Pitcairn Co. acquired a new stake in shares of Paychex, Inc. (NASDAQ:PAYX) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,274 shares of the business services provider’s stock, valued at approximately $291,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PAYX. Atlantic Trust Group LLC grew its holdings in Paychex by 22.7% during the third quarter. Atlantic Trust Group LLC now owns 34,831 shares of the business services provider’s stock worth $2,088,000 after buying an additional 6,451 shares in the last quarter. Schaper Benz & Wise Investment Counsel Inc. WI grew its holdings in Paychex by 1.4% during the third quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 213,833 shares of the business services provider’s stock worth $12,821,000 after buying an additional 2,855 shares in the last quarter. Cpwm LLC bought a new stake in Paychex during the fourth quarter worth $205,000. Welch Investments LLC grew its holdings in Paychex by 5.3% during the third quarter. Welch Investments LLC now owns 78,153 shares of the business services provider’s stock worth $4,686,000 after buying an additional 3,914 shares in the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its holdings in Paychex by 3.6% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 55,631 shares of the business services provider’s stock worth $3,336,000 after buying an additional 1,934 shares in the last quarter. Hedge funds and other institutional investors own 68.74% of the company’s stock.
Paychex, Inc. (NASDAQ PAYX) traded down $0.83 during mid-day trading on Wednesday, reaching $65.89. The company’s stock had a trading volume of 1,500,000 shares, compared to its average volume of 2,160,000. Paychex, Inc. has a twelve month low of $54.20 and a twelve month high of $73.10. The stock has a market capitalization of $23,670.00, a PE ratio of 28.28, a P/E/G ratio of 3.55 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Thursday, December 21st. The business services provider reported $0.59 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.59. Paychex had a return on equity of 42.80% and a net margin of 26.02%. The business had revenue of $826.50 million for the quarter, compared to analysts’ expectations of $823.48 million. During the same quarter in the previous year, the firm earned $0.56 earnings per share. The business’s revenue was up 7.1% on a year-over-year basis. equities analysts predict that Paychex, Inc. will post 2.4 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, February 15th. Stockholders of record on Thursday, February 1st were given a dividend of $0.50 per share. The ex-dividend date was Wednesday, January 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.04%. Paychex’s dividend payout ratio is presently 85.84%.
In other news, insider Michael E. Gioja sold 34,311 shares of the company’s stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $68.91, for a total transaction of $2,364,371.01. Following the transaction, 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 can be accessed through this link. Also, VP Jennifer R. Vossler sold 10,000 shares of the company’s stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $68.29, for a total value of $682,900.00. Following the transaction, 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. 11.70% of the stock is owned by corporate insiders.
Several brokerages recently issued reports on PAYX. BMO Capital Markets reiterated a “hold” rating and set a $70.00 price target on shares of Paychex in a report on Wednesday, January 24th. BidaskClub downgraded Paychex from a “strong-buy” rating to a “buy” rating in a report on Friday, December 22nd. Bank of America downgraded Paychex from a “buy” rating to a “neutral” rating and set a $73.00 price target for the company. in a report on Tuesday, January 9th. Stifel Nicolaus reiterated a “hold” rating and set a $68.00 price target on shares of Paychex in a report on Friday, December 22nd. Finally, Citigroup upgraded Paychex from a “sell” rating to a “neutral” rating and set a $67.00 price target for the company in a report on Monday, December 4th. Two equities research analysts have rated the stock with a sell rating and twelve have given a hold rating to the stock. Paychex currently has an average rating of “Hold” and a consensus target price of $62.77.
ILLEGAL ACTIVITY WARNING: “4,274 Shares in Paychex, Inc. (NASDAQ:PAYX) Purchased by Pitcairn Co.” was first published by The Lincolnian Online and is the sole property of of The Lincolnian Online. If you are reading this piece on another website, it was illegally stolen and reposted in violation of US & international copyright & trademark laws. The correct version of this piece can be read at https://www.thelincolnianonline.com/2018/03/14/pitcairn-co-takes-position-in-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.