Argyle Capital Management Inc. lessened its stake in Paychex, Inc. (NASDAQ:PAYX) by 1.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 56,280 shares of the business services provider’s stock after selling 800 shares during the period. Paychex accounts for approximately 1.8% of Argyle Capital Management Inc.’s investment portfolio, making the stock its 13th largest holding. Argyle Capital Management Inc.’s holdings in Paychex were worth $4,489,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Larson Financial Group LLC purchased a new position in Paychex in the second quarter valued at about $26,000. Norway Savings Bank purchased a new position in Paychex in the third quarter valued at about $28,000. Tower Research Capital LLC TRC purchased a new position in Paychex in the first quarter valued at about $35,000. Balentine LLC grew its stake in Paychex by 76.2% in the second quarter. Balentine LLC now owns 601 shares of the business services provider’s stock valued at $46,000 after purchasing an additional 260 shares during the last quarter. Finally, Baldwin Brothers Inc. MA purchased a new position in Paychex in the third quarter valued at about $54,000. Institutional investors own 69.85% of the company’s stock.
Shares of NASDAQ:PAYX opened at $80.15 on Thursday. Paychex, Inc. has a 12-month low of $47.87 and a 12-month high of $90.54. The company has a market capitalization of $28.81 billion, a PE ratio of 27.64, a PEG ratio of 3.63 and a beta of 0.92. The business has a 50 day moving average of $80.07 and a two-hundred day moving average of $73.99. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.29.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Sunday, October 11th. The business services provider reported $0.63 earnings per share (EPS) for the quarter, beating the Zacks’ 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 company had revenue of $932.20 million during the quarter, compared to the consensus estimate of $888.27 million. During the same period in the previous year, the company posted $0.71 earnings per share. Paychex’s revenue for the quarter was down 6.0% on a year-over-year basis. Equities research analysts predict that Paychex, Inc. will post 2.82 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 24th. Shareholders of record on Monday, November 2nd will be issued a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date is Friday, October 30th. Paychex’s payout ratio is presently 82.67%.
PAYX has been the topic of a number of research analyst reports. The Goldman Sachs Group initiated coverage on Paychex in a research note on Tuesday, July 14th. They set a “sell” rating and a $64.00 price target on the stock. JPMorgan Chase & Co. boosted their price target on Paychex from $72.00 to $78.00 and gave the stock an “underweight” rating in a research note on Monday, August 17th. BidaskClub upgraded Paychex from a “hold” rating to a “buy” rating in a research note on Saturday, September 19th. Deutsche Bank Aktiengesellschaft boosted their price target on Paychex from $75.00 to $81.00 and gave the stock a “hold” rating in a research note on Wednesday, October 7th. Finally, Citigroup upgraded Paychex from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $75.00 to $93.00 in a research note on Thursday, October 8th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $75.92.
In other Paychex news, VP Michael E. Gioja sold 10,891 shares of the business’s stock in a transaction that occurred on Monday, October 26th. The stock was sold at an average price of $81.91, for a total value of $892,081.81. Following the completion of the transaction, the vice president now directly owns 67,296 shares of the company’s stock, valued at $5,512,215.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Stephanie L. Schaeffer sold 63,000 shares of the business’s stock in a transaction that occurred on Thursday, October 8th. The shares were sold at an average price of $81.94, for a total value of $5,162,220.00. Following the completion of the transaction, the insider now directly owns 127,162 shares of the company’s stock, valued at $10,419,654.28. The disclosure for this sale can be found here. Insiders sold 356,542 shares of company stock valued at $29,710,384 over the last three months. 11.70% of the stock is currently owned by corporate insiders.
Paychex Company Profile
Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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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