Paychex Increases Dividend by $0.01 to $0.33 per Share
The Board of Directors of Paychex (NASDAQ: PAYX) today declared a $.01 increase in the Company's regular quarterly dividend. The $.33 per share dividend is payable November 15, 2012 to shareholders of record November 2, 2012.
The Company also announced that the Board has authorized the purchase of up to $350 million of its common stock. The end date for the authorization is May 31, 2014.
“The increase in the quarterly dividend and stock repurchase authorization reflect our ongoing commitment to balancing strategic investment in our business with our history of delivering outstanding shareholder value,” said Martin Mucci, Paychex president and chief executive officer. “Our board and executive team are focused on executing the right investments for Paychex's future – including technology innovation – while producing exceptional returns for our shareholders.”
During fiscal 2012, Paychex returned $460.5 million, or 84% of net income, to shareholders as dividends.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.