Gamble Jones Investment Counsel cut its stake in Paychex, Inc. (NASDAQ:PAYX) by 25.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,008 shares of the business services provider’s stock after selling 2,391 shares during the quarter. Gamble Jones Investment Counsel’s holdings in Paychex were worth $580,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Paychex by 9.7% in the second quarter. BlackRock Inc. now owns 34,524,333 shares of the business services provider’s stock valued at $2,841,008,000 after purchasing an additional 3,058,635 shares during the period. Vanguard Group Inc. increased its position in Paychex by 1.6% during the second quarter. Vanguard Group Inc. now owns 26,398,764 shares of the business services provider’s stock worth $2,172,355,000 after acquiring an additional 425,365 shares during the period. Wells Fargo & Company MN increased its position in Paychex by 11.0% during the second quarter. Wells Fargo & Company MN now owns 9,305,194 shares of the business services provider’s stock worth $765,725,000 after acquiring an additional 919,406 shares during the period. Invesco Ltd. increased its position in Paychex by 1.5% during the second quarter. Invesco Ltd. now owns 5,849,907 shares of the business services provider’s stock worth $481,389,000 after acquiring an additional 85,215 shares during the period. Finally, Bahl & Gaynor Inc. increased its position in Paychex by 27.7% during the second quarter. Bahl & Gaynor Inc. now owns 3,168,024 shares of the business services provider’s stock worth $260,697,000 after acquiring an additional 686,831 shares during the period. 69.98% of the stock is currently owned by institutional investors.
Paychex stock traded up $0.37 during trading hours on Friday, reaching $83.25. 1,718,500 shares of the stock were exchanged, compared to its average volume of 1,784,401. The stock has a 50 day moving average of $83.50 and a two-hundred day moving average of $84.04. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.35. Paychex, Inc. has a twelve month low of $61.32 and a twelve month high of $88.43. The company has a market cap of $29.56 billion, a P/E ratio of 29.31, a price-to-earnings-growth ratio of 3.80 and a beta of 0.89.
Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, October 2nd. The business services provider reported $0.71 EPS for the quarter, topping the consensus estimate of $0.69 by $0.02. Paychex had a net margin of 27.04% and a return on equity of 41.07%. The business had revenue of $992.00 million for the quarter, compared to the consensus estimate of $991.70 million. During the same period last year, the company earned $0.67 EPS. The firm’s revenue was up 15.0% compared to the same quarter last year. On average, analysts expect that Paychex, Inc. will post 3.11 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Friday, November 1st will be given a dividend of $0.62 per share. The ex-dividend date is Thursday, October 31st. This represents a $2.48 annualized dividend and a yield of 2.98%. Paychex’s dividend payout ratio is presently 87.32%.
In other Paychex news, Director David J. S. Flaschen sold 13,052 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $84.50, for a total transaction of $1,102,894.00. Following the completion of the transaction, the director now owns 43,564 shares in the company, valued at approximately $3,681,158. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Martin Mucci sold 31,865 shares of the firm’s stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $84.86, for a total transaction of $2,704,063.90. Following the transaction, the chief executive officer now owns 362,806 shares of the company’s stock, valued at approximately $30,787,717.16. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 67,256 shares of company stock worth $5,707,113. 11.70% of the stock is owned by corporate insiders.
A number of equities analysts recently commented on PAYX shares. BidaskClub lowered shares of Paychex from a “hold” rating to a “sell” rating in a research report on Thursday. Cowen started coverage on shares of Paychex in a research report on Wednesday, September 11th. They set a “market perform” rating and a $74.00 price target on the stock. Morgan Stanley lowered shares of Paychex from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $77.00 to $74.00 in a research report on Thursday, August 15th. ValuEngine lowered shares of Paychex from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Argus reaffirmed a “buy” rating and set a $92.00 price target on shares of Paychex in a research report on Thursday, October 3rd. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $79.33.
Paychex Company 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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