GW&K Investment Management LLC Sells 17,724 Shares of Paychex, Inc. (PAYX)

GW&K Investment Management LLC lessened its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 2.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 599,730 shares of the business services provider’s stock after selling 17,724 shares during the period. GW&K Investment Management LLC owned 0.17% of Paychex worth $40,830,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PAYX. Janus Henderson Group PLC raised its stake in shares of Paychex by 4,105.7% during the 2nd quarter. Janus Henderson Group PLC now owns 1,830,532 shares of the business services provider’s stock valued at $104,230,000 after purchasing an additional 1,787,007 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of Paychex by 2,391.8% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,362,988 shares of the business services provider’s stock valued at $77,609,000 after purchasing an additional 1,308,288 shares during the period. FMR LLC raised its stake in shares of Paychex by 6.2% during the 2nd quarter. FMR LLC now owns 10,476,188 shares of the business services provider’s stock valued at $596,514,000 after purchasing an additional 610,088 shares during the period. Vanguard Group Inc. raised its stake in shares of Paychex by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 23,043,348 shares of the business services provider’s stock valued at $1,312,089,000 after purchasing an additional 589,880 shares during the period. Finally, Koch Industries Inc. raised its stake in shares of Paychex by 13,529.1% during the 2nd quarter. Koch Industries Inc. now owns 560,975 shares of the business services provider’s stock valued at $551,000 after purchasing an additional 556,859 shares during the period. 67.88% of the stock is currently owned by hedge funds and other institutional investors.

PAYX has been the topic of a number of analyst reports. BidaskClub upgraded Paychex from a “buy” rating to a “strong-buy” rating in a research note on Thursday, December 7th. Stifel Nicolaus reiterated a “hold” rating and set a $68.00 price objective on shares of Paychex in a research note on Friday, December 22nd. Robert W. Baird reiterated a “hold” rating and set a $64.00 price objective on shares of Paychex in a research note on Wednesday, October 4th. Bank of America boosted their price objective on Paychex from $68.00 to $73.00 and gave the company a “buy” rating in a research note on Tuesday, December 5th. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $62.00 price objective (up from $60.00) on shares of Paychex in a research note on Wednesday, October 4th. Two analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $62.10.

Shares of Paychex, Inc. (NASDAQ:PAYX) traded up $0.58 during midday trading on Friday, reaching $69.49. The company’s stock had a trading volume of 2,559,512 shares, compared to its average volume of 2,090,000. The company has a market cap of $24,950.00, a price-to-earnings ratio of 29.82, a P/E/G ratio of 3.75 and a beta of 0.99. Paychex, Inc. has a fifty-two week low of $54.20 and a fifty-two week high of $70.39.

Paychex (NASDAQ:PAYX) last announced its earnings results on Thursday, December 21st. The business services provider reported $0.59 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.59. The business had revenue of $826.50 million for the quarter, compared to analyst estimates of $823.48 million. Paychex had a return on equity of 42.80% and a net margin of 26.02%. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.56 EPS. equities analysts anticipate that Paychex, Inc. will post 2.38 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Thursday, February 1st will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.88%. Paychex’s dividend payout ratio is currently 60.94%.

In other Paychex news, VP Jennifer R. Vossler sold 10,000 shares of the company’s stock in a transaction dated Tuesday, January 16th. The stock was sold at an average price of $68.29, for a total value of $682,900.00. Following the transaction, the vice president now directly owns 31,578 shares in the company, valued at approximately $2,156,461.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP John B. Gibson sold 6,000 shares of the company’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $63.70, for a total value of $382,200.00. Following the completion of the transaction, the vice president now owns 21,758 shares in the company, valued at $1,385,984.60. The disclosure for this sale can be found here. Insiders sold a total of 50,311 shares of company stock worth $3,429,471 over the last 90 days. Corporate insiders own 11.70% of the company’s stock.

COPYRIGHT VIOLATION NOTICE: “GW&K Investment Management LLC Sells 17,724 Shares of Paychex, Inc. (PAYX)” was reported by Week Herald and is owned by of Week Herald. If you are reading this news story on another domain, it was copied illegally and republished in violation of U.S. & international copyright & trademark law. The original version of this news story can be read at https://weekherald.com/2018/01/19/gwk-investment-management-llc-sells-17724-shares-of-paychex-inc-payx.html.

About Paychex

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.

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

Receive News & Ratings for Paychex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply