Fifth Third Bancorp Sells 9,724 Shares of Automatic Data Processing, Inc. $ADP

Fifth Third Bancorp lessened its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 2.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 462,616 shares of the business services provider’s stock after selling 9,724 shares during the quarter. Fifth Third Bancorp owned approximately 0.12% of Automatic Data Processing worth $119,382,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Automatic Data Processing during the second quarter worth about $8,097,229,000. Bank of America Corp DE bought a new position in shares of Automatic Data Processing in the 2nd quarter worth about $1,231,175,000. Deutsche Bank AG bought a new stake in shares of Automatic Data Processing in the 2nd quarter worth approximately $994,937,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Automatic Data Processing by 3.1% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,251,447 shares of the business services provider’s stock worth $952,112,000 after buying an additional 129,376 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in Automatic Data Processing in the second quarter worth $725,513,000. 80.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Automatic Data Processing

In related news, VP Joseph Desilva sold 631 shares of the company’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $282.87, for a total value of $178,490.97. Following the completion of the sale, the vice president directly owned 18,824 shares in the company, valued at approximately $5,324,744.88. This represents a 3.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael A. Bonarti sold 6,812 shares of the company’s stock in a transaction dated Thursday, November 5th. The stock was sold at an average price of $310.00, for a total value of $2,111,720.00. Following the sale, the vice president owned 81,849 shares of the company’s stock, valued at approximately $25,373,190. This trade represents a 7.68% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 50,207 shares of company stock valued at $14,522,300 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

Automatic Data Processing Stock Up 0.3%

NASDAQ:ADP opened at $306.36 on Thursday. The business’s fifty day moving average price is $280.31 and its 200 day moving average price is $242.61. The firm has a market capitalization of $120.94 billion, a price-to-earnings ratio of 27.16, a PEG ratio of 2.74 and a beta of 0.77. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.98. Automatic Data Processing, Inc. has a 1-year low of $188.16 and a 1-year high of $310.98.

Automatic Data Processing (NASDAQ:ADP) last released its earnings results on Wednesday, October 28th. The business services provider reported $2.82 earnings per share for the quarter, beating the consensus estimate of $2.77 by $0.05. The company had revenue of $5.49 billion for the quarter, compared to analysts’ expectations of $5.48 billion. Automatic Data Processing had a return on equity of 77.01% and a net margin of 20.33%. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.49 EPS. On average, sell-side analysts forecast that Automatic Data Processing, Inc. will post 12.38 earnings per share for the current fiscal year.

Automatic Data Processing Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 1st. Investors of record on Friday, December 11th will be issued a dividend of $1.90 per share. This is a positive change from Automatic Data Processing’s previous quarterly dividend of $1.70. This represents a $7.60 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Friday, December 11th. Automatic Data Processing’s dividend payout ratio is 60.28%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ADP shares. Guggenheim reissued a “buy” rating and set a $340.00 target price on shares of Automatic Data Processing in a research note on Thursday, October 29th. Cantor Fitzgerald boosted their target price on shares of Automatic Data Processing from $310.00 to $336.00 and gave the stock an “overweight” rating in a report on Friday, October 30th. Citigroup raised their target price on shares of Automatic Data Processing from $287.00 to $295.00 and gave the stock a “neutral” rating in a report on Thursday, October 29th. UBS Group boosted their target price on Automatic Data Processing from $260.00 to $270.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 22nd. Finally, Weiss Ratings upgraded Automatic Data Processing from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, September 22nd. Three research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Automatic Data Processing currently has a consensus rating of “Hold” and a consensus price target of $285.00.

Automatic Data Processing Profile

Automatic Data Processing, Inc. (ADP) provides payroll processing and human resources technology and services to businesses of varying sizes. Its offerings include payroll administration, tax filing, benefits administration, workforce management, talent management, and human capital management software. ADP also provides services such as compliance support and professional employer organization solutions, which help businesses manage employment responsibilities. Its products combine software with payroll and HR services to support organizations’ workforce operations.