Paychex Declares Quarterly Dividend and Authorizes $400 Million Stock Repurchase

Rhea-AI Summary

Paychex, Inc. (Nasdaq: PAYX) announced a quarterly dividend of $.66 per share, payable on August 26, 2021, to shareholders recorded as of August 2, 2021. Additionally, the company authorized a $400 million stock buyback program, which will expire on January 31, 2024. In fiscal 2021, Paychex returned $909 million in dividends, which is 83% of its net income, reflecting the company's commitment to providing shareholder value and supporting long-term growth initiatives.

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• Authorized a $400 million stock buyback, enhancing shareholder value.
• Paid out $909 million in dividends, representing 83% of net income in fiscal 2021.

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• None.

Paychex, Inc. (Nasdaq: PAYX), the HR software and services company that provides the power of simplicity for increasingly complex workplaces, today announced a quarterly dividend of $.66 per share payable August 26, 2021. The dividend is available to shareholders of record as of August 2, 2021.

Paychex also announced the company’s board of directors have authorized the purchase of up to $400 million of its common stock. The authorization expires January 31, 2024.

“At Paychex, we take great pride in the company’s history of providing exceptional shareholder value. Today’s dividend and stock repurchase announcement are an illustration of that commitment and positions us to continue to make strategic investments in the long-term growth of Paychex,” said Martin Mucci, Paychex president and CEO.

In fiscal 2021, ended May 31, 2021, Paychex returned $909 million in dividends, or 83% of net income, to shareholders.

About Paychex

Paychex, Inc. (Nasdaq:PAYX) is a leading provider of integrated human capital management solutions for payroll, benefits, human resources, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by 50 years of industry expertise, Paychex serves more than 710,000 payroll clients as of May 31, 2021 across more than 100 locations in the U.S. and Europe, and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting paychex.com and stay connected on Twitter and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210708005507/en/

FAQ

What is the dividend amount Paychex is issuing in August 2021?

Paychex is issuing a quarterly dividend of $.66 per share, payable on August 26, 2021.

When is the record date for Paychex's dividend?

The record date for the dividend is August 2, 2021.

What is the purpose of Paychex's $400 million stock buyback announcement?

The $400 million stock buyback is intended to enhance shareholder value and support long-term growth strategies.

When does the stock buyback authorization expire?

The stock buyback authorization expires on January 31, 2024.

What percentage of net income did Paychex return to shareholders in fiscal 2021?

In fiscal 2021, Paychex returned 83% of its net income to shareholders.