Paychex, Inc. (NASDAQ: PAYX) revealed that its board approved four cents a share increase in its regular quarterly dividend. That translated into an increase of 10 percent. As a result, the dividend will grow to $0.46 per share from $0.42 a share. On an annualized basis, this worked out to $1.84, up from $1.68 a share. The dividend offered a yield of 2.8 percent, which was lower than the five-year average yield of 3.7 percent.
Paychex said it fixed August 1 as the record date for determining the eligible shareholders. The dividend would be paid on August 25.
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Additionally, the company revealed its board authorized repurchase of a maximum of $350 million of its common stock. The company indicated the authorization would end on May 31, 2019.
Paychex president and CEO, Martin Mucci, commented, "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."
The company indicated it returned $606 million in dividends, or 80 percent of net income, to shareholders in fiscal year 2016 that ended May 31.
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