Alps Advisors Inc. trimmed its holdings in Paychex (NASDAQ:PAYX) by 10.9% during the first quarter, Holdings Channel reports. The institutional investor owned 7,206 shares of the business services provider’s stock after selling 882 shares during the period. Alps Advisors Inc.’s holdings in Paychex were worth $444,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of the business. American International Group Inc. boosted its stake in Paychex by 1,975.5% in the 4th quarter. American International Group Inc. now owns 7,203,048 shares of the business services provider’s stock worth $490,384,000 after buying an additional 6,856,001 shares during the last quarter. Geode Capital Management LLC boosted its stake in Paychex by 3.2% in the 4th quarter. Geode Capital Management LLC now owns 4,134,880 shares of the business services provider’s stock worth $281,020,000 after buying an additional 129,431 shares during the last quarter. UBS Asset Management Americas Inc. lifted its stake in shares of Paychex by 0.8% in the 4th quarter. UBS Asset Management Americas Inc. now owns 2,147,293 shares of the business services provider’s stock valued at $146,188,000 after purchasing an additional 16,395 shares in the last quarter. Mcdonald Capital Investors Inc. CA lifted its stake in shares of Paychex by 1.2% in the 1st quarter. Mcdonald Capital Investors Inc. CA now owns 2,082,948 shares of the business services provider’s stock valued at $128,289,000 after purchasing an additional 24,383 shares in the last quarter. Finally, Swiss National Bank lifted its stake in shares of Paychex by 1.6% in the 4th quarter. Swiss National Bank now owns 1,882,803 shares of the business services provider’s stock valued at $128,181,000 after purchasing an additional 29,500 shares in the last quarter. 68.90% of the stock is currently owned by hedge funds and other institutional investors.
PAYX has been the topic of several research analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $63.00 price objective on shares of Paychex in a research note on Monday, April 2nd. Bank of America lowered Paychex from a “neutral” rating to an “underperform” rating in a research note on Tuesday, April 17th. JPMorgan Chase reduced their price objective on Paychex from $69.00 to $65.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 27th. BMO Capital Markets reaffirmed a “hold” rating and issued a $70.00 price objective on shares of Paychex in a research note on Wednesday, January 24th. Finally, Barclays reduced their price objective on Paychex from $75.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 27th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $64.94.
Paychex stock opened at $64.96 on Thursday. The company has a market cap of $22.82 billion, a P/E ratio of 29.53, a P/E/G ratio of 3.12 and a beta of 0.98. Paychex has a one year low of $64.23 and a one year high of $64.77.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Monday, March 26th. The business services provider reported $0.63 EPS for the quarter, topping the consensus estimate of $0.62 by $0.01. The firm had revenue of $866.50 million for the quarter, compared to analyst estimates of $853.99 million. Paychex had a return on equity of 43.42% and a net margin of 27.22%. Paychex’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.55 EPS. analysts predict that Paychex will post 2.49 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, May 24th. Investors of record on Wednesday, May 9th will be given a dividend of $0.56 per share. The ex-dividend date is Tuesday, May 8th. This is a positive change from Paychex’s previous quarterly dividend of $0.50. This represents a $2.24 annualized dividend and a yield of 3.45%. Paychex’s payout ratio is 101.82%.
In related news, insider Michael E. Gioja sold 110,000 shares of the business’s stock in a transaction that occurred on Thursday, March 29th. The stock was sold at an average price of $61.63, for a total transaction of $6,779,300.00. Following the transaction, the insider now directly owns 170,974 shares of the company’s stock, valued at approximately $10,537,127.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 11.70% of the company’s stock.
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Germany. The company offers payroll processing services that include payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex (NASDAQ:PAYX).
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.