Investment Partners LTD. Acquires Shares of 2,844 Paychex, Inc. (PAYX)

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.

TRADEMARK VIOLATION WARNING: This story was posted by Transcript Daily and is the sole property of of Transcript Daily. If you are viewing this story on another site, it was illegally copied and reposted in violation of international copyright laws. The original version of this story can be viewed at https://transcriptdaily.com/2019/05/11/investment-partners-ltd-acquires-shares-of-2844-paychex-inc-payx.html.

About Paychex

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.

See Also: FAANG Stocks

Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex, Inc. (NASDAQ:PAYX).

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

Receive News & Ratings for Paychex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex and related companies with MarketBeat.com's FREE daily email newsletter.