GW&K Investment Management LLC boosted its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.3% during the 3rd quarter, Holdings Channel.com reports. The firm owned 435,887 shares of the business services provider’s stock after acquiring an additional 1,419 shares during the period. GW&K Investment Management LLC’s holdings in Paychex were worth $36,078,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Vigilant Capital Management LLC purchased a new stake in Paychex during the 3rd quarter worth about $27,000. Cornerstone Advisors Inc. boosted its position in shares of Paychex by 91.9% during the 3rd quarter. Cornerstone Advisors Inc. now owns 330 shares of the business services provider’s stock worth $27,000 after acquiring an additional 158 shares in the last quarter. Manchester Financial Inc. acquired a new position in shares of Paychex during the 2nd quarter worth about $29,000. Benjamin Edwards Inc. boosted its position in shares of Paychex by 58.2% during the 3rd quarter. Benjamin Edwards Inc. now owns 348 shares of the business services provider’s stock worth $29,000 after acquiring an additional 128 shares in the last quarter. Finally, Stonebridge Capital Advisors LLC acquired a new position in shares of Paychex during the 2nd quarter worth about $32,000. Institutional investors own 69.98% of the company’s stock.
Several research firms have recently issued reports on PAYX. BidaskClub cut Paychex from a “hold” rating to a “sell” rating in a research report on Thursday. Argus reaffirmed a “buy” rating and set a $92.00 price objective on shares of Paychex in a research report on Thursday, October 3rd. Cowen began coverage on Paychex in a research report on Wednesday, September 11th. They set a “market perform” rating and a $74.00 price objective for the company. ValuEngine cut Paychex from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Morgan Stanley cut Paychex from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $77.00 to $74.00 in a research report on Thursday, August 15th. Four analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Paychex presently has an average rating of “Hold” and a consensus target price of $79.33.
In other news, Director Pamela A. Joseph sold 22,339 shares of the stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $85.06, for a total transaction of $1,900,155.34. Following the completion of the transaction, the director now directly owns 17,587 shares of the company’s stock, valued at approximately $1,495,950.22. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director David J. S. Flaschen sold 13,052 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $84.50, for a total value of $1,102,894.00. Following the transaction, the director now directly owns 43,564 shares of the company’s stock, valued at $3,681,158. The disclosure for this sale can be found here. Over the last three months, insiders have sold 67,256 shares of company stock valued at $5,707,113. Company insiders own 11.70% of the company’s stock.
Shares of NASDAQ PAYX traded up $0.37 during trading hours on Friday, reaching $83.25. The stock had a trading volume of 1,718,500 shares, compared to its average volume of 1,784,401. The firm has a market cap of $29.56 billion, a price-to-earnings ratio of 29.31, a PEG ratio of 3.80 and a beta of 0.89. The firm has a 50-day moving average of $83.50 and a 200-day moving average of $84.04. Paychex, Inc. has a fifty-two week low of $61.32 and a fifty-two week high of $88.43. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.35.
Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, October 2nd. The business services provider reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. The business had revenue of $992.00 million during the quarter, compared to the consensus estimate of $991.70 million. Paychex had a return on equity of 41.07% and a net margin of 27.04%. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.67 EPS. On average, equities analysts predict that Paychex, Inc. will post 3.11 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Friday, November 1st will be paid a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date of this dividend is Thursday, October 31st. Paychex’s dividend payout ratio (DPR) is 87.32%.
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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