Automatic Data Processing hikes dividend by 10% in 2024
Dividend Aristocrat Automatic Data Processing (ADP) will hike its quarterly dividend from $1.40 to $1.54 per share in 2024. This marks 50 consecutive years of increased dividends by ADP.
The new quarterly dividend rate of $1.54 per share will be distributed on January 1, 2025 to shareholders of record on December 13, 2024. At a stock price of $304 the dividend yield for ADP is 2%. The stock has gained 30.6% in 2024 resulting in a current market cap of $124 billion.
"Our dividend is a cornerstone of our long-standing commitment to our shareholders and this 10% increase signifies the Board's confidence in the financial strength of ADP", said Maria Black, President and CEO of ADP. "It's an exciting time as we mark our 50th consecutive year of dividend increases and celebrate 75 years of being at the forefront of workforce innovation. We are proud to be included among the elite group of 'Dividend Kings', who have a history of increasing dividends for at least 50 consecutive years, and we remain focused on continuing to deliver strong results for our shareholders."
Last year ADP surprised with a 12% dividend hike.
Automatic Data Processing, Inc. (ADP) is a global technology company engaged in providing cloud-based human capital management (HCM) solutions that unite HR, payroll, talent, time, tax and benefits administration.
