
Automatic Data Processing (NASDAQ:ADP) Approves Stock Repurchase Program

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Automatic Data Processing (NASDAQ:ADP) has authorized a $6 billion stock repurchase program, allowing the company to buy back up to 5.8% of its shares. This decision indicates the board's belief that the stock is undervalued. The company also reported a quarterly EPS of $2.49, exceeding estimates, and announced a dividend increase to $1.70 per share. Analysts have mixed ratings on ADP, with a consensus rating of "Hold" and a target price of $306.42. The stock traded at $258.50, reflecting a slight increase during midday trading.
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