Virginia Retirement Systems ET AL Acquires New Holdings in Paychex, Inc. (PAYX)

Share on StockTwits

Virginia Retirement Systems ET AL acquired a new position in Paychex, Inc. (NASDAQ:PAYX) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 130,000 shares of the business services provider’s stock, valued at approximately $9,575,000.

A number of other institutional investors and hedge funds also recently modified their holdings of PAYX. American Century Companies Inc. grew its position in Paychex by 0.4% in the 3rd quarter. American Century Companies Inc. now owns 1,222,009 shares of the business services provider’s stock worth $90,001,000 after purchasing an additional 4,302 shares during the period. CIBC Asset Management Inc grew its position in Paychex by 1.6% in the 3rd quarter. CIBC Asset Management Inc now owns 51,245 shares of the business services provider’s stock worth $3,774,000 after purchasing an additional 813 shares during the period. HL Financial Services LLC grew its position in Paychex by 5.7% in the 3rd quarter. HL Financial Services LLC now owns 98,876 shares of the business services provider’s stock worth $7,282,000 after purchasing an additional 5,312 shares during the period. Cambridge Investment Research Advisors Inc. grew its position in Paychex by 20.3% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 36,139 shares of the business services provider’s stock worth $2,662,000 after purchasing an additional 6,101 shares during the period. Finally, Wells Fargo & Company MN grew its position in Paychex by 2.9% in the 3rd quarter. Wells Fargo & Company MN now owns 8,429,147 shares of the business services provider’s stock worth $620,806,000 after purchasing an additional 238,854 shares during the period. Institutional investors and hedge funds own 67.22% of the company’s stock.

Shares of Paychex stock opened at $69.00 on Friday. The firm has a market cap of $24.12 billion, a PE ratio of 27.06, a price-to-earnings-growth ratio of 2.78 and a beta of 1.02. Paychex, Inc. has a 1-year low of $59.36 and a 1-year high of $76.02.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.02. The business had revenue of $862.80 million for the quarter, compared to analysts’ expectations of $850.39 million. Paychex had a net margin of 27.71% and a return on equity of 42.87%. The company’s revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.62 EPS. As a group, equities research analysts forecast that Paychex, Inc. will post 2.85 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Thursday, November 1st will be paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 3.25%. The ex-dividend date is Wednesday, October 31st. Paychex’s dividend payout ratio is presently 87.84%.

In other news, Director Joseph Doody bought 1,000 shares of the stock in a transaction that occurred on Tuesday, October 23rd. The shares were bought at an average price of $66.50 per share, for a total transaction of $66,500.00. Following the purchase, the director now owns 16,639 shares in the company, valued at $1,106,493.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Jennifer R. Vossler sold 4,000 shares of Paychex stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $70.51, for a total transaction of $282,040.00. The disclosure for this sale can be found here. Company insiders own 11.80% of the company’s stock.

PAYX has been the subject of a number of research analyst reports. Wolfe Research initiated coverage on shares of Paychex in a research report on Tuesday, July 17th. They issued a “market perform” rating for the company. BidaskClub downgraded shares of Paychex from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 31st. Credit Suisse Group initiated coverage on shares of Paychex in a research report on Friday, August 10th. They issued a “neutral” rating and a $72.00 target price for the company. JPMorgan Chase & Co. downgraded shares of Paychex from a “neutral” rating to an “underweight” rating and set a $65.00 target price for the company. in a research report on Tuesday, August 14th. Finally, Guggenheim initiated coverage on shares of Paychex in a research report on Monday, August 20th. They issued a “neutral” rating and a $75.00 target price for the company. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $72.93.

COPYRIGHT VIOLATION NOTICE: This piece was first posted by Macon Daily and is the sole property of of Macon Daily. If you are viewing this piece on another domain, it was illegally copied and reposted in violation of US & international copyright and trademark legislation. The correct version of this piece can be read at https://macondaily.com/2018/11/09/virginia-retirement-systems-et-al-acquires-new-holdings-in-paychex-inc-payx.html.

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 Story: Is the Dow Jones Industrial Average (DJIA) still relevant?

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.

Leave a Reply