Automatic Data Processing (ADP) Adds 50M Shares to Buyback; Declares $0.29 Qtr. Dividend
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Automatic Data Processing, Inc., (NYSE: ADP) today announced that its Board has authorized the repurchased of up to an additional 50 million shares of its common stock.
ADP currently has about 8.6 million shares remaining to be purchased under previous share repurchase authorizations resulting in a total authorization of approximately 58.6 million shares. ADP currently has approximately 510 million common shares outstanding.
The Board also declared a regular quarterly dividend of $0.29 per common share payable October 1, 2008 to shareholders of record on September 12, 2008.
Automatic Data Processing, Inc., together with its subsidiaries, provides technology-based outsourcing solutions to employers, vehicle retailers, and manufacturers.
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