Cobblestone Capital Advisors LLC NY reduced its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 1.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 45,000 shares of the business services provider’s stock after selling 857 shares during the quarter. Cobblestone Capital Advisors LLC NY’s holdings in Paychex were worth $2,698,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. Salem Investment Counselors Inc. lifted its holdings in Paychex by 0.6% during the second quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock worth $102,000 after acquiring an additional 11 shares during the period. Dupont Capital Management Corp bought a new stake in shares of Paychex in the second quarter valued at $129,000. Sun Life Financial INC raised its stake in shares of Paychex by 23,260.0% in the second quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock valued at $133,000 after buying an additional 2,326 shares during the period. San Francisco Sentry Investment Group CA bought a new stake in shares of Paychex in the second quarter valued at $145,000. Finally, Kernodle & Katon Asset Management Group LLC raised its stake in shares of Paychex by 37.7% in the first quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock valued at $186,000 after buying an additional 867 shares during the period. Institutional investors and hedge funds own 67.02% of the company’s stock.
Several brokerages have issued reports on PAYX. BidaskClub upgraded Paychex from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Wells Fargo & Company boosted their target price on Paychex from $58.00 to $60.00 and gave the company a “market perform” rating in a research note on Wednesday, October 4th. Bank of America Corporation boosted their target price on Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, October 4th. Royal Bank Of Canada restated an “underperform” rating and issued a $57.00 target price (up from $54.00) on shares of Paychex in a research note on Wednesday, October 4th. Finally, Citigroup Inc. restated a “sell” rating and issued a $53.00 target price on shares of Paychex in a research note on Monday, October 2nd. Five investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $60.07.
Paychex, Inc. (NASDAQ PAYX) traded down $0.19 during trading hours on Monday, hitting $64.57. The company had a trading volume of 1,332,600 shares, compared to its average volume of 1,996,593. Paychex, Inc. has a 12 month low of $54.20 and a 12 month high of $65.62. The company has a market cap of $23,201.89, a price-to-earnings ratio of 28.44, a price-to-earnings-growth ratio of 3.50 and a beta of 0.99.
Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. Paychex had a return on equity of 43.01% and a net margin of 26.01%. The company had revenue of $816.80 million for the quarter, compared to analyst estimates of $816.34 million. During the same period in the previous year, the company posted $0.60 EPS. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. equities analysts forecast that Paychex, Inc. will post 2.38 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.10%. The ex-dividend date is Tuesday, October 31st. Paychex’s payout ratio is 87.34%.
In related news, VP Laurie L. Zaucha sold 17,354 shares of the business’s stock in a transaction dated Tuesday, October 10th. The stock was sold at an average price of $64.00, for a total transaction of $1,110,656.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Laurie L. Zaucha sold 15,000 shares of the business’s stock in a transaction dated Monday, September 25th. The stock was sold at an average price of $60.00, for a total value of $900,000.00. Following the transaction, the vice president now owns 51,360 shares of the company’s stock, valued at $3,081,600. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 94,395 shares of company stock valued at $5,914,383. 11.70% of the stock is owned by company insiders.
Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.
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