State Street Corp Reduces Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

State Street Corp trimmed its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 1.6% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 13,742,183 shares of the business services provider’s stock after selling 224,866 shares during the period. State Street Corp’s holdings in Paychex were worth $1,096,214,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Nordea Investment Management AB lifted its holdings in shares of Paychex by 213.8% in the 2nd quarter. Nordea Investment Management AB now owns 3,896,368 shares of the business services provider’s stock valued at $289,734,000 after buying an additional 2,654,543 shares during the period. American International Group Inc. lifted its holdings in shares of Paychex by 771.5% in the 2nd quarter. American International Group Inc. now owns 2,725,393 shares of the business services provider’s stock valued at $206,449,000 after buying an additional 2,412,651 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Paychex by 47.6% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 3,945,994 shares of the business services provider’s stock valued at $298,910,000 after buying an additional 1,272,990 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Paychex by 10.1% in the 3rd quarter. Wells Fargo & Company MN now owns 9,715,082 shares of the business services provider’s stock valued at $774,972,000 after buying an additional 894,796 shares during the period. Finally, DekaBank Deutsche Girozentrale lifted its holdings in shares of Paychex by 144.9% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 249,861 shares of the business services provider’s stock valued at $19,575,000 after buying an additional 806,390 shares during the period. Hedge funds and other institutional investors own 69.85% of the company’s stock.

PAYX stock opened at $90.64 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.25 and a quick ratio of 1.25. The business has a 50 day simple moving average of $84.96 and a 200-day simple moving average of $76.42. The firm has a market capitalization of $32.59 billion, a PE ratio of 31.26, a price-to-earnings-growth ratio of 3.63 and a beta of 0.92. Paychex, Inc. has a 1 year low of $47.87 and a 1 year high of $94.95.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Sunday, October 11th. The business services provider reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $888.27 million. During the same period in the prior year, the business earned $0.71 earnings per share. The business’s revenue was down 6.0% compared to the same quarter last year. On average, equities research analysts expect that Paychex, Inc. will post 2.82 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 24th. Investors 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 2.74%. The ex-dividend date is Friday, October 30th. Paychex’s dividend payout ratio is presently 82.67%.

In related news, VP John B. Gibson sold 14,227 shares of the company’s stock in a transaction that occurred on Thursday, October 8th. The stock was sold at an average price of $82.18, for a total value of $1,169,174.86. Also, Director David J. S. Flaschen sold 12,156 shares of the company’s stock in a transaction that occurred on Monday, November 16th. The shares were sold at an average price of $92.41, for a total value of $1,123,335.96. Insiders sold 556,920 shares of company stock worth $48,110,881 over the last quarter. 11.70% of the stock is currently owned by insiders.

PAYX has been the subject of several recent analyst reports. Citigroup upgraded Paychex from a “neutral” rating to a “buy” rating and lifted their price target for the company from $75.00 to $93.00 in a research note on Thursday, October 8th. Barclays lifted their price target on Paychex from $73.00 to $83.00 and gave the company an “equal weight” rating in a research note on Monday, October 12th. BidaskClub upgraded Paychex from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 2nd. Argus lifted their price target on Paychex from $83.00 to $92.00 in a research note on Thursday, October 15th. Finally, JPMorgan Chase & Co. lifted their price target on Paychex from $72.00 to $78.00 and gave the company an “underweight” rating in a research note on Monday, August 17th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $75.92.

Paychex 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.

See Also: What is the Shanghai Stock Exchange Composite Index?

Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex, Inc. (NASDAQ:PAYX).

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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.