Wedge Capital Management L L P NC Purchases New Position in Paychex, Inc. (PAYX)

Wedge Capital Management L L P NC purchased a new position in shares of Paychex, Inc. (NASDAQ:PAYX) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 757,923 shares of the business services provider’s stock, valued at approximately $55,821,000. Wedge Capital Management L L P NC owned about 0.21% of Paychex at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. BlackRock Inc. boosted its position in shares of Paychex by 1.4% in the second quarter. BlackRock Inc. now owns 24,771,984 shares of the business services provider’s stock worth $1,693,166,000 after acquiring an additional 351,899 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Paychex by 2.3% in the second quarter. Bank of New York Mellon Corp now owns 7,812,772 shares of the business services provider’s stock worth $534,003,000 after acquiring an additional 173,029 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Paychex by 3.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,997,181 shares of the business services provider’s stock worth $136,508,000 after acquiring an additional 61,326 shares during the last quarter. Swiss National Bank boosted its position in shares of Paychex by 2.1% in the second quarter. Swiss National Bank now owns 1,858,403 shares of the business services provider’s stock worth $127,022,000 after acquiring an additional 37,600 shares during the last quarter. Finally, Schroder Investment Management Group boosted its position in shares of Paychex by 4.0% in the second quarter. Schroder Investment Management Group now owns 1,726,058 shares of the business services provider’s stock worth $117,303,000 after acquiring an additional 67,063 shares during the last quarter. 67.14% of the stock is currently owned by institutional investors.

PAYX has been the topic of several research analyst reports. BidaskClub cut shares of Paychex from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 31st. Guggenheim initiated coverage on shares of Paychex in a research report on Monday, August 20th. They issued a “neutral” rating and a $75.00 target price on the stock. Citigroup raised their target price on shares of Paychex from $67.00 to $73.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 3rd. Credit Suisse Group began coverage on shares of Paychex in a report on Friday, August 10th. They issued a “neutral” rating and a $72.00 price target on the stock. Finally, JPMorgan Chase & Co. lowered shares of Paychex from a “neutral” rating to an “underweight” rating and set a $65.00 price target on the stock. in a report on Tuesday, August 14th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $72.93.

In other news, VP Mark Anthony Bottini sold 30,000 shares of Paychex stock in a transaction that occurred on Tuesday, August 7th. The shares were sold at an average price of $71.03, for a total transaction of $2,130,900.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP John B. Gibson sold 47,250 shares of Paychex stock in a transaction that occurred on Wednesday, September 5th. The shares were sold at an average price of $73.50, for a total transaction of $3,472,875.00. The disclosure for this sale can be found here. Insiders have sold 81,250 shares of company stock worth $5,885,815 in the last quarter. Insiders own 11.80% of the company’s stock.

NASDAQ PAYX opened at $65.49 on Friday. Paychex, Inc. has a one year low of $59.36 and a one year high of $76.02. The company has a market capitalization of $23.52 billion, a P/E ratio of 25.68, a price-to-earnings-growth ratio of 2.71 and a beta of 1.02.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Tuesday, October 2nd. The business services provider reported $0.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.02. Paychex had a net margin of 27.71% and a return on equity of 42.87%. The firm had revenue of $862.80 million for the quarter, compared to analyst estimates of $850.39 million. During the same quarter last year, the firm posted $0.62 earnings per share. Paychex’s revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, equities analysts expect that Paychex, Inc. will post 2.85 EPS for the current fiscal 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 dividend of $0.56 per share. The ex-dividend date of this dividend is Wednesday, October 31st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.42%. Paychex’s dividend payout ratio is currently 87.84%.

About Paychex

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.

Further Reading: Bull Market

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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