Cetera Advisors LLC trimmed its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 8.0% in the first quarter, Holdings Channel reports. The fund owned 12,365 shares of the business services provider’s stock after selling 1,074 shares during the period. Cetera Advisors LLC’s holdings in Paychex were worth $989,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also modified their holdings of the company. Cetera Investment Advisers increased its position in Paychex by 18.0% in the first quarter. Cetera Investment Advisers now owns 4,931 shares of the business services provider’s stock worth $396,000 after buying an additional 751 shares during the last quarter. Alley Co LLC increased its position in Paychex by 0.3% in the first quarter. Alley Co LLC now owns 126,168 shares of the business services provider’s stock worth $10,119,000 after buying an additional 367 shares during the last quarter. Chase Investment Counsel Corp increased its position in Paychex by 18.7% in the first quarter. Chase Investment Counsel Corp now owns 4,263 shares of the business services provider’s stock worth $341,000 after buying an additional 672 shares during the last quarter. Investment Partners LTD. purchased a new stake in Paychex in the first quarter worth $228,000. Finally, Investment House LLC increased its position in Paychex by 0.6% in the first quarter. Investment House LLC now owns 146,855 shares of the business services provider’s stock worth $11,778,000 after buying an additional 865 shares during the last quarter. 68.77% of the stock is owned by institutional investors.
A number of analysts have issued reports on PAYX shares. Sanford C. Bernstein downgraded Paychex from a “market perform” rating to an “underperform” rating in a research report on Tuesday, April 30th. Barclays raised their target price on 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 raised their target price on Paychex from $82.00 to $84.00 and gave the stock an “outperform” rating in a research report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $74.14.
In related news, Director Pamela A. Joseph sold 15,052 shares of Paychex stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $84.39, for a total transaction of $1,270,238.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Stephanie L. Schaeffer sold 14,893 shares of Paychex stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $86.76, for a total value of $1,292,116.68. Following the sale, the insider now directly 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. Insiders sold 135,127 shares of company stock valued at $11,173,791 over the last ninety days. Corporate insiders own 11.80% of the company’s stock.
Paychex stock opened at $86.64 on Friday. Paychex, Inc. has a one year low of $61.32 and a one year high of $86.98. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $30.01 billion, a PE ratio of 33.98, a P/E/G ratio of 3.25 and a beta of 1.04.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, March 27th. The business services provider reported $0.89 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.89. Paychex had a return on equity of 43.20% and a net margin of 28.19%. The firm had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.07 billion. During the same period last year, the company earned $0.63 earnings per share. The business’s revenue for the quarter was up 14.3% on a year-over-year basis. Analysts anticipate that Paychex, Inc. will post 2.85 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Stockholders of record on Wednesday, May 15th will be issued a $0.62 dividend. This is a positive change from Paychex’s previous quarterly dividend of $0.56. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date is Tuesday, May 14th. Paychex’s dividend payout ratio (DPR) is presently 97.25%.
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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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