Mirae Asset Global Investments Co. Ltd. Lowers Stake in Paychex, Inc. (NASDAQ:PAYX)

Mirae Asset Global Investments Co. Ltd. reduced its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 25.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 141,173 shares of the business services provider’s stock after selling 46,963 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Paychex were worth $13,838,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Core Alternative Capital boosted its stake in shares of Paychex by 5.6% during the 1st quarter. Core Alternative Capital now owns 64,464 shares of the business services provider’s stock worth $6,319,000 after acquiring an additional 3,401 shares in the last quarter. Baird Financial Group Inc. raised its position in shares of Paychex by 1.6% during the 1st quarter. Baird Financial Group Inc. now owns 800,363 shares of the business services provider’s stock worth $78,452,000 after purchasing an additional 12,217 shares during the last quarter. Aviva PLC raised its position in shares of Paychex by 11.2% during the 1st quarter. Aviva PLC now owns 119,562 shares of the business services provider’s stock worth $11,719,000 after purchasing an additional 12,011 shares during the last quarter. Providence Capital Advisors LLC acquired a new position in shares of Paychex during the 1st quarter worth about $34,000. Finally, Cascadia Advisory Services LLC acquired a new position in shares of Paychex during the 1st quarter worth about $2,378,000. 69.89% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ PAYX opened at $103.66 on Tuesday. The business’s 50 day moving average price is $100.41. The firm has a market cap of $37.35 billion, a P/E ratio of 35.50, a P/E/G ratio of 4.09 and a beta of 0.89. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.24 and a quick ratio of 1.24. Paychex, Inc. has a 1 year low of $69.96 and a 1 year high of $105.17.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Monday, April 5th. The business services provider reported $0.96 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.04. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.11 billion. Paychex had a net margin of 26.76% and a return on equity of 37.19%. The business’s revenue was down 2.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.97 EPS. As a group, equities research analysts forecast that Paychex, Inc. will post 2.99 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 27th. Investors of record on Wednesday, May 12th were given a dividend of $0.66 per share. The ex-dividend date was Tuesday, May 11th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.55%. This is a boost from Paychex’s previous quarterly dividend of $0.62. Paychex’s dividend payout ratio (DPR) is presently 88.00%.

Several research analysts recently weighed in on PAYX shares. Argus upped their price target on shares of Paychex from $103.00 to $105.00 and gave the stock a “buy” rating in a research report on Wednesday, April 7th. Robert W. Baird upped their price target on shares of Paychex from $82.00 to $94.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 7th. Morgan Stanley cut their price objective on shares of Paychex from $91.00 to $90.00 and set an “equal weight” rating for the company in a report on Wednesday, April 7th. The Goldman Sachs Group increased their price objective on shares of Paychex from $85.00 to $89.00 and gave the company a “sell” rating in a report on Wednesday, April 7th. Finally, Wolfe Research reiterated an “underperform” rating and issued a $94.00 price objective on shares of Paychex in a report on Tuesday, April 13th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $94.75.

In related news, VP Michael E. Gioja sold 35,294 shares of the stock in a transaction that occurred on Monday, April 12th. The shares were sold at an average price of $95.53, for a total transaction of $3,371,635.82. Following the completion of the transaction, the vice president now owns 79,015 shares of the company’s stock, valued at approximately $7,548,302.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John B. Gibson sold 113,318 shares of the stock in a transaction that occurred on Tuesday, May 4th. The stock was sold at an average price of $99.29, for a total transaction of $11,251,344.22. Insiders have sold a total of 178,885 shares of company stock valued at $17,653,610 in the last ninety days. 11.70% of the stock is currently owned by corporate insiders.

About Paychex

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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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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