Pictet Asset Management Ltd. cut its holdings in Paychex, Inc. (NASDAQ:PAYX) by 7.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 600,599 shares of the business services provider’s stock after selling 51,136 shares during the period. Pictet Asset Management Ltd. owned approximately 0.17% of Paychex worth $44,234,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Advisors Preferred LLC boosted its holdings in Paychex by 116.4% during the second quarter. Advisors Preferred LLC now owns 1,567 shares of the business services provider’s stock valued at $107,000 after acquiring an additional 843 shares during the period. Harvest Fund Management Co. Ltd bought a new stake in Paychex during the third quarter valued at about $115,000. Fort L.P. bought a new stake in Paychex during the second quarter valued at about $121,000. TRUE Private Wealth Advisors bought a new stake in Paychex during the third quarter valued at about $137,000. Finally, Rational Advisors LLC bought a new stake in shares of Paychex in the second quarter valued at about $151,000. Hedge funds and other institutional investors own 68.04% of the company’s stock.
PAYX has been the subject of several research reports. Guggenheim started coverage on shares of Paychex in a research note on Monday, August 20th. They issued a “neutral” rating and a $75.00 target price for the company. Citigroup increased their price target on shares of Paychex from $67.00 to $73.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 3rd. Credit Suisse Group started coverage on shares of Paychex in a research report on Friday, August 10th. They issued a “neutral” rating and a $72.00 price target for the company. JPMorgan Chase & Co. lowered shares of Paychex from a “neutral” rating to an “underweight” rating and set a $65.00 price target for the company. in a research report on Tuesday, August 14th. Finally, BidaskClub lowered shares of Paychex from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 29th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $72.93.
Shares of NASDAQ:PAYX opened at $70.76 on Friday. Paychex, Inc. has a 12 month low of $59.36 and a 12 month high of $76.02. The firm has a market cap of $25.11 billion, a P/E ratio of 27.75, a P/E/G ratio of 2.89 and a beta of 1.02.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Tuesday, October 2nd. The business services provider reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.02. Paychex had a net margin of 27.71% and a return on equity of 42.87%. The business had revenue of $862.80 million for the quarter, compared to analyst estimates of $850.39 million. During the same period last year, the business posted $0.62 earnings per share. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. Analysts predict that Paychex, Inc. will post 2.85 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, November 15th. Shareholders of record on Thursday, November 1st were paid a $0.56 dividend. The ex-dividend date of this dividend was Wednesday, October 31st. This represents a $2.24 annualized dividend and a yield of 3.17%. Paychex’s payout ratio is currently 87.84%.
In other news, Director Joseph Doody acquired 1,000 shares of the stock in a transaction dated Tuesday, October 23rd. The shares were bought at an average cost of $66.50 per share, for a total transaction of $66,500.00. Following the purchase, the director now directly owns 16,639 shares of the company’s stock, valued at $1,106,493.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP John B. Gibson sold 47,250 shares of the business’s stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $73.50, for a total transaction of $3,472,875.00. The disclosure for this sale can be found here. 11.80% of the stock is currently owned by insiders.
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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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