American International Group Inc. Has $18.81 Million Stock Position in Paychex, Inc. (NASDAQ:PAYX)

American International Group Inc. grew its stake in shares of Paychex, Inc. (NASDAQ:PAYXGet Rating) by 0.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 137,814 shares of the business services provider’s stock after purchasing an additional 446 shares during the period. American International Group Inc.’s holdings in Paychex were worth $18,812,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Enterprise Trust & Investment Co acquired a new stake in shares of Paychex in the 4th quarter worth about $27,000. Allegheny Financial Group LTD bought a new stake in Paychex in the 4th quarter worth about $28,000. Dixon Hughes Goodman Wealth Advisors LLC bought a new stake in Paychex in the 4th quarter worth about $29,000. Tortoise Investment Management LLC grew its position in Paychex by 67.2% in the 4th quarter. Tortoise Investment Management LLC now owns 219 shares of the business services provider’s stock worth $30,000 after purchasing an additional 88 shares in the last quarter. Finally, Missouri Trust & Investment Co bought a new stake in Paychex in the 4th quarter worth about $34,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

In other news, VP Karen E. Saunders-Mcclendon sold 203 shares of Paychex stock in a transaction dated Friday, April 15th. The stock was sold at an average price of $136.69, for a total value of $27,748.07. Following the completion of the transaction, the vice president now owns 2,994 shares of the company’s stock, valued at approximately $409,249.86. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Michael E. Gioja sold 26,000 shares of Paychex stock in a transaction dated Tuesday, April 5th. The stock was sold at an average price of $141.26, for a total value of $3,672,760.00. Following the completion of the transaction, the vice president now directly owns 52,349 shares of the company’s stock, valued at approximately $7,394,819.74. The disclosure for this sale can be found here. 11.50% of the stock is currently owned by corporate insiders.

A number of research firms have recently weighed in on PAYX. Jefferies Financial Group reduced their target price on shares of Paychex from $140.00 to $130.00 in a research report on Monday. Morgan Stanley lifted their price target on Paychex from $135.00 to $140.00 and gave the company an “equal weight” rating in a research report on Thursday, March 31st. Bank of America upgraded Paychex from an “underperform” rating to a “neutral” rating and set a $125.00 price target for the company in a research report on Wednesday, March 9th. Citigroup lifted their price target on Paychex from $140.00 to $145.00 and gave the company a “neutral” rating in a research report on Wednesday, April 6th. Finally, Robert W. Baird boosted their target price on Paychex from $137.00 to $142.00 in a research report on Thursday, March 31st. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Paychex presently has an average rating of “Hold” and a consensus target price of $128.21.

PAYX opened at $118.21 on Tuesday. The business has a 50 day simple moving average of $129.58 and a two-hundred day simple moving average of $125.47. The firm has a market capitalization of $42.68 billion, a price-to-earnings ratio of 31.52, a PEG ratio of 4.12 and a beta of 0.98. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.27 and a quick ratio of 1.27. Paychex, Inc. has a one year low of $99.88 and a one year high of $141.92.

Paychex (NASDAQ:PAYXGet Rating) last released its quarterly earnings results on Wednesday, March 30th. The business services provider reported $1.15 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.11. The business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.22 billion. Paychex had a return on equity of 43.02% and a net margin of 30.23%. Paychex’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.96 EPS. As a group, sell-side analysts expect that Paychex, Inc. will post 3.75 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 26th. Stockholders of record on Thursday, May 12th will be given a $0.79 dividend. The ex-dividend date of this dividend is Wednesday, May 11th. This represents a $3.16 annualized dividend and a dividend yield of 2.67%. This is a positive change from Paychex’s previous quarterly dividend of $0.66. Paychex’s dividend payout ratio is currently 84.27%.

About Paychex (Get Rating)

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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