Paychex, Inc. (NASDAQ:PAYX) Shares Bought by FIL Ltd

FIL Ltd raised its stake in Paychex, Inc. (NASDAQ:PAYX) by 1.1% in the first quarter, HoldingsChannel.com reports. The firm owned 174,994 shares of the business services provider’s stock after acquiring an additional 1,900 shares during the period. FIL Ltd’s holdings in Paychex were worth $14,034,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently modified their holdings of PAYX. BlackRock Inc. lifted its holdings in Paychex by 12.3% during the 1st quarter. BlackRock Inc. now owns 31,465,698 shares of the business services provider’s stock valued at $2,523,549,000 after purchasing an additional 3,435,500 shares during the last quarter. Vanguard Group Inc lifted its stake in Paychex by 1.5% in the third quarter. Vanguard Group Inc now owns 25,237,021 shares of the business services provider’s stock valued at $1,858,708,000 after buying an additional 363,583 shares in the last quarter. Lunia Capital LP lifted its stake in Paychex by 8,881.0% in the fourth quarter. Lunia Capital LP now owns 10,859,007 shares of the business services provider’s stock valued at $10,859,000 after buying an additional 10,738,096 shares in the last quarter. Northern Trust Corp lifted its stake in Paychex by 1.8% in the fourth quarter. Northern Trust Corp now owns 5,558,975 shares of the business services provider’s stock valued at $362,167,000 after buying an additional 96,260 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its position in shares of Paychex by 5,734.9% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 5,458,853 shares of the business services provider’s stock worth $84,000 after purchasing an additional 5,365,298 shares in the last quarter. 69.74% of the stock is owned by hedge funds and other institutional investors.

PAYX stock opened at $87.05 on Wednesday. Paychex, Inc. has a fifty-two week low of $61.32 and a fifty-two week high of $88.43. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market capitalization of $31.72 billion, a price-to-earnings ratio of 34.14, a PEG ratio of 3.14 and a beta of 0.96.

Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, March 27th. The business services provider reported $0.89 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.89. Paychex had a return on equity of 43.20% and a net margin of 28.19%. The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the prior year, the company earned $0.63 earnings per share. Paychex’s revenue was up 14.3% on a year-over-year basis. On average, equities analysts predict that Paychex, Inc. will post 2.86 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, May 30th. Shareholders of record on Wednesday, May 15th were issued a $0.62 dividend. This is an increase from Paychex’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $2.48 dividend on an annualized basis and a yield of 2.85%. Paychex’s dividend payout ratio is currently 97.25%.

In related news, Director David J. S. Flaschen sold 18,154 shares of the stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $84.74, for a total transaction of $1,538,369.96. Following the completion of the sale, the director now owns 34,223 shares in the company, valued at $2,900,057.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Stephanie L. Schaeffer sold 14,893 shares of the stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $86.76, for a total value of $1,292,116.68. Following the sale, the insider now owns 63,039 shares of the company’s stock, valued at approximately $5,469,263.64. The disclosure for this sale can be found here. In the last 90 days, insiders sold 135,127 shares of company stock valued at $11,173,791. Company insiders own 11.80% of the company’s stock.

A number of analysts have recently commented on PAYX shares. Credit Suisse Group boosted their price objective on shares of Paychex from $82.00 to $84.00 and gave the stock an “outperform” rating in a research report on Thursday, March 28th. Barclays upped their price objective on shares of Paychex from $78.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Monday, April 1st. Finally, Sanford C. Bernstein cut shares of Paychex from a “market perform” rating to an “underperform” rating in a research report on Tuesday, April 30th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $74.14.

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Paychex 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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