ADP Authorized to Purchase an Additional 50 Million Shares of Its Common Stock.ROSELAND, N.J. -- The board of directors of Automatic Data Processing Same as data processing. , Inc., (NYSE NYSE See: New York Stock Exchange :ADP (1) (Automatic Data Processing) Synonymous with data processing (DP), electronic data processing (EDP) and information processing. (2) (Automatic Data Processing, Inc., Roseland, NJ, www.adp. ) authorized the purchase of an additional 50 million shares of its common stock, Arthur F. Weinbach, chairman and chief executive officer, announced today. This is in addition to the approximately 7.5 million shares remaining to be purchased under previous share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. authorizations resulting in a total authorization of approximately 57.5 million shares. ADP currently has approximately 578 million common shares outstanding. ADP, with $8.5 billion in revenues and approximately 590,000 clients worldwide, is one of the largest providers of a broad range of premier, mission-critical, cost-effective transaction processing and information-based business solutions. |
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