Fifth Third Bancorp Reduces Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Fifth Third Bancorp decreased its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 1.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 313,280 shares of the business services provider's stock after selling 4,777 shares during the quarter. Fifth Third Bancorp owned about 0.08% of Automatic Data Processing worth $95,716,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Littlejohn Financial Services Inc. bought a new position in shares of Automatic Data Processing in the fourth quarter worth $708,000. CIBC Asset Management Inc grew its position in Automatic Data Processing by 1.8% in the fourth quarter. CIBC Asset Management Inc now owns 155,934 shares of the business services provider's stock worth $45,647,000 after acquiring an additional 2,787 shares in the last quarter. Toronto Dominion Bank grew its position in Automatic Data Processing by 10.2% in the fourth quarter. Toronto Dominion Bank now owns 236,707 shares of the business services provider's stock worth $69,290,000 after acquiring an additional 21,910 shares in the last quarter. Proficio Capital Partners LLC grew its position in Automatic Data Processing by 42.8% in the fourth quarter. Proficio Capital Partners LLC now owns 3,725 shares of the business services provider's stock worth $1,090,000 after acquiring an additional 1,117 shares in the last quarter. Finally, Napatree Capital LLC boosted its position in Automatic Data Processing by 2.7% during the fourth quarter. Napatree Capital LLC now owns 3,199 shares of the business services provider's stock valued at $936,000 after buying an additional 84 shares during the period. Institutional investors own 80.03% of the company's stock.

Automatic Data Processing Stock Down 0.8%

ADP traded down $2.61 on Thursday, hitting $309.75. The company had a trading volume of 1,798,851 shares, compared to its average volume of 1,703,092. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.00 and a quick ratio of 1.00. Automatic Data Processing, Inc. has a 52-week low of $231.27 and a 52-week high of $329.93. The stock has a fifty day simple moving average of $306.89 and a 200-day simple moving average of $302.88. The firm has a market capitalization of $125.73 billion, a P/E ratio of 32.30, a P/E/G ratio of 3.62 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last released its earnings results on Wednesday, April 30th. The business services provider reported $3.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.97 by $0.09. The firm had revenue of $5.55 billion during the quarter, compared to analyst estimates of $5.49 billion. Automatic Data Processing had a net margin of 19.76% and a return on equity of 80.86%. The business's revenue was up 5.7% on a year-over-year basis. During the same period last year, the business earned $2.88 earnings per share. As a group, equities analysts expect that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a dividend of $1.54 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.16 dividend on an annualized basis and a yield of 1.99%. Automatic Data Processing's dividend payout ratio is currently 63.05%.

Analyst Upgrades and Downgrades

ADP has been the subject of several analyst reports. Stifel Nicolaus upped their price target on shares of Automatic Data Processing to $305.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Royal Bank of Canada restated a "sector perform" rating and set a $315.00 price target on shares of Automatic Data Processing in a research report on Thursday, June 5th. TD Securities upped their price target on shares of Automatic Data Processing from $298.00 to $321.00 and gave the company a "hold" rating in a research report on Wednesday, May 21st. Finally, UBS Group raised their target price on Automatic Data Processing from $318.00 to $324.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $305.64.

Insider Buying and Selling at Automatic Data Processing

In related news, VP Christopher D'ambrosio sold 478 shares of the firm's stock in a transaction that occurred on Thursday, April 10th. The shares were sold at an average price of $293.14, for a total value of $140,120.92. Following the transaction, the vice president now owns 7,364 shares of the company's stock, valued at approximately $2,158,682.96. This trade represents a 6.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Brian L. Michaud sold 1,500 shares of the firm's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $305.38, for a total transaction of $458,070.00. Following the completion of the transaction, the vice president now directly owns 12,073 shares in the company, valued at approximately $3,686,852.74. The trade was a 11.05% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is owned by company insiders.

Automatic Data Processing Company Profile

Automatic Data Processing, Inc provides cloud-based human capital management solutions worldwide. It operates in two segments, Employer Services and Professional Employer Organization (PEO). The Employer Services segment offers strategic, cloud-based platforms, and human resources (HR) outsourcing solutions.