Paychex accelerates dividend payments for two quarters The board of Paychex declared an accelerated dividend for the 3Q13 and 4Q13 totaling 66c per share of common stock. The accelerated dividend is intended by the board to be in lieu of quarterly dividends Paychex would otherwise have announced in Q3 and Q4, and paid in February and May 2013. The accelerated dividend is payable December 28 to shareholders of record December 20.
Goldman says to buy Paychex following the solid quarter Goldman said to buy Paychex following the solid quarter and notes payroll services revenues accelerated, double digit HR services growth, and positive momentum in new unit sales. The firm believes market concerns regarding increasing competition from cloud vendors is overdone and recommends buying shares for further acceleration. Shares are Conviction Buy rated with a $50 price target.