MainStreet Investment Advisors LLC bought a new stake in shares of Paychex, Inc. (NASDAQ:PAYX) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 76,630 shares of the business services provider’s stock, valued at approximately $5,217,000.
Several other hedge funds have also added to or reduced their stakes in PAYX. Field & Main Bank bought a new stake in Paychex in the 4th quarter worth $101,000. Acadian Asset Management LLC bought a new stake in Paychex in the 4th quarter worth $109,000. Avestar Capital LLC bought a new stake in Paychex in the 4th quarter worth $126,000. Financial Gravity Companies Inc. bought a new stake in Paychex in the 4th quarter worth $127,000. Finally, Calton & Associates Inc. bought a new stake in Paychex in the 4th quarter worth $151,000. 68.74% of the stock is currently owned by institutional investors.
In other news, insider Michael E. Gioja sold 34,311 shares of Paychex stock in a transaction dated Thursday, January 4th. The shares were sold at an average price of $68.91, for a total transaction of $2,364,371.01. Following the sale, the insider now owns 63,374 shares of the company’s stock, valued at approximately $4,367,102.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jennifer R. Vossler sold 10,000 shares of Paychex stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $68.29, for a total transaction of $682,900.00. Following the sale, the vice president now directly owns 31,578 shares in the company, valued at approximately $2,156,461.62. The disclosure for this sale can be found here. Insiders own 11.70% of the company’s stock.
PAYX has been the topic of a number of recent analyst reports. Stifel Nicolaus reissued a “hold” rating and issued a $68.00 price target on shares of Paychex in a report on Friday, December 22nd. BMO Capital Markets reissued a “hold” rating and issued a $70.00 price target on shares of Paychex in a report on Wednesday, January 24th. BidaskClub raised shares of Paychex from a “buy” rating to a “strong-buy” rating in a report on Thursday, December 7th. Bank of America raised their price target on shares of Paychex from $68.00 to $73.00 and gave the stock a “buy” rating in a report on Tuesday, December 5th. Finally, Citigroup raised shares of Paychex from a “sell” rating to a “neutral” rating and set a $67.00 price target on the stock in a report on Monday, December 4th. Two research analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $62.77.
Shares of Paychex, Inc. (NASDAQ:PAYX) opened at $66.15 on Friday. The firm has a market cap of $23,849.92, a PE ratio of 28.39, a PEG ratio of 3.54 and a beta of 0.96. Paychex, Inc. has a 52 week low of $54.20 and a 52 week high of $73.10.
Paychex (NASDAQ:PAYX) last announced its earnings results on Thursday, December 21st. The business services provider reported $0.59 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.59. The firm had revenue of $826.50 million for the quarter, compared to analyst estimates of $823.48 million. Paychex had a net margin of 26.02% and a return on equity of 42.80%. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.56 EPS. equities analysts predict that Paychex, Inc. will post 2.4 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, February 15th. Stockholders of record on Thursday, February 1st were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date of this dividend was Wednesday, January 31st. Paychex’s payout ratio is 85.84%.
ILLEGAL ACTIVITY NOTICE: “MainStreet Investment Advisors LLC Buys Shares of 76,630 Paychex, Inc. (PAYX)” was first reported by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are viewing this news story on another publication, it was stolen and reposted in violation of U.S. & international copyright & trademark legislation. The legal version of this news story can be read at https://www.dispatchtribunal.com/2018/03/17/mainstreet-investment-advisors-llc-buys-shares-of-76630-paychex-inc-payx.html.
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.
Receive News & Ratings for Paychex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex and related companies with MarketBeat.com's FREE daily email newsletter.