Dean Investment Associates LLC boosted its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 48.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,065 shares of the business services provider’s stock after acquiring an additional 11,697 shares during the period. Dean Investment Associates LLC’s holdings in Paychex were worth $2,162,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also modified their holdings of the business. Griffin Asset Management Inc. bought a new position in Paychex during the 3rd quarter worth about $1,186,000. California Public Employees Retirement System grew its holdings in Paychex by 4.8% during the 3rd quarter. California Public Employees Retirement System now owns 816,386 shares of the business services provider’s stock worth $48,951,000 after acquiring an additional 37,756 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in Paychex by 4.4% during the 3rd quarter. Janney Montgomery Scott LLC now owns 132,196 shares of the business services provider’s stock worth $7,926,000 after acquiring an additional 5,582 shares in the last quarter. Cambria Investment Management L.P. grew its holdings in Paychex by 5.3% during the 3rd quarter. Cambria Investment Management L.P. now owns 94,248 shares of the business services provider’s stock worth $5,651,000 after acquiring an additional 4,759 shares in the last quarter. Finally, Greytown Advisors Inc. grew its holdings in Paychex by 159.3% during the 3rd quarter. Greytown Advisors Inc. now owns 12,376 shares of the business services provider’s stock worth $742,000 after acquiring an additional 7,604 shares in the last quarter. Institutional investors own 68.02% of the company’s stock.
In related news, VP Laurie L. Zaucha sold 15,000 shares of the stock in a transaction that occurred on Monday, September 25th. The shares were sold at an average price of $60.00, for a total value of $900,000.00. Following the completion of the transaction, the vice president now directly owns 51,360 shares of the company’s stock, valued at approximately $3,081,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Martin Mucci sold 29,786 shares of the stock in a transaction that occurred on Thursday, October 5th. The shares were sold at an average price of $63.17, for a total transaction of $1,881,581.62. The disclosure for this sale can be found here. Insiders sold a total of 94,395 shares of company stock valued at $5,914,383 over the last ninety days. 11.70% of the stock is currently owned by insiders.
Paychex, Inc. (PAYX) opened at $68.82 on Thursday. The company has a market cap of $24,800.90, a P/E ratio of 30.41, a P/E/G ratio of 3.75 and a beta of 0.99. Paychex, Inc. has a 1 year low of $54.20 and a 1 year high of $69.26.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The firm 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% on a year-over-year basis. During the same period last year, the firm posted $0.60 EPS. analysts predict that Paychex, Inc. will post 2.37 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st were given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.91%. The ex-dividend date of this dividend was Tuesday, October 31st. Paychex’s payout ratio is currently 87.34%.
Several research analysts have issued reports on PAYX shares. Bank of America increased their target price on shares of Paychex from $68.00 to $73.00 and gave the stock a “buy” rating in a report on Tuesday, December 5th. Morgan Stanley restated an “equal weight” rating and issued a $59.00 price target (up from $55.00) on shares of Paychex in a report on Wednesday, October 4th. Stifel Nicolaus restated a “hold” rating and issued a $61.00 price target on shares of Paychex in a report on Friday, August 18th. Robert W. Baird restated a “hold” rating and issued a $64.00 price target on shares of Paychex in a report on Wednesday, October 4th. Finally, Wells Fargo & Company raised their price target on shares of Paychex from $58.00 to $60.00 and gave the company a “market perform” rating in a report on Wednesday, October 4th. Three equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target 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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