Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Our common stock trades on the NASDAQ Global Select Market under the symbol “PAYX.” Dividends have historically been paid on our common stock in August, November, February, and May. The level and continuation of future dividends are dependent on our future earnings and cash flows, and are subject to the discretion of our Board of Directors (the “Board”).

As of June 30, 2017, there were 11,828 holders of record of our common stock, which includes registered holders and participants in the Paychex, Inc. Dividend Reinvestment and Stock Purchase Plan. There were also 5,100 participants in the Paychex, Inc. Employee Stock Purchase Plan and 4,675 participants in the Paychex, Inc. Employee Stock Ownership Plan.

The high and low sale prices for our common stock as reported on the NASDAQ Global Select Market and dividends for fiscal 2017 and the fiscal year ended May 31, 2016 (“fiscal 2016”) are as follows:

The closing price of our common stock as of May 31, 2017, as reported on the NASDAQ Global Select Market, was $59.23 per share.

During fiscal 2017 we maintained two authorized common stock repurchase programs. The first program was authorized by our Board in May 2014 and expired on May 31, 2017. The second program was authorized by the Board in July 2016 and expires on May 31, 2019. Each program allows us to repurchase up to $350.0 million of our common stock. Shares repurchased under these programs during fiscal 2017 and fiscal 2016 were as follows:

As of May 31, 2017, the approximate dollar value of common stock shares available for repurchase under the program authorized in July 2016 is $243.5 million. All amounts authorized under the program in May 2014 have been fully repurchased. All shares of stock repurchased during fiscal 2017 and fiscal 2016 were retired.

The following graph shows a five-year comparison of the total cumulative returns of investing $100 on May 31, 2012, in Paychex common stock, the S&P 500 Index, and a Peer Group Index. All comparisons of stock price performance shown assume reinvestment of dividends. We are a participant in the S&P 500 Index, a market group of companies with a larger than average market capitalization. Our Peer Group is a group of companies with comparable revenue and net income, who are in a comparable industry, or who are direct competitors of Paychex (as detailed below).

There can be no assurance that our stock performance will continue into the future with the same or similar trends depicted in the graph above. We neither make nor endorse any predictions as to future stock performance.

The Governance & Compensation Committee of our Board annually reviews and approves the selection of Peer Group companies, adjusting the group from year to year based upon our business and changes in the Peer Group companies’ business or the comparability of their metrics. The Peer Group may also be adjusted in the event of mergers, acquisitions, or other significant economic changes. The Peer Group was adjusted for fiscal 2017. The Brink’s Company and Iron Mountain Incorporated were removed and replaced with Alliance Data Systems Corporation and Equifax, Inc., as they are more closely aligned with the Paychex business. Both the old and new peer groups are presented for this year of transition.

Our new Peer Group for fiscal 2017 is comprised of the following companies: