Dividend Aristocrat ADP raises dividend by 20.2% in 2022
On November 9, 2022, technology company Automatic Data Processing (trading symbol ADP) announced a whopping 20.2% dividend increase to a new record high of $1.25 per share. This marks the 48th consecutive year of dividend growth for ADP.
ADP, one of the currently 64 Dividend Aristocrats in the United States, currently has a dividend yield of 2% at a stock price of $253, based on the new annual dividend rate of $5.00 per share. Last year ADP announced a dividend increase of 11.8% to $1.04 per share quarterly.
"This 20% increase in our quarterly dividend signifies our 48th year of consecutive annual dividend increases. Our dividend is a cornerstone to our long-standing commitment to shareholder-friendly actions, and we are pleased to be one of a select group of companies with such a track record," said Carlos Rodriguez.
The new quarterly dividend rate of $1.25 per share will be distributed on January 1, 2023 to shareholders of record on December 9, 2022. For ADP this 2022 dividend hike is the biggest since 2018, when a 25.4% dividend hike was declared.
Other Dividend Aristocrats announcing a dividend hike recently are Becton Dickinson (+4.6%) and Roper Technologies (+10.1%).
Automatic Data Processing, Inc. (ADP) is a provider of human capital management (HCM) solutions to employers, offering solutions to businesses of various sizes. ADP also provides business process outsourcing solutions. Its segments include Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers a range of human resources (HR) business process outsourcing and technology-enabled HCM solutions. These offerings include payroll services, benefits administration, talent management, HR management, time and attendance management, insurance services, retirement services, and tax and compliance services. The company has paid a dividend every year since at least 1974 and is a Dividend Aristocrat.