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Paychex Increases Dividend, Announces Share Repurchase Program

Paychex announced Thursday it is raising its dividend and also authorizing a share repurchase program.

The Rochester-area based company says its board of directors has approved a four-cent increase in the dividend,  which is an increase of 10 percent.

The dividend will go from $0.42 per share to $0.46 per share and is payable on August 25th to shareholders of record on August 1st.

Paychex also announced that its board authorized the purchase of up to $350 million of its common stock.

“The dividend increase and stock repurchase authorization supports the company’s history of providing exceptional shareholder value while continuing to make strategic investments in the long-term growth of Paychex,” said Martin Mucci, Paychex president and CEO.

Randy Gorbman is WXXI's director of news and public affairs. Randy manages the day-to-day operations of WXXI News on radio, television, and online.