Greytown Advisors Inc. raised its stake in Paychex, Inc. (NASDAQ:PAYX) by 159.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 12,376 shares of the business services provider’s stock after buying an additional 7,604 shares during the quarter. Greytown Advisors Inc.’s holdings in Paychex were worth $742,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in PAYX. Salem Investment Counselors Inc. increased its stake in Paychex by 0.6% in the 2nd 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 period. Dupont Capital Management Corp bought a new stake in Paychex in the second quarter worth approximately $129,000. Sun Life Financial INC grew its position in 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 worth $133,000 after acquiring an additional 2,326 shares in the last quarter. San Francisco Sentry Investment Group CA bought a new stake in Paychex in the second quarter worth approximately $145,000. Finally, Bank of Nova Scotia Trust Co. bought a new stake in Paychex in the third quarter worth approximately $188,000. Hedge funds and other institutional investors own 68.02% of the company’s stock.
Shares of Paychex, Inc. (NASDAQ:PAYX) opened at $69.01 on Monday. The stock has a market cap of $24,797.31, a price-to-earnings ratio of 30.40, a P/E/G ratio of 3.74 and a beta of 0.99. Paychex, Inc. has a 1-year low of $54.20 and a 1-year high of $69.14.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The business had revenue of $816.80 million during the quarter, compared to the consensus estimate of $816.34 million. Paychex had a net margin of 26.01% and a return on equity of 43.01%. Paychex’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.60 EPS. equities analysts predict that Paychex, Inc. will post 2.38 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.90%. The ex-dividend date of this dividend was Tuesday, October 31st. Paychex’s dividend payout ratio is currently 87.34%.
In other Paychex news, CEO Martin Mucci sold 29,786 shares of the stock in a transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jennifer R. Vossler sold 11,155 shares of the stock in a transaction on Friday, October 6th. The shares were 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. Over the last ninety days, insiders have sold 94,395 shares of company stock valued at $5,914,383. 11.70% of the stock is owned by insiders.
Several research firms have commented on PAYX. Stifel Nicolaus reissued a “hold” rating and issued a $61.00 target price on shares of Paychex in a research report on Friday, August 18th. BMO Capital Markets reissued a “market perform” rating and issued a $62.00 target price (up from $60.00) on shares of Paychex in a research report on Wednesday, October 4th. Citigroup raised shares of Paychex from a “sell” rating to a “neutral” rating and set a $67.00 target price for the company in a research report on Monday, December 4th. Bank of America boosted their target price on shares of Paychex from $68.00 to $73.00 and gave the stock a “buy” rating in a research report on Tuesday, December 5th. Finally, Robert W. Baird reissued a “hold” rating and issued a $64.00 target price on shares of Paychex in a research report on Wednesday, October 4th. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Paychex currently has an average rating of “Hold” and an average target price of $61.19.
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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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