Victory Capital Management Inc. lowered its position in Paychex, Inc. (NASDAQ:PAYX) by 11.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 233,144 shares of the business services provider’s stock after selling 31,079 shares during the quarter. Victory Capital Management Inc.’s holdings in Paychex were worth $18,698,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the business. BlackRock Inc. lifted its holdings in Paychex by 5.9% in the 4th quarter. BlackRock Inc. now owns 28,030,198 shares of the business services provider’s stock worth $1,826,167,000 after buying an additional 1,560,669 shares in the last quarter. Vanguard Group Inc lifted its holdings in Paychex by 1.5% in the 3rd quarter. Vanguard Group Inc now owns 25,237,021 shares of the business services provider’s stock worth $1,858,708,000 after buying an additional 363,583 shares in the last quarter. Lunia Capital LP lifted its holdings in Paychex by 8,881.0% in the 4th quarter. Lunia Capital LP now owns 10,859,007 shares of the business services provider’s stock worth $10,859,000 after buying an additional 10,738,096 shares in the last quarter. Northern Trust Corp lifted its holdings in Paychex by 1.8% in the 4th quarter. Northern Trust Corp now owns 5,558,975 shares of the business services provider’s stock worth $362,167,000 after buying an additional 96,260 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its position in shares of Paychex by 5,734.9% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 5,458,853 shares of the business services provider’s stock worth $84,000 after purchasing an additional 5,365,298 shares during the last quarter. Hedge funds and other institutional investors own 68.77% of the company’s stock.
In other Paychex news, VP Jennifer R. Vossler sold 10,000 shares of the company’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $80.54, for a total value of $805,400.00. Following the completion of the transaction, the vice president now owns 31,701 shares in the company, valued at approximately $2,553,198.54. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Stephanie L. Schaeffer sold 14,893 shares of the company’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $86.76, for a total transaction of $1,292,116.68. Following the completion of the transaction, the insider now owns 63,039 shares of the company’s stock, valued at approximately $5,469,263.64. The disclosure for this sale can be found here. In the last 90 days, insiders sold 135,127 shares of company stock valued at $11,173,791. 11.80% of the stock is owned by insiders.
Shares of NASDAQ:PAYX traded down $0.58 during trading on Monday, reaching $85.69. 10,632 shares of the company’s stock traded hands, compared to its average volume of 1,661,312. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.31. Paychex, Inc. has a 12 month low of $61.32 and a 12 month high of $86.98. The company has a market cap of $30.98 billion, a PE ratio of 33.59, a P/E/G ratio of 3.36 and a beta of 1.04.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, March 27th. The business services provider reported $0.89 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.89. Paychex had a net margin of 28.19% and a return on equity of 43.20%. The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the prior year, the firm earned $0.63 EPS. The company’s revenue for the quarter was up 14.3% compared to the same quarter last year. As a group, research analysts forecast that Paychex, Inc. will post 2.85 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Wednesday, May 15th will be given a $0.62 dividend. This is a boost from Paychex’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $2.48 annualized dividend and a yield of 2.89%. Paychex’s dividend payout ratio is 97.25%.
PAYX has been the subject of several research analyst reports. Sanford C. Bernstein downgraded shares of Paychex from a “market perform” rating to an “underperform” rating in a research report on Tuesday, April 30th. Barclays boosted their target price on shares of Paychex from $78.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Monday, April 1st. Finally, Credit Suisse Group boosted their target price on shares of Paychex from $82.00 to $84.00 and gave the stock an “outperform” rating in a research report on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Paychex has a consensus rating of “Hold” and a consensus price target of $74.14.
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.
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