Benin Management CORP cut its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 4.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,100 shares of the business services provider’s stock after selling 300 shares during the quarter. Benin Management CORP’s holdings in Paychex were worth $519,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. CIBC Asset Management Inc boosted its holdings in Paychex by 0.3% in the third quarter. CIBC Asset Management Inc now owns 55,842 shares of the business services provider’s stock valued at $4,622,000 after purchasing an additional 181 shares during the last quarter. Stifel Financial Corp boosted its holdings in Paychex by 5.0% in the third quarter. Stifel Financial Corp now owns 363,860 shares of the business services provider’s stock valued at $30,053,000 after purchasing an additional 17,421 shares during the last quarter. Dearborn Partners LLC boosted its holdings in Paychex by 36.7% in the third quarter. Dearborn Partners LLC now owns 9,966 shares of the business services provider’s stock valued at $825,000 after purchasing an additional 2,673 shares during the last quarter. UMB Bank N A MO boosted its holdings in Paychex by 2.3% in the third quarter. UMB Bank N A MO now owns 130,122 shares of the business services provider’s stock valued at $10,770,000 after purchasing an additional 2,912 shares during the last quarter. Finally, Voloridge Investment Management LLC boosted its holdings in Paychex by 829.0% in the third quarter. Voloridge Investment Management LLC now owns 174,277 shares of the business services provider’s stock valued at $14,425,000 after purchasing an additional 155,518 shares during the last quarter. 69.38% of the stock is currently owned by hedge funds and other institutional investors.
In other Paychex news, VP Laurie L. Zaucha sold 19,579 shares of the stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $89.72, for a total value of $1,756,627.88. Following the completion of the sale, the vice president now owns 48,086 shares in the company, valued at approximately $4,314,275.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Michael E. Gioja sold 50,088 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $85.74, for a total transaction of $4,294,545.12. Following the completion of the sale, the vice president now directly owns 70,023 shares of the company’s stock, valued at approximately $6,003,772.02. The disclosure for this sale can be found here. In the last quarter, insiders sold 87,823 shares of company stock valued at $7,609,568. 11.70% of the stock is owned by insiders.
PAYX stock opened at $89.65 on Friday. The company has a market cap of $32.07 billion, a price-to-earnings ratio of 29.98, a PEG ratio of 4.12 and a beta of 0.87. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.35. Paychex, Inc. has a 12 month low of $69.38 and a 12 month high of $89.94. The firm has a 50-day moving average of $85.68 and a two-hundred day moving average of $84.13.
Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, December 18th. The business services provider reported $0.70 EPS for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.02. The company had revenue of $990.70 million during the quarter, compared to the consensus estimate of $988.26 million. Paychex had a net margin of 26.72% and a return on equity of 41.21%. Paychex’s quarterly revenue was up 15.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.65 EPS. As a group, equities analysts forecast that Paychex, Inc. will post 3.11 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 20th. Shareholders of record on Monday, February 3rd will be issued a $0.62 dividend. The ex-dividend date of this dividend is Friday, January 31st. This represents a $2.48 dividend on an annualized basis and a yield of 2.77%. Paychex’s payout ratio is 87.32%.
Several equities research analysts have commented on PAYX shares. Robert W. Baird upped their price target on shares of Paychex from $83.00 to $87.00 and gave the company a “neutral” rating in a report on Thursday, December 19th. Citigroup raised shares of Paychex from a “neutral” rating to a “buy” rating and increased their target price for the stock from $84.00 to $97.00 in a research note on Tuesday, January 14th. Argus reissued a “buy” rating and set a $92.00 target price on shares of Paychex in a research note on Thursday, October 3rd. BidaskClub raised shares of Paychex from a “strong sell” rating to a “sell” rating in a research note on Thursday, January 16th. Finally, Jefferies Financial Group restated a “hold” rating and set a $84.00 price target on shares of Paychex in a research report on Wednesday, December 18th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $84.50.
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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