Xact Kapitalforvaltning AB Sells 10,246 Shares of Paychex, Inc. (PAYX)

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Xact Kapitalforvaltning AB reduced its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 16.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 50,544 shares of the business services provider’s stock after selling 10,246 shares during the period. Xact Kapitalforvaltning AB’s holdings in Paychex were worth $3,723,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Rehmann Capital Advisory Group grew its holdings in shares of Paychex by 18.3% in the second quarter. Rehmann Capital Advisory Group now owns 4,422 shares of the business services provider’s stock worth $302,000 after purchasing an additional 684 shares during the last quarter. Independence Bank of Kentucky boosted its holdings in Paychex by 12.9% in the second quarter. Independence Bank of Kentucky now owns 6,270 shares of the business services provider’s stock valued at $429,000 after acquiring an additional 715 shares in the last quarter. Univest Corp of Pennsylvania boosted its holdings in Paychex by 13.1% in the second quarter. Univest Corp of Pennsylvania now owns 6,242 shares of the business services provider’s stock valued at $427,000 after acquiring an additional 725 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in Paychex by 1.2% in the second quarter. Envestnet Asset Management Inc. now owns 61,741 shares of the business services provider’s stock valued at $4,220,000 after acquiring an additional 744 shares in the last quarter. Finally, Redmond Asset Management LLC boosted its holdings in Paychex by 9.0% in the second quarter. Redmond Asset Management LLC now owns 9,056 shares of the business services provider’s stock valued at $619,000 after acquiring an additional 750 shares in the last quarter. Institutional investors and hedge funds own 67.14% of the company’s stock.

Shares of Paychex stock opened at $63.92 on Tuesday. The firm has a market cap of $22.98 billion, a price-to-earnings ratio of 25.07, a PEG ratio of 2.64 and a beta of 0.95. Paychex, Inc. has a 12 month low of $59.36 and a 12 month high of $76.02.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Tuesday, October 2nd. The business services provider reported $0.67 EPS for the quarter, beating the consensus estimate of $0.65 by $0.02. The business had revenue of $862.80 million during the quarter, compared to analyst estimates of $850.39 million. Paychex had a return on equity of 42.87% and a net margin of 27.71%. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.62 earnings per share. As a group, equities research analysts forecast that Paychex, Inc. will post 2.85 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Thursday, November 1st will be given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.50%. The ex-dividend date is Wednesday, October 31st. Paychex’s dividend payout ratio is currently 87.84%.

PAYX has been the topic of several recent analyst reports. ValuEngine upgraded shares of Paychex from a “hold” rating to a “buy” rating in a report on Monday, July 2nd. BidaskClub cut shares of Paychex from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 31st. Credit Suisse Group upgraded shares of Paychex from a “neutral” rating to a “buy” rating and set a $82.00 price target on the stock in a report on Tuesday, October 2nd. Morgan Stanley lifted their price target on shares of Paychex from $67.00 to $73.00 and gave the company an “equal weight” rating in a report on Wednesday, October 3rd. Finally, Jefferies Financial Group initiated coverage on shares of Paychex in a report on Monday, October 1st. They issued a “hold” rating and a $75.00 price target on the stock. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $72.93.

In other news, Director Joseph Doody acquired 1,000 shares of the stock in a transaction on Tuesday, October 23rd. The stock was acquired at an average price of $66.50 per share, with a total value of $66,500.00. Following the completion of the transaction, the director now owns 16,639 shares of the company’s stock, valued at approximately $1,106,493.50. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Jennifer R. Vossler sold 4,000 shares of the firm’s stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $70.51, for a total value of $282,040.00. The disclosure for this sale can be found here. Insiders have sold 81,250 shares of company stock valued at $5,885,815 in the last three months. Insiders own 11.80% of the company’s stock.

Paychex Company Profile

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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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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