Meiji Yasuda Asset Management Co Ltd. increased its position in Paychex, Inc. (NASDAQ:PAYX) by 5.4% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 40,818 shares of the business services provider’s stock after purchasing an additional 2,100 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Paychex were worth $2,447,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Carnick & Kubik Group LLC acquired a new position in Paychex in the 3rd quarter worth approximately $1,332,000. Paragon Capital Management LLC boosted its stake in Paychex by 2.4% in the 2nd quarter. Paragon Capital Management LLC now owns 213,047 shares of the business services provider’s stock worth $12,130,000 after purchasing an additional 4,921 shares during the period. Chilton Investment Co. LLC boosted its stake in Paychex by 16.0% in the 2nd quarter. Chilton Investment Co. LLC now owns 44,872 shares of the business services provider’s stock worth $2,555,000 after purchasing an additional 6,184 shares during the period. Hourglass Capital LLC boosted its stake in Paychex by 0.9% in the 2nd quarter. Hourglass Capital LLC now owns 84,029 shares of the business services provider’s stock worth $4,785,000 after purchasing an additional 730 shares during the period. Finally, Parsons Capital Management Inc. RI boosted its stake in Paychex by 0.6% in the 1st quarter. Parsons Capital Management Inc. RI now owns 38,398 shares of the business services provider’s stock worth $2,262,000 after purchasing an additional 232 shares during the period. 67.65% of the stock is owned by hedge funds and other institutional investors.
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A number of research firms have issued reports on PAYX. Bank of America Corporation increased their target price on shares of Paychex from $64.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, October 4th. Citigroup Inc. reiterated a “sell” rating and issued a $53.00 target price on shares of Paychex in a research report on Monday, October 2nd. Morgan Stanley upgraded shares of Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 target price for the company in a research report on Wednesday, August 16th. They noted that the move was a valuation call. BidaskClub upgraded shares of Paychex from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. Finally, Wells Fargo & Company increased their target price on shares of Paychex from $58.00 to $60.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 4th. Five equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $60.07.
In related news, VP John B. Gibson sold 6,000 shares of Paychex stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $63.70, for a total value of $382,200.00. Following the transaction, the vice president now owns 21,758 shares in the company, valued at approximately $1,385,984.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Martin Mucci sold 29,786 shares of Paychex stock in a transaction on Thursday, October 5th. The stock was sold at an average price of $63.17, for a total transaction of $1,881,581.62. The disclosure for this sale can be found here. Insiders have sold a total of 94,395 shares of company stock worth $5,914,383 in the last 90 days. 11.70% of the stock is owned by insiders.
Paychex, Inc. (NASDAQ PAYX) traded up $0.26 during trading on Tuesday, hitting $65.18. 1,326,200 shares of the stock were exchanged, compared to its average volume of 1,987,819. The company has a market cap of $23,350.00, a P/E ratio of 28.60, a P/E/G ratio of 3.52 and a beta of 0.99. Paychex, Inc. has a fifty-two week low of $54.20 and a fifty-two week high of $66.31.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. The business had revenue of $816.80 million for the quarter, compared to the consensus estimate of $816.34 million. Paychex had a net margin of 26.01% and a return on equity of 43.01%. Paychex’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.60 EPS. research analysts predict that Paychex, Inc. will post 2.38 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st were issued a dividend of $0.50 per share. The ex-dividend date was Tuesday, October 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.07%. Paychex’s dividend payout ratio is currently 87.34%.
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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