Paychex hikes dividend by 12.7%

On April 28, 2023, Paychex, Inc. (PAYX), a leading provider of integrated human capital management software solutions for human resources, payroll, benefits, and insurance services, today announced that its board of directors approved a $.10 increase in the company’s regular quarterly dividend, an increase of 13 percent. The dividend will increase from $.79 per share to $.89 per share and is payable May 25, 2023 to shareholders of record May 11, 2023. The dividend yield for PAYX is 2.9% at a stock price of $110.

“Our board’s decision to again increase the quarterly dividend demonstrates our strong financial position and confidence in our ability to continue to return value to our shareholders, while also investing for growth in the business today and in the future,” said Paychex President and CEO, John Gibson.

In fiscal 2023, ending on May 31, 2023, Paychex expects to return approximately $1.2 billion in dividends to shareholders.

Paychex, Inc., incorporated in 1979, is a provider of integrated human capital management solutions for payroll, HR, retirement, and insurance services for small- to medium-sized businesses. The company has clients throughout the U.S. and Europe with operations in Germany. Paychex Flex is the company's proprietary HCM SaaS platform through which an integrated product suite, covering the employee life cycle from recruiting and hiring to retirement, is provided.