PNC Financial Services Group Inc. Boosts Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Key Points

• PNC Financial Services Group Inc. increased its holdings in Automatic Data Processing, Inc. (ADP) by 4.8% during Q1, now owning approximately 1.3 million shares valued at $396.2 million.
• ADP reported Q2 earnings per share of $2.26, exceeding analysts' expectations and showing a 6.3% year-over-year revenue growth with total revenue of $5.13 billion.
• Analyst ratings indicate that ADP has a consensus rating of "Hold" from analysts, with a target price averaging around $314.33.

PNC Financial Services Group Inc. increased its position in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 4.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,296,920 shares of the business services provider's stock after buying an additional 58,922 shares during the quarter. PNC Financial Services Group Inc. owned about 0.32% of Automatic Data Processing worth $396,248,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of ADP. von Borstel & Associates Inc. acquired a new stake in shares of Automatic Data Processing during the first quarter worth $30,000. Main Street Group LTD grew its position in shares of Automatic Data Processing by 50.7% in the fourth quarter. Main Street Group LTD now owns 113 shares of the business services provider's stock valued at $33,000 after purchasing an additional 38 shares during the last quarter. Abound Wealth Management grew its position in Automatic Data Processing by 58.1% during the first quarter. Abound Wealth Management now owns 117 shares of the business services provider's stock worth $36,000 after buying an additional 43 shares in the last quarter. Banque de Luxembourg S.A. acquired a new stake in Automatic Data Processing during the fourth quarter worth approximately $37,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Automatic Data Processing during the fourth quarter worth $37,000. 80.03% of the stock is owned by institutional investors and hedge funds.

Automatic Data Processing Trading Up 0.6%

Automatic Data Processing stock traded up $1.82 during midday trading on Monday, reaching $302.26. The stock had a trading volume of 1,560,102 shares, compared to its average volume of 1,475,446. The company has a quick ratio of 1.02, a current ratio of 1.05 and a debt-to-equity ratio of 0.64. Automatic Data Processing, Inc. has a 52-week low of $256.47 and a 52-week high of $329.93. The firm has a market cap of $122.69 billion, a price-to-earnings ratio of 30.29, a price-to-earnings-growth ratio of 2.76 and a beta of 0.81. The company has a fifty day moving average of $310.28 and a 200 day moving average of $305.33.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last issued its earnings results on Wednesday, July 30th. The business services provider reported $2.26 EPS for the quarter, topping analysts' consensus estimates of $2.23 by $0.03. The business had revenue of $5.13 billion for the quarter, compared to the consensus estimate of $5.05 billion. Automatic Data Processing had a net margin of 19.84% and a return on equity of 72.84%. The company's revenue for the quarter was up 6.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.09 EPS. On average, analysts anticipate that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. TD Securities raised their target price on Automatic Data Processing from $298.00 to $321.00 and gave the stock a "hold" rating in a research report on Wednesday, May 21st. BMO Capital Markets upgraded Automatic Data Processing to a "hold" rating and set a $340.00 target price for the company in a research note on Thursday, July 10th. Mizuho raised their price target on shares of Automatic Data Processing from $321.00 to $332.00 and gave the company an "outperform" rating in a research report on Friday, June 13th. Morgan Stanley raised their price target on shares of Automatic Data Processing from $310.00 to $311.00 and gave the company an "equal weight" rating in a research report on Thursday. Finally, Stifel Nicolaus raised their price target on shares of Automatic Data Processing from $305.00 to $318.00 and gave the company a "hold" rating in a research report on Thursday. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Automatic Data Processing has a consensus rating of "Hold" and an average price target of $314.33.

About Automatic Data Processing

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.