Janney Montgomery Scott LLC increased its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 6.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 163,373 shares of the business services provider’s stock after acquiring an additional 9,251 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Paychex were worth $12,032,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of the stock. D.B. Root & Company LLC acquired a new position in shares of Paychex during the 3rd quarter worth approximately $212,000. Los Angeles Capital Management & Equity Research Inc. boosted its stake in Paychex by 23.9% in the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 438,229 shares of the business services provider’s stock valued at $32,276,000 after purchasing an additional 84,563 shares during the period. Gulf International Bank UK Ltd boosted its stake in Paychex by 16.1% in the 3rd quarter. Gulf International Bank UK Ltd now owns 114,514 shares of the business services provider’s stock valued at $8,433,000 after purchasing an additional 15,850 shares during the period. Mn Services Vermogensbeheer B.V. boosted its stake in Paychex by 3.2% in the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 51,914 shares of the business services provider’s stock valued at $3,823,000 after purchasing an additional 1,600 shares during the period. Finally, Virginia Retirement Systems ET AL bought a new stake in Paychex in the 3rd quarter valued at $9,575,000. 67.22% of the stock is currently owned by institutional investors and hedge funds.
PAYX has been the subject of several recent research reports. BidaskClub downgraded Paychex from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 31st. Credit Suisse Group upgraded Paychex from a “neutral” rating to a “buy” rating and set a $82.00 price target for the company in a research note on Tuesday, October 2nd. Morgan Stanley boosted their price target on Paychex from $67.00 to $73.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 3rd. Stifel Nicolaus boosted their price target on Paychex from $69.00 to $73.00 and gave the company a “hold” rating in a research note on Wednesday, October 3rd. Finally, Jefferies Financial Group initiated coverage on Paychex in a research note on Monday, October 1st. They issued a “hold” rating and a $75.00 price target for the company. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $72.93.
NASDAQ:PAYX opened at $69.02 on Friday. The firm has a market cap of $24.59 billion, a PE ratio of 27.39, a P/E/G ratio of 2.83 and a beta of 1.02. Paychex, Inc. has a fifty-two week low of $59.36 and a fifty-two week high of $76.02.
Paychex (NASDAQ:PAYX) last released its earnings results on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.02. The firm had revenue of $862.80 million during the quarter, compared to the consensus estimate of $850.39 million. Paychex had a return on equity of 42.87% and a net margin of 27.71%. The company’s revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.62 EPS. On average, sell-side analysts anticipate that Paychex, Inc. will post 2.85 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Thursday, November 1st will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Wednesday, October 31st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.25%. Paychex’s payout ratio is 87.84%.
In other news, VP John B. Gibson sold 47,250 shares of the company’s stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $73.50, for a total transaction of $3,472,875.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph Doody bought 1,000 shares of the business’s stock in a transaction dated Tuesday, October 23rd. The shares were bought at an average price of $66.50 per share, with a total value of $66,500.00. Following the completion of the transaction, the director now owns 16,639 shares in the company, valued at approximately $1,106,493.50. The disclosure for this purchase can be found here. Corporate insiders own 11.80% of the company’s stock.
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.
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