Nippon Life Insurance Co. Reduces Stake in Paychex, Inc. (PAYX)
Nippon Life Insurance Co. cut its position in Paychex, Inc. (NASDAQ:PAYX) by 7.7% during the third quarter, according to its most recent filing with the SEC. The fund owned 35,272 shares of the company’s stock after selling 2,942 shares during the period. Nippon Life Insurance Co.’s holdings in Paychex were worth $2,041,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Financial Architects Inc boosted its stake in Paychex by 0.7% in the second quarter. Financial Architects Inc now owns 1,838 shares of the company’s stock worth $109,000 after buying an additional 12 shares during the period. Grimes & Company Inc. boosted its stake in Paychex by 0.4% in the third quarter. Grimes & Company Inc. now owns 5,148 shares of the company’s stock worth $298,000 after buying an additional 19 shares during the period. Investment Management of Virginia LLC boosted its stake in Paychex by 0.6% in the third quarter. Investment Management of Virginia LLC now owns 4,150 shares of the company’s stock worth $240,000 after buying an additional 25 shares during the period. IFC Holdings Incorporated FL boosted its stake in Paychex by 0.6% in the second quarter. IFC Holdings Incorporated FL now owns 4,712 shares of the company’s stock worth $278,000 after buying an additional 27 shares during the period. Finally, Carroll Financial Associates Inc. boosted its stake in Paychex by 0.3% in the third quarter. Carroll Financial Associates Inc. now owns 8,963 shares of the company’s stock worth $518,000 after buying an additional 29 shares during the period. 68.12% of the stock is currently owned by institutional investors.
Paychex, Inc. (NASDAQ:PAYX) traded up 0.21% on Friday, hitting $61.47. 923,440 shares of the stock were exchanged. The company has a 50-day moving average of $59.97 and a 200 day moving average of $58.70. The firm has a market cap of $22.06 billion, a P/E ratio of 28.59 and a beta of 0.88. Paychex, Inc. has a 12 month low of $45.76 and a 12 month high of $62.18.
Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, December 21st. The company reported $0.56 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.01. Paychex had a return on equity of 41.00% and a net margin of 25.40%. The company had revenue of $771.40 million for the quarter, compared to the consensus estimate of $778.99 million. During the same quarter last year, the business posted $0.52 EPS. Paychex’s revenue for the quarter was up 6.7% on a year-over-year basis. Equities research analysts expect that Paychex, Inc. will post $2.22 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 15th. Investors of record on Wednesday, February 1st will be issued a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 3.00%. Paychex’s dividend payout ratio (DPR) is 85.58%.
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A number of equities research analysts recently commented on the stock. Sanford C. Bernstein reaffirmed an “underperform” rating and issued a $52.00 price target on shares of Paychex in a report on Wednesday, December 21st. Royal Bank Of Canada lifted their price target on shares of Paychex from $53.00 to $54.00 and gave the stock an “underperform” rating in a report on Thursday, December 22nd. Deutsche Bank AG reaffirmed a “hold” rating and issued a $62.00 price target (up previously from $56.00) on shares of Paychex in a report on Friday, December 23rd. RBC Capital Markets set a $54.00 price target on shares of Paychex and gave the stock a “sell” rating in a report on Thursday, December 22nd. Finally, Argus reaffirmed a “buy” rating and issued a $70.00 price target on shares of Paychex in a report on Friday, December 23rd. Seven equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $56.94.
In related news, Director Pamela A. Joseph sold 18,500 shares of the firm’s stock in a transaction on Tuesday, January 10th. The stock was sold at an average price of $61.20, for a total transaction of $1,132,200.00. Following the sale, the director now owns 25,791 shares of the company’s stock, valued at approximately $1,578,409.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 11.60% of the company’s stock.
Paychex Company Profile
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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