Scout Investments Inc. boosted its stake in shares of Paychex (NASDAQ:PAYX) by 96.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 259,865 shares of the business services provider’s stock after purchasing an additional 127,370 shares during the quarter. Scout Investments Inc. owned about 0.07% of Paychex worth $16,005,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of PAYX. Reliance Trust Co. of Delaware raised its stake in shares of Paychex by 4.8% in the fourth quarter. Reliance Trust Co. of Delaware now owns 17,483 shares of the business services provider’s stock worth $1,190,000 after purchasing an additional 797 shares during the last quarter. Summit Securities Group LLC raised its stake in shares of Paychex by 22.2% in the fourth quarter. Summit Securities Group LLC now owns 4,400 shares of the business services provider’s stock worth $300,000 after purchasing an additional 800 shares during the last quarter. LVW Advisors LLC raised its position in Paychex by 3.6% during the fourth quarter. LVW Advisors LLC now owns 23,810 shares of the business services provider’s stock valued at $1,621,000 after acquiring an additional 834 shares in the last quarter. Raymond James Trust N.A. raised its position in Paychex by 1.1% during the fourth quarter. Raymond James Trust N.A. now owns 78,177 shares of the business services provider’s stock valued at $5,322,000 after acquiring an additional 837 shares in the last quarter. Finally, Carnick & Kubik Group LLC raised its position in Paychex by 3.9% during the fourth quarter. Carnick & Kubik Group LLC now owns 23,090 shares of the business services provider’s stock valued at $1,572,000 after acquiring an additional 873 shares in the last quarter. 68.58% of the stock is currently owned by institutional investors.
Shares of PAYX opened at $65.42 on Wednesday. Paychex has a 12 month low of $54.20 and a 12 month high of $73.10. The company has a market capitalization of $23.40 billion, a price-to-earnings ratio of 29.74, a price-to-earnings-growth ratio of 3.19 and a beta of 0.98.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Monday, March 26th. The business services provider reported $0.63 EPS for the quarter, beating the consensus estimate of $0.62 by $0.01. Paychex had a return on equity of 43.42% and a net margin of 27.22%. The company had revenue of $866.50 million for the quarter, compared to analyst estimates of $853.99 million. During the same period last year, the company earned $0.55 earnings per share. Paychex’s quarterly revenue was up 8.9% compared to the same quarter last year. equities research analysts anticipate that Paychex will post 2.49 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 24th. Shareholders of record on Wednesday, May 9th will be issued a $0.56 dividend. This is a positive change from Paychex’s previous quarterly dividend of $0.50. This represents a $2.24 annualized dividend and a yield of 3.42%. The ex-dividend date is Tuesday, May 8th. Paychex’s dividend payout ratio (DPR) is presently 101.82%.
Several brokerages recently weighed in on PAYX. BidaskClub upgraded Paychex from a “hold” rating to a “buy” rating in a research report on Friday, May 18th. Royal Bank of Canada reiterated a “sector perform” rating and set a $63.00 price target on shares of Paychex in a research report on Monday, April 2nd. JPMorgan Chase reduced their price target on Paychex from $69.00 to $65.00 and set a “neutral” rating for the company in a research report on Tuesday, March 27th. Morgan Stanley reduced their price target on Paychex from $68.00 to $66.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 27th. Finally, BMO Capital Markets reiterated a “hold” rating and set a $70.00 price target on shares of Paychex in a research report on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $64.94.
In other news, insider Michael E. Gioja sold 110,000 shares of Paychex stock in a transaction that occurred on Thursday, March 29th. The stock was sold at an average price of $61.63, for a total value of $6,779,300.00. Following the sale, the insider now directly owns 170,974 shares of the company’s stock, valued at $10,537,127.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph M. Velli sold 3,079 shares of Paychex stock in a transaction that occurred on Friday, May 18th. The stock was sold at an average price of $65.00, for a total value of $200,135.00. Following the completion of the sale, the director now directly owns 29,013 shares in the company, valued at $1,885,845. The disclosure for this sale can be found here. 11.70% of the stock is currently owned by company insiders.
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Germany. The company offers payroll processing services that include payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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