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Paychex ups dividend, approves $350M share buyback program

Paychex Inc.'sboard has increased the company's regular quarterly dividend by 10%, or 4 centsper share.

The dividend was raised to 46 cents per share from 42 centsper share and is payable Aug. 25 to shareholders of record as of Aug. 1.

In addition, the company's board authorized the purchase ofup to $350 million of its common stock. The share buyback program runs throughMay 31, 2019.