Fifth Third Bancorp reduced its holdings in shares of Automatic Data Processing, Inc. (NASDAQ: ADP – Get Rating) by 0.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 399,727 shares of the business services provider’s stock after selling 2,973 shares during the quarter. Fifth Third Bancorp’s holdings in Automatic Data Processing were worth $ 90,954,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the stock. Sandy Cove Advisors LLC bought a new position in Automatic Data Processing in the fourth quarter valued at about $ 28,000. Tortoise Investment Management LLC raised its position in Automatic Data Processing by 70.8% in the fourth quarter. Tortoise Investment Management LLC now owns 123 shares of the business services provider’s stock valued at $ 30,000 after purchasing an additional 51 shares during the last quarter. Delos Wealth Advisors LLC raised its position in Automatic Data Processing by 588.9% in the fourth quarter. Delos Wealth Advisors LLC now owns 124 shares of the business services provider’s stock valued at $ 31,000 after purchasing an additional 106 shares during the last quarter. Sierra Capital LLC bought a new position in Automatic Data Processing in the fourth quarter valued at about $ 39,000. Finally, Steward Financial Group LLC bought a new position in Automatic Data Processing in the fourth quarter valued at about $ 43,000. Institutional investors and hedge funds own 78.84% of the company stock.
Several equities analysts have commented on the company. Stifel Nicolaus reiterated a “hold” rating and issued a $ 238.00 target price (up from $ 222.00) on shares of Automatic Data Processing in a research report on Friday, March 11th. Citigroup increased their target price on Automatic Data Processing from $ 212.00 to $ 230.00 in a research report on Monday, May 2nd. Barclays raised their price objective on Automatic Data Processing from $ 238.00 to $ 257.00 and gave the stock an “overweight” rating in a research report on Monday, May 2nd. StockNews.com assumed coverage on Automatic Data Processing in a research report on Thursday, March 31st. They set a “hold” rating for the company. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Automatic Data Processing from $ 203.00 to $ 234.00 in a research report on Thursday, April 28th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the company stock. According to MarketBeat, Automatic Data Processing currently has an average rating of “Hold” and an average target price of $ 230.69.
In related news, VP Deborah L. Dyson sold 2,787 shares of Automatic Data Processing stock in a transaction on Tuesday, April 5th. The stock was sold at an average price of $ 234.55, for a total transaction of $ 653,690.85. Following the sale, the vice president now directly owns 26,663 shares in the company, valued at $ 6,253,806.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Christopher D’ambrosio sold 312 shares of Automatic Data Processing stock in a transaction on Monday, May 9th. The stock was sold at an average price of $ 214.07, for a total value of $ 66,789.84. Following the sale, the vice president now owns 1,663 shares in the company, valued at $ 355,998.41. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.
Shares of Automatic Data Processing stock opened at $ 214.06 on Wednesday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.01 and a current ratio of 1.01. Automatic Data Processing, Inc. has a 52 week low of $ 192.26 and a 52 week high of $ 248.96. The stock has a 50 day moving average price of $ 215.73 and a two-hundred day moving average price of $ 218.97. The stock has a market capitalization of $ 89.42 billion, a PE ratio of 31.62, a price-to-earnings-growth ratio of 2.62 and a beta of 0.82.
Automatic Data Processing (NASDAQ: ADP – Get Rating) last announced its quarterly earnings data on Wednesday, April 27th. The business services provider reported $ 2.21 EPS for the quarter, beating analysts’ consensus estimates of $ 2.07 by $ 0.14. Automatic Data Processing had a return on equity of 56.01% and a net margin of 17.77%. The firm had revenue of $ 4.51 billion during the quarter, compared to analysts’ expectations of $ 4.45 billion. During the same quarter last year, the firm posted $ 1.89 earnings per share. The company revenue for the quarter was up 10.0% compared to the same quarter last year. Research analysts forecast that Automatic Data Processing, Inc. will post 6.97 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 1st. Stockholders of record on Friday, June 10th will be issued a $ 1.04 dividend. The ex-dividend date is Thursday, June 9th. This represents a $ 4.16 dividend on an annualized basis and a dividend yield of 1.94%. Automatic Data Processing’s dividend payout ratio is presently 61.45%.
About Automatic Data Processing: (Get Rating)
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.
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