Amundi Pioneer Asset Management Inc. purchased a new position in Paychex, Inc. (NASDAQ:PAYX) in the fourth quarter, Holdings Channel reports. The fund purchased 257,806 shares of the business services provider’s stock, valued at approximately $17,551,000.
Several other large investors also recently made changes to their positions in PAYX. Atlantic Trust Group LLC lifted its position in shares of Paychex by 22.7% during the 3rd quarter. Atlantic Trust Group LLC now owns 34,831 shares of the business services provider’s stock worth $2,088,000 after purchasing an additional 6,451 shares during the last quarter. Cpwm LLC acquired a new position in shares of Paychex during the 4th quarter worth about $205,000. Welch Investments LLC lifted its position in shares of Paychex by 5.3% during the 3rd quarter. Welch Investments LLC now owns 78,153 shares of the business services provider’s stock worth $4,686,000 after purchasing an additional 3,914 shares during the last quarter. Ontario Teachers Pension Plan Board lifted its position in shares of Paychex by 5.1% during the 4th quarter. Ontario Teachers Pension Plan Board now owns 142,422 shares of the business services provider’s stock worth $9,696,000 after purchasing an additional 6,936 shares during the last quarter. Finally, Ropes Wealth Advisors LLC lifted its position in shares of Paychex by 34.7% during the 3rd quarter. Ropes Wealth Advisors LLC now owns 6,178 shares of the business services provider’s stock worth $370,000 after purchasing an additional 1,590 shares during the last quarter. 68.74% of the stock is owned by institutional investors.
In other news, insider Michael E. Gioja sold 34,311 shares of the company’s stock in a transaction that occurred on Thursday, January 4th. The stock was sold at an average price of $68.91, for a total value of $2,364,371.01. Following the sale, the insider now directly owns 63,374 shares in the company, valued at approximately $4,367,102.34. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Jennifer R. Vossler sold 10,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the vice president now owns 31,578 shares in the company, valued at $2,156,461.62. The disclosure for this sale can be found here. Corporate insiders own 11.70% of the company’s stock.
PAYX has been the subject of several research analyst reports. Royal Bank of Canada reissued a “sell” rating and set a $57.00 price objective on shares of Paychex in a research report on Wednesday, November 15th. BidaskClub raised Paychex from a “buy” rating to a “strong-buy” rating in a research report on Thursday, December 7th. Bank of America boosted their price objective on Paychex from $68.00 to $73.00 and gave the stock a “buy” rating in a research report on Tuesday, December 5th. Citigroup raised Paychex from a “sell” rating to a “neutral” rating and set a $67.00 price objective for the company in a research report on Monday, December 4th. Finally, Stifel Nicolaus reissued a “hold” rating and set a $68.00 price objective on shares of Paychex in a research report on Friday, December 22nd. Two equities research analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company’s stock. Paychex presently has a consensus rating of “Hold” and a consensus target price of $62.77.
Paychex, Inc. (NASDAQ PAYX) opened at $65.89 on Thursday. The company has a market capitalization of $23,670.00, a P/E ratio of 28.28, a price-to-earnings-growth ratio of 3.55 and a beta of 0.96. Paychex, Inc. has a twelve month low of $54.20 and a twelve month high of $73.10.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Thursday, December 21st. The business services provider reported $0.59 EPS for the quarter, meeting the consensus estimate of $0.59. The firm had revenue of $826.50 million during the quarter, compared to analysts’ expectations of $823.48 million. Paychex had a return on equity of 42.80% and a net margin of 26.02%. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.56 EPS. equities research 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. Shareholders of record on Thursday, February 1st were issued a $0.50 dividend. The ex-dividend date was Wednesday, January 31st. This represents a $2.00 annualized dividend and a yield of 3.04%. Paychex’s dividend payout ratio (DPR) is 85.84%.
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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.
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