IFM Investors Pty Ltd lifted its holdings in Paychex, Inc. (NASDAQ:PAYX) by 53.3% during the third quarter, Holdings Channel.com reports. The institutional investor owned 35,184 shares of the business services provider’s stock after acquiring an additional 12,240 shares during the quarter. IFM Investors Pty Ltd’s holdings in Paychex were worth $2,912,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Paychex by 9.7% in the 2nd quarter. BlackRock Inc. now owns 34,524,333 shares of the business services provider’s stock worth $2,841,008,000 after buying an additional 3,058,635 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Paychex by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 26,398,764 shares of the business services provider’s stock worth $2,172,355,000 after buying an additional 425,365 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of Paychex by 11.0% in the 2nd quarter. Wells Fargo & Company MN now owns 9,305,194 shares of the business services provider’s stock worth $765,725,000 after buying an additional 919,406 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Paychex by 1.5% in the 2nd quarter. Invesco Ltd. now owns 5,849,907 shares of the business services provider’s stock worth $481,389,000 after buying an additional 85,215 shares during the last quarter. Finally, Bahl & Gaynor Inc. boosted its stake in shares of Paychex by 27.7% in the 2nd quarter. Bahl & Gaynor Inc. now owns 3,168,024 shares of the business services provider’s stock worth $260,697,000 after buying an additional 686,831 shares during the last quarter. Hedge funds and other institutional investors own 69.98% of the company’s stock.
PAYX has been the topic of a number of research reports. Argus reaffirmed a “buy” rating and issued a $92.00 price target on shares of Paychex in a report on Thursday, October 3rd. Barclays lifted their price target on shares of Paychex from $80.00 to $84.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Cowen initiated coverage on shares of Paychex in a report on Wednesday, September 11th. They issued a “market perform” rating and a $74.00 price target on the stock. Morgan Stanley cut shares of Paychex from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $77.00 to $74.00 in a report on Thursday, August 15th. Finally, BidaskClub cut shares of Paychex from a “buy” rating to a “hold” rating in a report on Saturday, August 24th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $79.33.
NASDAQ:PAYX opened at $82.66 on Thursday. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $29.87 billion, a PE ratio of 29.11, a price-to-earnings-growth ratio of 3.84 and a beta of 0.89. The firm’s 50 day moving average is $83.48 and its 200 day moving average is $84.03. Paychex, Inc. has a 12 month low of $61.32 and a 12 month high of $88.43.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, October 2nd. The business services provider reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. The company had revenue of $992.00 million for the quarter, compared to analysts’ expectations of $991.70 million. Paychex had a net margin of 27.04% and a return on equity of 41.07%. Paychex’s revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.67 EPS. Research analysts predict that Paychex, Inc. will post 3.11 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Friday, November 1st will be issued a dividend of $0.62 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $2.48 dividend on an annualized basis and a yield of 3.00%. Paychex’s payout ratio is 87.32%.
In other Paychex news, Director David J. S. Flaschen sold 13,052 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $84.50, for a total transaction of $1,102,894.00. Following the sale, the director now owns 43,564 shares of the company’s stock, valued at approximately $3,681,158. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Pamela A. Joseph sold 22,339 shares of the business’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $85.06, for a total transaction of $1,900,155.34. Following the sale, the director now directly owns 17,587 shares in the company, valued at approximately $1,495,950.22. The disclosure for this sale can be found here. Insiders have sold a total of 67,256 shares of company stock worth $5,707,113 in the last three months. Insiders own 11.70% of the company’s stock.
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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