Comerica Bank cut its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 6.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 124,360 shares of the business services provider’s stock after selling 8,972 shares during the quarter. Comerica Bank’s holdings in Paychex were worth $8,018,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in PAYX. Bank of New York Mellon Corp grew its stake in Paychex by 0.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,901,485 shares of the business services provider’s stock worth $473,772,000 after buying an additional 64,254 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its stake in shares of Paychex by 5.8% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 402,737 shares of the business services provider’s stock valued at $22,722,000 after purchasing an additional 22,109 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of Paychex by 1.3% in the 3rd quarter. Rhumbline Advisers now owns 739,215 shares of the business services provider’s stock valued at $44,323,000 after purchasing an additional 9,798 shares in the last quarter. Toronto Dominion Bank boosted its stake in shares of Paychex by 12.0% in the 3rd quarter. Toronto Dominion Bank now owns 131,063 shares of the business services provider’s stock valued at $7,860,000 after purchasing an additional 14,007 shares in the last quarter. Finally, New York State Common Retirement Fund boosted its stake in shares of Paychex by 2.7% in the 3rd quarter. New York State Common Retirement Fund now owns 944,900 shares of the business services provider’s stock valued at $56,656,000 after purchasing an additional 25,100 shares in the last quarter. Institutional investors and hedge funds own 68.02% of the company’s stock.
In related news, CEO Martin Mucci sold 29,786 shares of the firm’s stock in a transaction that occurred on Thursday, October 5th. The shares were sold at an average price of $63.17, for a total value of $1,881,581.62. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Jennifer R. Vossler sold 11,155 shares of the firm’s stock in a transaction that occurred on Friday, October 6th. The stock was sold at an average price of $63.07, for a total transaction of $703,545.85. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 94,395 shares of company stock worth $5,914,383. Insiders own 11.70% of the company’s stock.
A number of brokerages have recently issued reports on PAYX. Citigroup raised shares of Paychex from a “sell” rating to a “neutral” rating in a research note on Monday. Royal Bank Of Canada reaffirmed a “sell” rating and issued a $57.00 price objective on shares of Paychex in a research note on Wednesday, November 15th. Morgan Stanley reissued 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. Wells Fargo & Company increased their price target on shares of Paychex from $58.00 to $60.00 and gave the company a “market perform” rating in a research report on Wednesday, October 4th. Finally, Bank of America increased their price target on shares of Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, October 4th. Four equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $60.07.
Paychex, Inc. (NASDAQ:PAYX) traded up $0.74 during trading hours on Monday, reaching $67.61. 2,604,383 shares of the company’s stock were exchanged, compared to its average volume of 1,987,681. The company has a market cap of $24,028.35, a price-to-earnings ratio of 29.46, a P/E/G ratio of 3.62 and a beta of 0.99. Paychex, Inc. has a 1-year low of $54.20 and a 1-year high of $68.56.
Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates 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 was up 4.0% compared to the same quarter last year. During the same period last year, the business earned $0.60 EPS. analysts predict that Paychex, Inc. will post 2.38 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date of this dividend was Tuesday, October 31st. Paychex’s payout ratio is presently 87.34%.
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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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