Prudential Financial Inc. boosted its holdings in Paychex, Inc. (NASDAQ:PAYX) by 1.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 352,383 shares of the business services provider’s stock after purchasing an additional 3,900 shares during the quarter. Prudential Financial Inc. owned about 0.10% of Paychex worth $25,953,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of PAYX. American Century Companies Inc. acquired a new stake in Paychex in the 2nd quarter valued at $83,230,000. Wedge Capital Management L L P NC bought a new position in Paychex during the 3rd quarter valued at $55,821,000. Skandinaviska Enskilda Banken AB publ lifted its stake in Paychex by 610.9% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 538,605 shares of the business services provider’s stock valued at $39,668,000 after acquiring an additional 462,838 shares in the last quarter. Marshall Wace LLP bought a new position in Paychex during the 2nd quarter valued at $26,339,000. Finally, Donaldson Capital Management LLC lifted its stake in Paychex by 4,317.7% during the 2nd quarter. Donaldson Capital Management LLC now owns 367,774 shares of the business services provider’s stock valued at $25,137,000 after acquiring an additional 359,449 shares in the last quarter. 68.04% of the stock is owned by institutional investors and hedge funds.
NASDAQ PAYX opened at $67.26 on Monday. The firm has a market cap of $24.15 billion, a PE ratio of 26.38, a price-to-earnings-growth ratio of 2.78 and a beta of 1.02. Paychex, Inc. has a one year low of $59.36 and a one year high of $76.02.
Paychex (NASDAQ:PAYX) last released its earnings results on Tuesday, October 2nd. The business services provider reported $0.67 EPS for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.02. Paychex had a return on equity of 42.87% and a net margin of 27.71%. The company had revenue of $862.80 million for the quarter, compared to analysts’ expectations of $850.39 million. During the same period in the previous year, the business posted $0.62 EPS. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. On average, research analysts predict that Paychex, Inc. will post 2.85 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 15th. Investors of record on Thursday, November 1st were paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date of this dividend was Wednesday, October 31st. Paychex’s dividend payout ratio is currently 87.84%.
Several equities analysts have weighed in on PAYX shares. BidaskClub cut Paychex from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 29th. Credit Suisse Group upgraded Paychex from a “neutral” rating to a “buy” rating and set a $82.00 price objective on the stock in a research note on Tuesday, October 2nd. Jefferies Financial Group started coverage on Paychex in a research note on Monday, October 1st. They set a “hold” rating and a $75.00 price objective on the stock. Deutsche Bank raised their price objective on Paychex from $68.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, October 3rd. Finally, Stifel Nicolaus raised their price objective on Paychex from $69.00 to $73.00 and gave the company a “hold” rating in a research note on Wednesday, October 3rd. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $72.93.
In other Paychex news, VP John B. Gibson sold 47,250 shares of Paychex stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $73.50, for a total transaction of $3,472,875.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph Doody bought 1,000 shares of Paychex stock in a transaction on Tuesday, October 23rd. The shares were bought at an average cost of $66.50 per share, with a total value of $66,500.00. Following the acquisition, the director now directly owns 16,639 shares in the company, valued at $1,106,493.50. The disclosure for this purchase can be found here. Insiders own 11.80% of the company’s stock.
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Paychex Company Profile
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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