Pinnacle Financial Partners Inc Lowers Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Pinnacle Financial Partners Inc lessened its stake in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 1.8% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 92,947 shares of the business services provider's stock after selling 1,677 shares during the quarter. Pinnacle Financial Partners Inc's holdings in Automatic Data Processing were worth $28,398,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. GAMMA Investing LLC lifted its position in shares of Automatic Data Processing by 13.8% during the 1st quarter. GAMMA Investing LLC now owns 9,495 shares of the business services provider's stock worth $2,901,000 after buying an additional 1,148 shares in the last quarter. Toronto Dominion Bank increased its position in shares of Automatic Data Processing by 10.2% during the fourth quarter. Toronto Dominion Bank now owns 236,707 shares of the business services provider's stock valued at $69,290,000 after acquiring an additional 21,910 shares during the last quarter. Proficio Capital Partners LLC increased its position in shares of Automatic Data Processing by 42.8% during the fourth quarter. Proficio Capital Partners LLC now owns 3,725 shares of the business services provider's stock valued at $1,090,000 after acquiring an additional 1,117 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Automatic Data Processing by 8.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 250,836 shares of the business services provider's stock worth $76,638,000 after acquiring an additional 20,467 shares during the period. Finally, Napatree Capital LLC boosted its position in Automatic Data Processing by 2.7% in the fourth quarter. Napatree Capital LLC now owns 3,199 shares of the business services provider's stock worth $936,000 after purchasing an additional 84 shares during the last quarter. Hedge funds and other institutional investors own 80.03% of the company's stock.

Automatic Data Processing Stock Performance

Shares of NASDAQ:ADP traded up $5.52 during trading on Thursday, hitting $310.57. 1,367,881 shares of the company were exchanged, compared to its average volume of 1,710,363. Automatic Data Processing, Inc. has a 52-week low of $231.27 and a 52-week high of $329.93. The stock has a 50 day moving average of $311.57 and a 200 day moving average of $303.25. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.02 and a quick ratio of 1.02. The company has a market cap of $126.07 billion, a PE ratio of 31.79, a P/E/G ratio of 2.88 and a beta of 0.76.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.97 by $0.09. Automatic Data Processing had a return on equity of 77.33% and a net margin of 19.79%. The company had revenue of $5.55 billion for the quarter, compared to analyst estimates of $5.49 billion. During the same period in the previous year, the company posted $2.88 EPS. The firm's revenue for the quarter was up 5.7% compared to the same quarter last year. As a group, equities research analysts predict that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were given a $1.54 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $6.16 dividend on an annualized basis and a dividend yield of 1.98%. Automatic Data Processing's dividend payout ratio (DPR) is currently 63.05%.

Insider Activity at Automatic Data Processing

In other Automatic Data Processing news, VP Christopher D'ambrosio sold 478 shares of the 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 sale, the vice president directly owned 7,364 shares in the company, valued at $2,158,682.96. This represents a 6.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.21% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ADP. TD Securities raised their target price on Automatic Data Processing from $298.00 to $321.00 and gave the company a "hold" rating in a research report on Wednesday, May 21st. Mizuho raised their price objective on shares of Automatic Data Processing from $321.00 to $332.00 and gave the stock an "outperform" rating in a report on Friday, June 13th. Stifel Nicolaus lifted their price objective on shares of Automatic Data Processing to $305.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Royal Bank Of Canada reissued a "sector perform" rating and set a $315.00 target price on shares of Automatic Data Processing in a research report on Thursday, June 5th. Finally, Morgan Stanley lifted their price target on shares of Automatic Data Processing from $305.00 to $310.00 and gave the stock an "equal weight" rating in a report on Tuesday, June 17th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, Automatic Data Processing currently has a consensus rating of "Hold" and a consensus target price of $307.08.

Automatic Data Processing 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.