Investment Partners LTD. acquired a new stake in shares of Paychex, Inc. (NASDAQ:PAYX) during the 1st quarter, HoldingsChannel.com reports. The firm acquired 2,844 shares of the business services provider’s stock, valued at approximately $228,000.
Several other institutional investors also recently added to or reduced their stakes in PAYX. Renaissance Technologies LLC raised its position in shares of Paychex by 168.8% during the third quarter. Renaissance Technologies LLC now owns 93,801 shares of the business services provider’s stock valued at $6,908,000 after buying an additional 58,901 shares during the last quarter. Legal & General Group Plc increased its position in Paychex by 6.6% in the third quarter. Legal & General Group Plc now owns 1,978,219 shares of the business services provider’s stock worth $145,694,000 after purchasing an additional 121,663 shares during the last quarter. Morgan Stanley increased its position in Paychex by 27.3% in the third quarter. Morgan Stanley now owns 1,868,483 shares of the business services provider’s stock worth $137,613,000 after purchasing an additional 400,993 shares during the last quarter. Vanguard Group Inc increased its position in Paychex by 1.5% in the third quarter. Vanguard Group Inc now owns 25,237,021 shares of the business services provider’s stock worth $1,858,708,000 after purchasing an additional 363,583 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its position in Paychex by 2.2% in the fourth quarter. State of Alaska Department of Revenue now owns 102,971 shares of the business services provider’s stock worth $6,706,000 after purchasing an additional 2,262 shares during the last quarter. Hedge funds and other institutional investors own 68.83% of the company’s stock.
NASDAQ PAYX opened at $85.08 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.31. The firm has a market cap of $30.27 billion, a price-to-earnings ratio of 33.36, a PEG ratio of 3.28 and a beta of 1.04. Paychex, Inc. has a 52 week low of $61.32 and a 52 week high of $85.17.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Wednesday, March 27th. The business services provider reported $0.89 EPS for the quarter, hitting the consensus estimate of $0.89. The company had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.07 billion. Paychex had a net margin of 28.19% and a return on equity of 43.20%. Paychex’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.63 earnings per share. Analysts predict that Paychex, Inc. will post 2.85 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Wednesday, May 15th will be paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 2.91%. This is a positive change from Paychex’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Tuesday, May 14th. Paychex’s payout ratio is presently 87.84%.
Several brokerages recently weighed in on PAYX. Sanford C. Bernstein cut shares of Paychex from a “market perform” rating to an “underperform” rating in a research report on Tuesday, April 30th. Barclays boosted their price target on shares of Paychex from $78.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Monday, April 1st. Finally, Credit Suisse Group boosted their price target on shares of Paychex from $82.00 to $84.00 and gave the stock an “outperform” rating in a research report on Thursday, March 28th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Paychex presently has a consensus rating of “Hold” and a consensus price target of $74.14.
In other Paychex news, Director Joseph Doody sold 11,489 shares of Paychex stock in a transaction on Tuesday, February 12th. The shares were sold at an average price of $74.94, for a total transaction of $860,985.66. Following the completion of the transaction, the director now directly owns 30,128 shares of the company’s stock, valued at $2,257,792.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Jennifer R. Vossler sold 10,000 shares of Paychex stock in a transaction on Wednesday, February 13th. The stock was sold at an average price of $74.98, for a total transaction of $749,800.00. Following the transaction, the vice president now directly owns 31,701 shares of the company’s stock, valued at $2,376,940.98. The disclosure for this sale can be found here. Insiders have sold 176,671 shares of company stock valued at $14,022,221 over the last ninety days. 11.80% of the stock is owned by insiders.
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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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