Mcdonald Capital Investors Inc. CA Sells 142,067 Shares of Paychex, Inc. (PAYX)

Mcdonald Capital Investors Inc. CA decreased its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 7.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,872,601 shares of the business services provider’s stock after selling 142,067 shares during the quarter. Paychex makes up 11.4% of Mcdonald Capital Investors Inc. CA’s holdings, making the stock its 2nd largest holding. Mcdonald Capital Investors Inc. CA owned about 0.52% of Paychex worth $137,917,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PAYX. Aperio Group LLC lifted its stake in shares of Paychex by 7.6% during the 2nd quarter. Aperio Group LLC now owns 225,572 shares of the business services provider’s stock worth $15,418,000 after purchasing an additional 15,961 shares during the last quarter. California Public Employees Retirement System raised its stake in Paychex by 28.1% in the second quarter. California Public Employees Retirement System now owns 941,092 shares of the business services provider’s stock valued at $64,324,000 after buying an additional 206,536 shares during the last quarter. Bruderman Asset Management LLC raised its stake in Paychex by 1,738.6% in the second quarter. Bruderman Asset Management LLC now owns 148,047 shares of the business services provider’s stock valued at $10,119,000 after buying an additional 139,995 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in Paychex by 7.1% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 57,476 shares of the business services provider’s stock valued at $3,928,000 after buying an additional 3,786 shares during the last quarter. Finally, Glen Harbor Capital Management LLC raised its stake in Paychex by 1.7% in the second quarter. Glen Harbor Capital Management LLC now owns 64,872 shares of the business services provider’s stock valued at $4,434,000 after buying an additional 1,088 shares during the last quarter. 67.14% of the stock is currently owned by institutional investors and hedge funds.

A number of research firms have commented on PAYX. Credit Suisse Group upgraded Paychex from a “neutral” rating to a “buy” rating and set a $82.00 price target for the company in a research note on Tuesday, October 2nd. Stifel Nicolaus increased their price target on Paychex from $69.00 to $73.00 and gave the company a “hold” rating in a research note on Wednesday, October 3rd. Morgan Stanley increased their price target on Paychex from $67.00 to $73.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 3rd. Deutsche Bank increased their price target on Paychex from $68.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, October 3rd. Finally, BMO Capital Markets increased their price target on Paychex from $70.00 to $77.00 and gave the company a “market perform” rating in a research note on Wednesday, October 3rd. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the company’s stock. Paychex has a consensus rating of “Hold” and an average price target of $72.93.

In related news, Director Joseph Doody bought 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 23rd. The shares were purchased at an average cost of $66.50 per share, with a total value of $66,500.00. Following the completion of the acquisition, the director now directly owns 16,639 shares in the company, valued at $1,106,493.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jennifer R. Vossler sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of $70.51, for a total value of $282,040.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 81,250 shares of company stock valued at $5,885,815. Company insiders own 11.80% of the company’s stock.

Shares of NASDAQ:PAYX opened at $64.99 on Friday. Paychex, Inc. has a 52-week low of $59.36 and a 52-week high of $76.02. The stock has a market capitalization of $23.21 billion, a PE ratio of 25.49, a PEG ratio of 2.67 and a beta of 0.95.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.02. Paychex had a return on equity of 42.87% and a net margin of 27.71%. The firm had revenue of $862.80 million during the quarter, compared to analysts’ expectations of $850.39 million. During the same period last year, the business posted $0.62 earnings per share. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, research analysts anticipate that Paychex, Inc. will post 2.85 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Thursday, November 1st will be paid a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.45%. The ex-dividend date is Wednesday, October 31st. Paychex’s payout ratio is 87.84%.

Paychex Company Profile

Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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