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News Breaks
April 10, 2014
09:04 EDTADPADP announces plan for spin-off of Dealer Services business
ADP announced that the company's board has approved a plan to separate the Dealer Services business into an independent publicly traded company through a tax-free spin-off of 100% of Dealer Services to ADP shareholders. In conjunction with the spin-off ADP expects to receive in a tax-free manner at least $700M, which proceeds ADP plans to return to its shareholders through share repurchases after the spin-off is complete, depending on market conditions. Following the spin-off, ADP expects to maintain its current 48c quarterly cash dividend per share. Over the medium to long term, ADP intends to return to its pre-separation target dividend payout ratio of 55% to 60%, while keeping intact ADP's 39 year track record of annual increases in its quarterly cash dividend, subject to approval by ADP's board. The spin-off will be completed upon receipt of all required regulatory reviews and approvals. ADP expects to complete the separation in the early part of Q4.
News For ADP From The Last 14 Days
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April 24, 2015
10:59 EDTADPFollow-up: ADP downgraded on valuation at Evercore ISI
As previously reported, Evercore ISI downgraded ADP to Hold from Buy and lowered its price target to $86 from $95. The firm downgraded shares due to valuation and continues to expect new product cycles to drive share gains.
10:00 EDTADPOn The Fly: Analyst Downgrade Summary
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08:55 EDTADPADP downgraded to Hold from Buy at Evercore ISI
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April 21, 2015
07:31 EDTADPPaychex upgraded to Neutral from Underweight at JPMorgan
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