ADP Authorized to Purchase $5 Billion of its Common Stock
Rhea-AI Summary
On Nov. 9, 2022, ADP (Nasdaq: ADP) announced that its board of directors has authorized a new $5 billion stock repurchase program. This authorization replaces the previous 2019 program of the same amount. As of October 28, 2022, ADP had approximately 415 million shares outstanding. The initiative aims to enhance shareholder value by reducing the number of shares in circulation.
Positive
- Approval of a new $5 billion stock repurchase program enhances shareholder value.
- Replacement of the previous 2019 authorization indicates a commitment to return capital to shareholders.
Negative
- None.
News Market Reaction – ADP
In the trading session that priced this news, ADP gained 6.03%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
ROSELAND, N.J., Nov. 9, 2022 /PRNewswire/ -- The board of directors of ADP (Nasdaq: ADP) authorized the purchase of
This authorization replaces in its entirety the previous 2019 authorization to purchase
About ADP (Nasdaq: ADP)
Designing better ways to work through cutting-edge products, premium services and exceptional experiences that enable people to reach their full potential. HR, Talent, Time Management, Benefits and Payroll. Informed by data and designed for people. Learn more at ADP.com.
ADP, the ADP logo, and Always Designing for People are trademarks of ADP, Inc.
Copyright © 2022 ADP, Inc. All rights reserved.
ADP - Investor Relations
Investor Relations Contacts:
Danyal Hussain, CFA
973.974.7836
Danyal.Hussain@adp.com
Matthew Keating, CFA
973.974.3037
Matthew.Keating@adp.com
ADP - Media
Media Contact:
Allyce Hackmann
201.400.4583
Allyce.Hackmann@adp.com
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SOURCE ADP - IR