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

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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, 2019, there were 10,692 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 4,350 participants in the Paychex, Inc. Qualified Employee Stock Purchase Plan and 4,388 participants in the Paychex, Inc. Employee Stock Ownership Plan.

During fiscal 2019 and the fiscal year ended May 31, 2018 (“fiscal 2018”) we maintained a common stock repurchase program authorized by the Board in July 2016 which expired on May 31, 2019. This program allowed us to repurchase up to $350.0 million of our common stock. Shares repurchased under this program during fiscal 2019 were as follows (in millions):

In millionsTotal number of shares purchasedAverage price paid per shareTotal dollarsApproximate dollar value of shares that may yet be purchased under the program
First quarter0.5$71.80$32.8$67.7
Second quarter—$——$67.7
Third quarter—$——$67.7
March 1 to March 31, 2019—$——$67.7
April 1 to April 30, 2019—$——$67.7
May 1 to May 31, 20190.2$83.7624.1$—
Fiscal year0.7$76.42$56.9

All shares of stock repurchased during fiscal 2019 were retired. In May 2019, our Board authorized a program which allows us to repurchase up to $400.0 million of our common stock which expires on May 31, 2022.

The following graph shows a five-year comparison of the total cumulative returns of investing $100 on May 31, 2014, 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).

Picture 4

May 31,201420152016201720182019
Paychex$100.00$124.25$141.11$159.07$180.58$243.87
S&P 500$100.00$111.81$113.72$133.59$152.81$158.59
Peer Group$100.00$128.44$131.81$154.93$200.03$227.60

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.

Our Peer Group for fiscal 2019 is comprised of the following companies:

Alliance Data Systems CorporationH&R Block, Inc.
Automatic Data Processing, Inc. (direct competitor)Intuit Inc.
Broadridge Financial Solutions, Inc.Moody’s Corporation
DST System, Inc.Robert Half International Inc.
The Dun & Bradstreet CorporationTD AMERITRADE Holding Corporation
Equifax, Inc.Total Systems Services, Inc.
Fiserv, Inc.The Western Union Company
Global Payments Inc.

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