Oakbrook Investments LLC purchased a new position in Paychex, Inc. (NASDAQ:PAYX) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 5,250 shares of the business services provider’s stock, valued at approximately $315,000.
A number of other hedge funds and other institutional investors have also modified their holdings of PAYX. Salem Investment Counselors Inc. increased its position in shares of Paychex by 0.6% during the second quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock worth $102,000 after purchasing an additional 11 shares in the last quarter. Alps Advisors Inc. increased its holdings in Paychex by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 7,685 shares of the business services provider’s stock worth $438,000 after purchasing an additional 20 shares during the period. Northwest Quadrant Wealth Management LLC increased its holdings in shares of Paychex by 0.6% in the 1st quarter. Northwest Quadrant Wealth Management LLC now owns 3,923 shares of the business services provider’s stock valued at $228,000 after acquiring an additional 24 shares during the last quarter. King Wealth Management Group LLC increased its holdings in shares of Paychex by 0.8% in the 1st quarter. King Wealth Management Group LLC now owns 3,793 shares of the business services provider’s stock valued at $223,000 after acquiring an additional 30 shares during the last quarter. Finally, Washington Trust Bank increased its holdings in shares of Paychex by 0.4% in the 2nd quarter. Washington Trust Bank now owns 7,344 shares of the business services provider’s stock valued at $418,000 after acquiring an additional 31 shares during the last quarter. 67.02% of the stock is owned by institutional investors and hedge funds.
A number of analysts have weighed in on PAYX shares. Morgan Stanley reaffirmed an “equal weight” rating and set a $59.00 price objective (up from $55.00) on shares of Paychex in a research report on Wednesday, October 4th. Wells Fargo & Company raised their price target on Paychex from $58.00 to $60.00 and gave the company a “market perform” rating in a report on Wednesday, October 4th. Bank of America Corporation raised their price target on Paychex from $64.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, October 4th. BMO Capital Markets reiterated a “market perform” rating and issued a $62.00 target price (up previously from $60.00) on shares of Paychex in a report on Wednesday, October 4th. Finally, Royal Bank Of Canada reaffirmed an “underperform” rating and set a $57.00 target price (up from $54.00) on shares of Paychex in a research report on Wednesday, October 4th. Five equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $60.07.
Paychex, Inc. (NASDAQ:PAYX) traded up $0.53 during midday trading on Tuesday, reaching $65.10. 1,775,100 shares of the company were exchanged, compared to its average volume of 1,995,582. The stock has a market capitalization of $23,201.89, a P/E ratio of 28.44, a PEG ratio of 3.50 and a beta of 0.99. Paychex, Inc. has a 1-year low of $54.20 and a 1-year high of $65.62.
Paychex (NASDAQ:PAYX) last announced its earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.02. The business had revenue of $816.80 million during the quarter, compared to analyst estimates of $816.34 million. Paychex had a net margin of 26.01% and a return on equity of 43.01%. Paychex’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.60 earnings per share. analysts forecast that Paychex, Inc. will post 2.38 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.07%. The ex-dividend date of this dividend is Tuesday, October 31st. Paychex’s dividend payout ratio is 87.34%.
In related news, VP John B. Gibson sold 6,000 shares of Paychex stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $63.70, for a total transaction of $382,200.00. Following the completion of the sale, the vice president now owns 21,758 shares of the company’s stock, valued at $1,385,984.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Laurie L. Zaucha sold 15,000 shares of the business’s stock in a transaction on Monday, September 25th. The stock was sold at an average price of $60.00, for a total value of $900,000.00. Following the transaction, the vice president now directly owns 51,360 shares in the company, valued at approximately $3,081,600. The disclosure for this sale can be found here. Insiders sold a total of 94,395 shares of company stock valued at $5,914,383 over the last three months. 11.70% of the stock is currently owned by insiders.
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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