AMG National Trust Bank Takes Position in Paychex, Inc. (NASDAQ:PAYX)

AMG National Trust Bank purchased a new stake in shares of Paychex, Inc. (NASDAQ:PAYXGet Rating) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 2,571 shares of the business services provider’s stock, valued at approximately $288,000.

Several other hedge funds have also modified their holdings of PAYX. FMR LLC grew its stake in shares of Paychex by 179.5% during the second quarter. FMR LLC now owns 1,135,007 shares of the business services provider’s stock valued at $129,244,000 after purchasing an additional 728,857 shares during the last quarter. Los Angeles Capital Management LLC grew its stake in shares of Paychex by 1,186.2% during the second quarter. Los Angeles Capital Management LLC now owns 777,360 shares of the business services provider’s stock valued at $88,518,000 after purchasing an additional 716,921 shares during the last quarter. Voya Investment Management LLC grew its stake in shares of Paychex by 199.6% during the second quarter. Voya Investment Management LLC now owns 981,159 shares of the business services provider’s stock valued at $111,725,000 after purchasing an additional 653,630 shares during the last quarter. National Bank of Canada FI grew its stake in shares of Paychex by 614.3% during the second quarter. National Bank of Canada FI now owns 648,626 shares of the business services provider’s stock valued at $73,871,000 after purchasing an additional 557,825 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Paychex by 8.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 5,144,822 shares of the business services provider’s stock valued at $702,115,000 after purchasing an additional 379,291 shares during the last quarter. 71.14% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Cowen raised their price objective on shares of Paychex from $125.00 to $132.00 and gave the company an “outperform” rating in a research note on Thursday, September 29th. JPMorgan Chase & Co. reduced their price objective on shares of Paychex from $121.00 to $119.00 and set an “underweight” rating on the stock in a research note on Friday, December 23rd. Morgan Stanley reduced their price objective on shares of Paychex from $130.00 to $125.00 and set an “equal weight” rating on the stock in a research note on Friday, December 23rd. Moffett Nathanson raised their price objective on shares of Paychex to $130.00 in a research note on Friday, December 2nd. Finally, Credit Suisse Group cut their target price on shares of Paychex from $150.00 to $138.00 and set an “outperform” rating on the stock in a report on Thursday, September 29th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Paychex has a consensus rating of “Hold” and an average target price of $124.08.

Paychex Stock Performance

Shares of PAYX opened at $118.62 on Wednesday. The firm has a 50-day moving average of $119.02 and a 200-day moving average of $120.32. Paychex, Inc. has a one year low of $105.66 and a one year high of $141.92. The company has a market cap of $42.76 billion, a PE ratio of 29.29, a price-to-earnings-growth ratio of 3.76 and a beta of 0.98. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.30 and a quick ratio of 1.30.

Paychex (NASDAQ:PAYXGet Rating) last announced its quarterly earnings data on Thursday, December 22nd. The business services provider reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.04. The company had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.18 billion. Paychex had a net margin of 30.45% and a return on equity of 45.50%. The company’s quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.91 EPS. As a group, equities analysts forecast that Paychex, Inc. will post 4.25 earnings per share for the current year.

Paychex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 23rd. Shareholders of record on Thursday, February 9th will be issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date is Wednesday, February 8th. Paychex’s dividend payout ratio is currently 78.02%.

Insider Buying and Selling at Paychex

In other news, VP Michael E. Gioja sold 13,744 shares of the business’s stock in a transaction that occurred on Wednesday, December 28th. The shares were sold at an average price of $115.30, for a total value of $1,584,683.20. Following the completion of the transaction, the vice president now directly owns 33,268 shares in the company, valued at approximately $3,835,800.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 11.50% of the company’s stock.

About Paychex

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Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

See Also

Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex, Inc. (NASDAQ:PAYXGet Rating).

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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