Tirschwell & Loewy Inc. lessened its position in Paychex, Inc. (NASDAQ:PAYX) by 5.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,445 shares of the business services provider’s stock after selling 1,700 shares during the period. Tirschwell & Loewy Inc.’s holdings in Paychex were worth $1,766,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. Salem Investment Counselors Inc. raised its position in shares of Paychex by 0.6% in the second quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock valued at $102,000 after buying an additional 11 shares during the last quarter. Dupont Capital Management Corp acquired a new position in shares of Paychex in the second quarter valued at approximately $129,000. Sun Life Financial INC raised its position in shares of Paychex by 23,260.0% in the second quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock valued at $133,000 after buying an additional 2,326 shares during the last quarter. San Francisco Sentry Investment Group CA acquired a new position in shares of Paychex in the second quarter valued at approximately $145,000. Finally, Kernodle & Katon Asset Management Group LLC raised its position in shares of Paychex by 37.7% in the first quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock valued at $186,000 after buying an additional 867 shares during the last quarter. 67.13% of the stock is owned by institutional investors and hedge funds.
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A number of research firms have recently weighed in on PAYX. BMO Capital Markets reissued a “market perform” rating and issued a $62.00 price objective (up previously from $60.00) on shares of Paychex in a research report on Wednesday, October 4th. Robert W. Baird reaffirmed a “hold” rating and set a $64.00 price target on shares of Paychex in a research report on Wednesday, October 4th. Morgan Stanley reaffirmed an “equal weight” rating and set a $59.00 price target (up previously from $55.00) on shares of Paychex in a research report on Wednesday, October 4th. Stifel Nicolaus reaffirmed a “hold” rating and set a $61.00 price target on shares of Paychex in a research report on Friday, August 18th. Finally, Royal Bank of Canada reaffirmed an “underperform” rating and set a $57.00 price target (up previously 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 assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $60.07.
Shares of Paychex, Inc. (NASDAQ:PAYX) traded down $0.19 during mid-day trading on Friday, hitting $64.57. 1,332,600 shares of the stock traded hands, compared to its average volume of 1,996,593. Paychex, Inc. has a fifty-two week low of $54.20 and a fifty-two week high of $65.62. The stock has a market capitalization of $23,270.16, a P/E ratio of 28.53, a PEG ratio of 3.51 and a beta of 0.99.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 EPS for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.02. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The firm had revenue of $816.80 million for the quarter, compared to the consensus estimate of $816.34 million. During the same period in the prior year, the firm posted $0.60 EPS. The firm’s revenue was up 4.0% compared to the same quarter last year. sell-side analysts anticipate that Paychex, Inc. will post 2.38 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st will be paid a dividend of $0.50 per share. The ex-dividend date is Tuesday, October 31st. This represents a $2.00 dividend on an annualized basis and a yield of 3.10%. Paychex’s dividend payout ratio (DPR) is 87.34%.
In other Paychex news, VP Laurie L. Zaucha sold 15,000 shares of the stock in a transaction on Tuesday, October 3rd. The shares were sold at an average price of $62.00, for a total transaction of $930,000.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Laurie L. Zaucha sold 17,354 shares of the stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $64.00, for a total transaction of $1,110,656.00. The disclosure for this sale can be found here. Insiders have sold a total of 94,395 shares of company stock worth $5,914,383 over the last quarter. 11.70% of the stock is currently owned by insiders.
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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