Automatic Data Processing (ADP)

• Market cap: $122B
• 1 day: 0.35%
• 5 days: -2.77%
• 1 month: 2.64%
• 3 months: 12.87%
• 6 months: 18.59%
• Year to date: 27.92%
• 1 year: 28.86%
• 5 years: 75.04%
• 10 years: 254.96%
• Sector: Information Technology
• Industry: Computer Processing & Data Preparation

About: ADP is a provider of payroll and human capital management solutions servicing the full scope of businesses from micro to global enterprises. ADP was established in 1949 and serves over 1 million clients primarily in the United States. ADP's employer services segment offers payroll, human capital management solutions, human resources outsourcing, insurance and retirement services. The smaller but faster-growing professional employer organization segment provides HR outsourcing solutions to small and midsize businesses through a co-employment model.

Employees: 64,000

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

25% more first-time investments, than exits

New positions opened: 188 | Existing positions closed: 150

13% more funds holding in top 10

Funds holding in top 10: 63 [Q2] → 71 (+8) [Q3]

11% more capital invested

Capital invested by funds: $81.2B [Q2] → $90.1B (+$8.9B) [Q3]

2% more funds holding

Funds holding: 2,132 [Q2] → 2,170 (+38) [Q3]

2.9% less ownership

Funds ownership: 82.67% [Q2] → 79.77% (-2.9%) [Q3]

11% less repeat investments, than reductions

Existing positions increased: 750 | Existing positions reduced: 846

19% less call options, than puts

Call options by funds: $611M | Put options by funds: $758M

Research analyst outlook

7 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $285 5% downside
• Avg. target: $302 1% upside
• High target: $325 9% upside

7 analyst ratings

• positive: 2 29%
• neutral: 5 71%
• negative: 0 0%

Mizuho Dan Dolev 75% 1-year accuracy 30 / 40 met price target	4% upside $310	Outperform Maintained	4 Nov 2024
Barclays Ramsey El-Assal 77% 1-year accuracy 33 / 43 met price target	9% upside $325	Overweight Maintained	4 Nov 2024
TD Cowen Bryan Bergin 74% 1-year accuracy 14 / 19 met price target	5% downside $285	Hold Maintained	1 Nov 2024
RBC Capital Ashish Sabadra 69% 1-year accuracy 24 / 35 met price target	6% upside $315	Sector Perform Maintained	31 Oct 2024
UBS Kevin Mcveigh 63% 1-year accuracy 5 / 8 met price target	1% downside $295	Neutral Maintained	22 Oct 2024