Wesbanco Bank Inc. Cuts Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Wesbanco Bank Inc. reduced its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,655 shares of the business services provider’s stock after selling 132 shares during the quarter. Wesbanco Bank Inc.’s holdings in Automatic Data Processing were worth $2,949,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of ADP. BlueSpruce Investments LP bought a new stake in shares of Automatic Data Processing during the 1st quarter worth $365,757,000. Nordea Investment Management AB increased its position in shares of Automatic Data Processing by 27.7% during the 1st quarter. Nordea Investment Management AB now owns 2,715,382 shares of the business services provider’s stock valued at $678,601,000 after purchasing an additional 589,831 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in shares of Automatic Data Processing by 238.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 784,003 shares of the business services provider’s stock valued at $195,797,000 after buying an additional 552,096 shares in the last quarter. Mackenzie Financial Corp lifted its position in Automatic Data Processing by 242.4% in the 2nd quarter. Mackenzie Financial Corp now owns 644,135 shares of the business services provider’s stock worth $153,749,000 after buying an additional 456,027 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in Automatic Data Processing by 12.0% in the second quarter. Ameriprise Financial Inc. now owns 4,065,308 shares of the business services provider’s stock worth $964,989,000 after buying an additional 435,093 shares in the last quarter. 80.03% of the stock is currently owned by institutional investors.

Insider Activity at Automatic Data Processing

In other Automatic Data Processing news, VP Michael A. Bonarti sold 26,442 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $270.96, for a total transaction of $7,164,724.32. Following the completion of the transaction, the vice president now owns 88,426 shares of the company’s stock, valued at approximately $23,959,908.96. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Automatic Data Processing news, VP Michael A. Bonarti sold 26,442 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $270.96, for a total value of $7,164,724.32. Following the sale, the vice president now owns 88,426 shares in the company, valued at approximately $23,959,908.96. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP David Kwon sold 846 shares of Automatic Data Processing stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $270.60, for a total transaction of $228,927.60. Following the transaction, the vice president now owns 10,410 shares of the company’s stock, valued at $2,816,946. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 58,817 shares of company stock worth $15,999,208 over the last ninety days. 0.26% of the stock is owned by corporate insiders.

Automatic Data Processing Stock Performance

NASDAQ:ADP opened at $290.04 on Wednesday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.66. Automatic Data Processing, Inc. has a twelve month low of $205.53 and a twelve month high of $294.18. The stock has a market cap of $118.71 billion, a P/E ratio of 32.37, a price-to-earnings-growth ratio of 3.13 and a beta of 0.79. The firm’s fifty day simple moving average is $274.81 and its 200 day simple moving average is $256.02.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Wednesday, July 31st. The business services provider reported $2.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.06 by $0.03. Automatic Data Processing had a net margin of 19.54% and a return on equity of 89.20%. The company had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.74 billion. During the same quarter in the previous year, the company earned $1.89 earnings per share. Automatic Data Processing’s quarterly revenue was up 7.2% on a year-over-year basis. As a group, research analysts predict that Automatic Data Processing, Inc. will post 10.04 EPS for the current year.

Automatic Data Processing Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date of this dividend was Friday, September 13th. Automatic Data Processing’s payout ratio is presently 62.50%.

Analysts Set New Price Targets

Several research firms have commented on ADP. Royal Bank of Canada reissued a “sector perform” rating and set a $267.00 price target on shares of Automatic Data Processing in a research note on Thursday, August 1st. Barclays boosted their price target on shares of Automatic Data Processing from $282.00 to $310.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. Jefferies Financial Group raised their price objective on Automatic Data Processing from $250.00 to $260.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. StockNews.com lowered Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday, September 19th. Finally, Citigroup raised their price target on Automatic Data Processing from $260.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 25th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, Automatic Data Processing presently has a consensus rating of “Hold” and an average price target of $267.83.

Automatic Data Processing 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.