PNC Financial Services Group Inc. cut its stake in shares of Automatic Data Processing (NYSE:ADP) by 0.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,757,453 shares of the company’s stock after selling 9,385 shares during the period. PNC Financial Services Group Inc.’s holdings in Automatic Data Processing were worth $155,006,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Automatic Data Processing by 1.4% in the second quarter. Vanguard Group Inc. now owns 31,358,570 shares of the company’s stock valued at $2,880,911,000 after buying an additional 432,693 shares during the period. BlackRock Fund Advisors increased its position in shares of Automatic Data Processing by 7.9% in the second quarter. BlackRock Fund Advisors now owns 8,269,243 shares of the company’s stock valued at $759,695,000 after buying an additional 608,214 shares during the period. Wells Fargo & Company MN increased its position in shares of Automatic Data Processing by 6.5% in the third quarter. Wells Fargo & Company MN now owns 6,752,946 shares of the company’s stock valued at $595,609,000 after buying an additional 410,986 shares during the period. BlackRock Group LTD increased its position in shares of Automatic Data Processing by 4.5% in the second quarter. BlackRock Group LTD now owns 5,759,609 shares of the company’s stock valued at $529,136,000 after buying an additional 248,856 shares during the period. Finally, Capital International Investors increased its position in shares of Automatic Data Processing by 9.9% in the second quarter. Capital International Investors now owns 4,995,800 shares of the company’s stock valued at $458,964,000 after buying an additional 448,000 shares during the period.

Institutional Ownership by Quarter for Automatic Data Processing (NYSE:ADP)

Shares of Automatic Data Processing (NYSE:ADP) opened at 96.02 on Thursday. The company’s 50-day moving average is $90.08 and its 200-day moving average is $89.59. Automatic Data Processing has a 12 month low of $76.65 and a 12 month high of $97.43. The stock has a market capitalization of $43.32 billion and a PE ratio of 28.73.

Automatic Data Processing (NYSE:ADP) last issued its earnings results on Wednesday, November 2nd. The company reported $0.86 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.76 by $0.10. The business had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.92 billion. The company’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.68 earnings per share. Equities research analysts expect that Automatic Data Processing will post $3.66 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Sunday, January 1st. Investors of record on Friday, December 9th will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.37%. This is a boost from Automatic Data Processing’s previous quarterly dividend of $0.53. The ex-dividend date is Wednesday, December 7th.

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Several research analysts have weighed in on ADP shares. Wedbush started coverage on Automatic Data Processing in a report on Thursday, September 8th. They issued a “neutral” rating and a $100.00 price target for the company. Zacks Investment Research cut shares of Automatic Data Processing from a “hold” rating to a “sell” rating in a research note on Tuesday, November 1st. Finally, BMO Capital Markets reissued a “hold” rating on shares of Automatic Data Processing in a research note on Thursday, November 3rd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $95.14.

In related news, insider Michael A. Bonarti sold 4,840 shares of the firm’s stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $89.72, for a total transaction of $434,244.80. Following the completion of the sale, the insider now directly owns 41,746 shares in the company, valued at $3,745,451.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Maria Black sold 527 shares of the firm’s stock in a transaction that occurred on Friday, September 2nd. The stock was sold at an average price of $90.00, for a total transaction of $47,430.00. Following the sale, the vice president now owns 7,836 shares of the company’s stock, valued at $705,240. The disclosure for this sale can be found here.

About Automatic Data Processing

Automatic Data Processing, Inc (ADP) is a provider of human capital management (HCM) solutions and business process outsourcing. The Company operates through two segments: Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers a range of business outsourcing and technology-enabled HCM solutions.

5 Day Chart for NYSE:ADP

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