Martingale Asset Management L P increased its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 2.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 223,245 shares of the business services provider’s stock after acquiring an additional 4,800 shares during the quarter. Martingale Asset Management L P’s holdings in Paychex were worth $17,905,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Pinnacle Bank lifted its position in Paychex by 2.5% during the first quarter. Pinnacle Bank now owns 5,105 shares of the business services provider’s stock valued at $409,000 after purchasing an additional 125 shares during the last quarter. Exeter Financial LLC lifted its position in Paychex by 1.0% during the first quarter. Exeter Financial LLC now owns 12,805 shares of the business services provider’s stock valued at $1,027,000 after purchasing an additional 128 shares during the last quarter. Carlton Hofferkamp & Jenks Wealth Management LLC raised its stake in shares of Paychex by 1.0% in the first quarter. Carlton Hofferkamp & Jenks Wealth Management LLC now owns 13,562 shares of the business services provider’s stock valued at $1,088,000 after acquiring an additional 130 shares during the period. Pinnacle Financial Partners Inc. raised its stake in shares of Paychex by 1.4% in the first quarter. Pinnacle Financial Partners Inc. now owns 9,667 shares of the business services provider’s stock valued at $775,000 after acquiring an additional 138 shares during the period. Finally, Clifford Swan Investment Counsel LLC raised its stake in shares of Paychex by 2.3% in the fourth quarter. Clifford Swan Investment Counsel LLC now owns 6,580 shares of the business services provider’s stock valued at $429,000 after acquiring an additional 145 shares during the period. Hedge funds and other institutional investors own 68.97% of the company’s stock.
Several equities research analysts have recently weighed in on the stock. Sanford C. Bernstein downgraded shares of Paychex from a “market perform” rating to an “underperform” rating in a research note on Tuesday, April 30th. Barclays increased their target price on shares of Paychex from $78.00 to $80.00 and gave the company an “equal weight” rating in a research note on Monday, April 1st. Finally, Credit Suisse Group increased their target price on shares of Paychex from $82.00 to $84.00 and gave the company an “outperform” rating in a research note on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Paychex has an average rating of “Hold” and a consensus price target of $74.14.
In related news, VP Jennifer R. Vossler sold 10,000 shares of the firm’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 transaction, the vice president now owns 31,701 shares of the company’s stock, valued at approximately $2,553,198.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Stephanie L. Schaeffer sold 14,893 shares of the firm’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 directly owns 63,039 shares in the company, valued at approximately $5,469,263.64. The disclosure for this sale can be found here. Insiders sold a total of 135,127 shares of company stock worth $11,173,791 in the last ninety days. 11.80% of the stock is currently owned by insiders.
Shares of PAYX opened at $86.17 on Friday. Paychex, Inc. has a twelve month low of $61.32 and a twelve month high of $87.75. The firm has a market capitalization of $30.94 billion, a PE ratio of 33.79, a PEG ratio of 3.39 and a beta of 1.04. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.31.
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 Thomson Reuters’ consensus estimate of $0.89. The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.07 billion. Paychex had a net margin of 28.19% and a return on equity of 43.20%. The firm’s revenue was up 14.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.63 EPS. On average, equities research analysts predict that Paychex, Inc. will post 2.85 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Investors of record on Wednesday, May 15th will be paid a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 2.88%. The ex-dividend date of this dividend is Tuesday, May 14th. This is an increase from Paychex’s previous quarterly dividend of $0.56. Paychex’s dividend payout ratio (DPR) is currently 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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