Tredje AP fonden reduced its position in Paychex, Inc. (NASDAQ:PAYX) by 60.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 23,587 shares of the business services provider’s stock after selling 36,715 shares during the period. Tredje AP fonden’s holdings in Paychex were worth $3,594,000 as of its most recent filing with the SEC.
A number of other large investors have also recently modified their holdings of PAYX. Wealthfront Advisers LLC lifted its stake in Paychex by 5.1% in the 4th quarter. Wealthfront Advisers LLC now owns 16,610 shares of the business services provider’s stock valued at $1,413,000 after purchasing an additional 802 shares during the last quarter. RFG Advisory LLC acquired a new stake in Paychex in the 4th quarter valued at about $373,000. Savior LLC acquired a new stake in Paychex in the 4th quarter valued at about $34,000. FinTrust Capital Advisors LLC lifted its stake in Paychex by 39.7% in the 4th quarter. FinTrust Capital Advisors LLC now owns 651 shares of the business services provider’s stock valued at $55,000 after purchasing an additional 185 shares during the last quarter. Finally, Global Retirement Partners LLC lifted its position in Paychex by 11.9% during the fourth quarter. Global Retirement Partners LLC now owns 1,213 shares of the business services provider’s stock worth $103,000 after acquiring an additional 129 shares during the last quarter. Institutional investors and hedge funds own 67.99% of the company’s stock.
Several brokerages have issued reports on PAYX. Robert W. Baird cut their price objective on shares of Paychex from $87.00 to $67.00 and set a “neutral” rating for the company in a research report on Thursday, March 26th. Stifel Nicolaus cut their price objective on shares of Paychex from $87.00 to $55.00 and set a “hold” rating for the company in a research report on Tuesday, March 24th. BidaskClub downgraded shares of Paychex from a “hold” rating to a “sell” rating in a research report on Thursday, March 19th. Morgan Stanley raised their price objective on shares of Paychex from $64.00 to $68.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, Cowen raised their price objective on shares of Paychex from $60.00 to $65.00 and gave the stock a “market perform” rating in a research report on Wednesday. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $70.82.
Shares of PAYX traded up $0.18 during mid-day trading on Friday, hitting $67.58. 1,370,639 shares of the company’s stock were exchanged, compared to its average volume of 2,460,043. Paychex, Inc. has a 52 week low of $47.87 and a 52 week high of $90.54. The stock’s 50-day simple moving average is $65.71 and its 200-day simple moving average is $78.00. The firm has a market cap of $24.18 billion, a price-to-earnings ratio of 22.01, a price-to-earnings-growth ratio of 2.81 and a beta of 0.96. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.33.
Paychex (NASDAQ:PAYX) last announced its earnings results on Wednesday, March 25th. The business services provider reported $0.97 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.02. Paychex had a net margin of 26.98% and a return on equity of 41.68%. The company had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period last year, the firm earned $0.89 earnings per share. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. Analysts forecast that Paychex, Inc. will post 3 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 28th. Investors of record on Friday, May 15th will be paid a $0.62 dividend. The ex-dividend date of this dividend is Thursday, May 14th. This represents a $2.48 dividend on an annualized basis and a yield of 3.67%. Paychex’s dividend payout ratio (DPR) is 87.32%.
In other news, Director Tom Bonadio acquired 1,650 shares of the firm’s stock in a transaction that occurred on Friday, March 27th. The shares were acquired at an average cost of $60.59 per share, with a total value of $99,973.50. Following the completion of the purchase, the director now directly owns 15,157 shares of the company’s stock, valued at approximately $918,362.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company 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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