ADP raises dividend for 42nd consecutive year

Automatic Data Processing (ADP) will hike its dividend by 7.5%.
The quarterly dividend will be increased to $0.57 per share, marking 42 consecutive years of dividend growth. 

"Along with ADP's long-standing focus on our clients and our associates, we remain committed to our shareholder friendly actions. Our 42-year track record of increasing dividends is evidence of this commitment," said Carlos Rodriguez, president and chief executive officer of ADP.

ADP, a provider of Human Capital Management (HCM) solutions, has a 2.5% dividend yield at the current stock price of $91.33. 

The increased quarterly dividend will be distributed on January 1, 2017 to shareholders of record at December 9, 2016.

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