PNC Financial Services Group Inc. Has $299.55 Million Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

PNC Financial Services Group Inc. cut its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,362,869 shares of the business services provider’s stock after selling 4,951 shares during the quarter. PNC Financial Services Group Inc. owned about 0.33% of Automatic Data Processing worth $299,545,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Bank of New Hampshire increased its holdings in Automatic Data Processing by 0.3% in the second quarter. Bank of New Hampshire now owns 13,356 shares of the business services provider’s stock valued at $2,936,000 after purchasing an additional 40 shares during the period. Key Financial Inc increased its holdings in Automatic Data Processing by 0.4% in the second quarter. Key Financial Inc now owns 10,731 shares of the business services provider’s stock valued at $2,359,000 after purchasing an additional 41 shares during the period. Bell Investment Advisors Inc increased its holdings in Automatic Data Processing by 23.2% in the second quarter. Bell Investment Advisors Inc now owns 218 shares of the business services provider’s stock valued at $48,000 after purchasing an additional 41 shares during the period. Angeles Wealth Management LLC increased its holdings in Automatic Data Processing by 4.2% in the second quarter. Angeles Wealth Management LLC now owns 1,011 shares of the business services provider’s stock valued at $222,000 after purchasing an additional 41 shares during the period. Finally, Signet Financial Management LLC increased its holdings in Automatic Data Processing by 1.3% in the fourth quarter. Signet Financial Management LLC now owns 3,587 shares of the business services provider’s stock valued at $857,000 after purchasing an additional 45 shares during the period. 79.37% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Maria Black sold 17,326 shares of the business’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $255.03, for a total transaction of $4,418,649.78. Following the transaction, the chief executive officer now owns 70,782 shares in the company, valued at $18,051,533.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Automatic Data Processing news, VP Don Mcguire sold 3,880 shares of the company’s stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $253.90, for a total value of $985,132.00. Following the sale, the vice president now owns 20,665 shares in the company, valued at $5,246,843.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Maria Black sold 17,326 shares of the company’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $255.03, for a total transaction of $4,418,649.78. Following the completion of the sale, the chief executive officer now owns 70,782 shares in the company, valued at approximately $18,051,533.46. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 165,420 shares of company stock valued at $41,491,937. Insiders own 0.26% of the company’s stock.

Automatic Data Processing Price Performance

Shares of NASDAQ ADP traded down $1.08 during mid-day trading on Tuesday, reaching $230.63. 78,261 shares of the company were exchanged, compared to its average volume of 1,745,950. Automatic Data Processing, Inc. has a 52 week low of $201.46 and a 52 week high of $274.92. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $94.86 billion, a PE ratio of 27.55, a PEG ratio of 2.15 and a beta of 0.83. The company’s 50 day moving average price is $236.36 and its 200 day moving average price is $232.98.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, October 25th. The business services provider reported $2.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.05. The company had revenue of $4.51 billion during the quarter, compared to the consensus estimate of $4.52 billion. Automatic Data Processing had a net margin of 19.07% and a return on equity of 102.59%. Sell-side analysts forecast that Automatic Data Processing, Inc. will post 9.14 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 Monday, January 1st. Stockholders of record on Friday, December 8th will be paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 2.43%. This is an increase from Automatic Data Processing’s previous quarterly dividend of $1.25. The ex-dividend date is Thursday, December 7th. Automatic Data Processing’s dividend payout ratio is 66.59%.

Analyst Upgrades and Downgrades

ADP has been the subject of a number of recent analyst reports. StockNews.com downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Wednesday, October 25th. Royal Bank of Canada started coverage on Automatic Data Processing in a research note on Tuesday, September 5th. They issued a “sector perform” rating and a $267.00 target price for the company. Morgan Stanley reduced their target price on Automatic Data Processing from $260.00 to $250.00 and set an “equal weight” rating for the company in a research note on Thursday, October 26th. Robert W. Baird raised their target price on Automatic Data Processing from $235.00 to $270.00 in a research note on Thursday, July 27th. Finally, JPMorgan Chase & Co. raised their target price on Automatic Data Processing from $260.00 to $280.00 and gave the company an “underweight” rating in a research note on Tuesday, August 22nd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $248.42.

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.