August 9. As a result, the company now has four price targets to hit. Nine equity research experts gave the stock a “hold” rating, while two said they thought it was a good investment and should be held. bought. According to information from Bloomberg, the stock is given an overall rating of “Hold” by the market, and an average price target of $236.85 is expected.
Additionally, the company announced that it will pay a quarterly dividend, distributed on the first Saturday in October this year. On Friday, September 9, dividends of $1.04 were distributed to owners who still held their shares. This took place after the distribution date of the previous Friday, September 2. As of September 8, it was considered that this dividend had been paid in full. This translates into a yield of 1.73% and a dividend payment of $4.16 per year for each shareholder. At this point, the distribution rate for automatic data processing is 59.34%.
Christopher D’Ambrosio, who serves as the company’s vice president, sold 174 shares of the company on September 8. This was yet another new turn of events. A total of $41,184.06 worth of shares was sold at an average price of $236.69 per share resulting in a total of $41,184.06 worth of shares. After the completion of the sale, the vice president now has direct control over 3,157 shares of the company. These shares are worth approximately $747,230.33 each. The United States Securities and Exchange Commission has received legal documents on the transaction, which can be viewed here. Christopher D’ambrosio, vice president of automatic data processing, reportedly sold 174 shares of the company on September 8, as reported in previous news about automatic data processing. The shares were sold on the open market for a total price of $236.69 per share, equivalent to the price of $21,184.06 for all the shares. After the transaction was completed, the vice president was able to buy 3,157 shares of the company. The total value of these shares is $747,230.33, so buying the VP was a good investment. If you follow the link, which will take you to a legal filing filed with the SEC, you will have the opportunity to acquire additional information regarding the transaction.
Additionally, on August 8, Vice President Donald Weinstein sold 10,150 shares of the company. The transaction was valued at $2,537,500.00 as each share was purchased at an average price of $250.00. As a direct result of the transaction, the company’s vice president now owns 41,035 shares of the company, worth $10,258,750. Disclosures related to the sale can be found in this section of the website. Company insiders sold a total of 107,034 shares in the previous ninety days, generating total revenue of $25,514,241. The current ownership of the Company’s shares by insiders is 33.3%.