ADP raises dividend by 20%, to boost yield above 2%

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Automatic Data Processing Inc. ADP, +1.93% said Wednesday it was increasing its quarterly dividend by 20.2%, to $1.25 a share from $1.04 a share. The human resources outsourcing company new dividend will be payable Jan. 1 to shareholders of record on Dec. 9. Based on Tuesday’s stock closing price of $245.04, the new annual dividend rate of $5.00 a share implies a dividend yield of 2.04%, which compares with the implied yield for the S&P 500 SPX, +0.56% of 1.75%. ADP’s stock, which is still inactive in premarket trading, has slipped 0.6% year to date while the S&P 500 has shed 19.7%.

This article was originally published by Marketwatch.com. Read the original article here.

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