Executive Wealth Management LLC boosted its holdings in Paychex, Inc. (NASDAQ:PAYX) by 15.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 55,825 shares of the business services provider’s stock after acquiring an additional 7,326 shares during the period. Executive Wealth Management LLC’s holdings in Paychex were worth $4,453,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also bought and sold shares of the company. Public Employees Retirement Association of Colorado raised its stake in Paychex by 2.6% in the 1st quarter. Public Employees Retirement Association of Colorado now owns 60,377 shares of the business services provider’s stock valued at $3,799,000 after acquiring an additional 1,515 shares during the period. RFG Advisory LLC increased its position in Paychex by 7.2% during the 3rd quarter. RFG Advisory LLC now owns 7,744 shares of the business services provider’s stock worth $618,000 after buying an additional 522 shares during the period. Ethic Inc. bought a new position in Paychex during the 2nd quarter worth $511,000. Arden Trust Co increased its position in Paychex by 30.4% during the 3rd quarter. Arden Trust Co now owns 3,931 shares of the business services provider’s stock worth $314,000 after buying an additional 916 shares during the period. Finally, Covenant Multifamily Offices LLC bought a new position in Paychex during the 2nd quarter worth $204,000. Institutional investors and hedge funds own 69.85% of the company’s stock.
PAYX has been the topic of several recent research reports. BMO Capital Markets increased their price objective on Paychex from $74.00 to $82.00 in a research report on Wednesday, October 7th. Argus increased their price objective on Paychex from $83.00 to $92.00 in a research report on Thursday, October 15th. Barclays increased their target price on Paychex from $73.00 to $83.00 and gave the stock an “equal weight” rating in a report on Monday, October 12th. JPMorgan Chase & Co. increased their target price on Paychex from $72.00 to $78.00 and gave the stock an “underweight” rating in a report on Monday, August 17th. Finally, Morgan Stanley increased their target price on Paychex from $74.00 to $76.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 7th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $75.92.
In other news, insider Stephanie L. Schaeffer sold 63,000 shares of the business’s stock in a transaction that occurred on Thursday, October 8th. The stock was sold at an average price of $81.94, for a total transaction of $5,162,220.00. Following the completion of the sale, the insider now owns 127,162 shares in the company, valued at $10,419,654.28. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP John B. Gibson sold 14,227 shares of the business’s stock in a transaction that occurred on Thursday, October 8th. The shares were sold at an average price of $82.18, for a total value of $1,169,174.86. Over the last quarter, insiders sold 345,651 shares of company stock valued at $28,818,302. 11.70% of the stock is currently owned by corporate insiders.
NASDAQ:PAYX traded down $2.17 during trading hours on Monday, hitting $82.86. The company’s stock had a trading volume of 14,436 shares, compared to its average volume of 2,212,179. The stock has a fifty day simple moving average of $79.29 and a 200-day simple moving average of $73.50. The company has a market capitalization of $30.57 billion, a P/E ratio of 29.32, a PEG ratio of 3.63 and a beta of 0.92. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.25 and a quick ratio of 1.25. Paychex, Inc. has a twelve month low of $47.87 and a twelve month high of $90.54.
Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Sunday, October 11th. The business services provider reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.08. Paychex had a return on equity of 38.70% and a net margin of 26.26%. The business had revenue of $932.20 million for the quarter, compared to analyst estimates of $888.27 million. During the same period last year, the firm posted $0.71 earnings per share. Paychex’s revenue was down 6.0% compared to the same quarter last year. On average, equities analysts predict that Paychex, Inc. will post 2.82 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 24th. Stockholders of record on Monday, November 2nd will be given a dividend of $0.62 per share. The ex-dividend date is Friday, October 30th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.99%. Paychex’s dividend payout ratio (DPR) is 82.67%.
Paychex Company Profile
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.
Featured Article: Stock Symbols Definition, Examples, Lookup
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.