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Paychex Increases Quarterly Dividend and Authorizes $350 Million Stock Repurchase
Paychex, Inc. (NASDAQ: PAYX), a leading provider of human capital management solutions for small- to medium-sized businesses, today announced that its board of directors approved a $0.04 increase in the company’s regular quarterly dividend, an increase of 10 percent. The dividend will go from $0.42 per share to $0.46 per share and is payable on August 25, 2016 to shareholders of record on August 1, 2016.
Paychex also announced that its board authorized the purchase of up to $350 million of its common stock. The end date for the authorization is May 31, 2019.