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Paychex Inc. has authorization to repurchase up to $350 million of its common stock, the company said at its annual meeting Tuesday.
The Paychex board of directors authorized the purchase, with an end date for the authorization of May 31, 2014. At the meeting the company’s board also declared a penny a share increase in its regular quarterly dividend.
“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 CEO, in a statement.
“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.”
In fiscal 2012, Paychex returned $460.5 million, or 84 percent of net income, to shareholders as dividends, company officials noted.
The 33 cents a share dividend is payable Nov. 15 to shareholders of record Nov. 2.
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