Schroder Investment Management Group lessened its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 21.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 756,395 shares of the business services provider’s stock after selling 203,554 shares during the quarter. Schroder Investment Management Group’s holdings in Paychex were worth $51,496,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of the company. Alley Co LLC boosted its position in shares of Paychex by 0.7% during the 3rd quarter. Alley Co LLC now owns 119,536 shares of the business services provider’s stock valued at $7,167,000 after acquiring an additional 785 shares during the last quarter. Summit Securities Group LLC lifted its position in Paychex by 22.2% in the 4th quarter. Summit Securities Group LLC now owns 4,400 shares of the business services provider’s stock worth $300,000 after buying an additional 800 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its position in Paychex by 1.0% in the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 81,606 shares of the business services provider’s stock worth $4,893,000 after buying an additional 817 shares during the last quarter. YHB Investment Advisors Inc. increased its stake in Paychex by 1.4% in the 4th quarter. YHB Investment Advisors Inc. now owns 60,669 shares of the business services provider’s stock worth $4,130,000 after purchasing an additional 828 shares during the period. Finally, Raymond James Trust N.A. increased its stake in Paychex by 1.1% in the 4th quarter. Raymond James Trust N.A. now owns 78,177 shares of the business services provider’s stock worth $5,322,000 after purchasing an additional 837 shares during the period. Hedge funds and other institutional investors own 67.98% of the company’s stock.
A number of brokerages have commented on PAYX. BidaskClub cut Paychex from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Bank of America cut Paychex from a “buy” rating to a “neutral” rating and set a $73.00 price target on the stock. in a research note on Tuesday, January 9th. Citigroup raised Paychex from a “sell” rating to a “neutral” rating and set a $67.00 price target on the stock in a research note on Monday, December 4th. BMO Capital Markets reaffirmed a “hold” rating and issued a $70.00 price target on shares of Paychex in a research note on Wednesday, January 24th. Finally, Royal Bank of Canada reaffirmed a “sell” rating and issued a $57.00 price target on shares of Paychex in a research note on Wednesday, November 15th. Two investment analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $62.77.
In related news, VP Jennifer R. Vossler sold 10,000 shares of the company’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $68.29, for a total value of $682,900.00. Following the sale, the vice president now directly owns 31,578 shares of the company’s stock, valued at $2,156,461.62. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Michael E. Gioja sold 34,311 shares of the company’s stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $68.91, for a total value of $2,364,371.01. Following the completion of the sale, the insider now directly owns 63,374 shares in the company, valued at $4,367,102.34. The disclosure for this sale can be found here. 11.70% of the stock is owned by corporate insiders.
Paychex, Inc. (PAYX) opened at $66.81 on Tuesday. Paychex, Inc. has a 12 month low of $54.20 and a 12 month high of $73.10. The stock has a market capitalization of $23,997.18, a P/E ratio of 29.05, a PEG ratio of 3.59 and a beta of 0.94.
Paychex (NASDAQ:PAYX) last posted its earnings results on Thursday, December 21st. The business services provider reported $0.59 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.59. Paychex had a return on equity of 42.80% and a net margin of 26.02%. The firm had revenue of $826.50 million for the quarter, compared to analysts’ expectations of $823.48 million. During the same period in the previous year, the firm earned $0.56 earnings per share. The business’s revenue was up 7.1% compared to the same quarter last year. analysts anticipate that Paychex, Inc. will post 2.39 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, February 15th. Stockholders of record on Thursday, February 1st were paid a dividend of $0.50 per share. The ex-dividend date was Wednesday, January 31st. This represents a $2.00 annualized dividend and a dividend yield of 2.99%. Paychex’s dividend payout ratio (DPR) is presently 85.84%.
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Paychex Company Profile
Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.
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