JT Stratford LLC Takes Position in Paychex, Inc. (PAYX)
JT Stratford LLC purchased a new stake in shares of Paychex, Inc. (NASDAQ:PAYX) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 3,242 shares of the business services provider’s stock, valued at approximately $239,000.
Several other hedge funds have also added to or reduced their stakes in PAYX. Bank of New York Mellon Corp raised its stake in shares of Paychex by 1,614,724.4% during the third quarter. Bank of New York Mellon Corp now owns 8,477,828 shares of the business services provider’s stock valued at $624,389,000 after acquiring an additional 8,477,303 shares during the last quarter. BlackRock Inc. raised its stake in shares of Paychex by 6.9% during the third quarter. BlackRock Inc. now owns 26,469,529 shares of the business services provider’s stock valued at $1,949,481,000 after acquiring an additional 1,697,545 shares during the last quarter. American Century Companies Inc. bought a new position in shares of Paychex during the second quarter valued at $83,230,000. Wedge Capital Management L L P NC bought a new position in shares of Paychex during the third quarter valued at $55,821,000. Finally, Alliancebernstein L.P. raised its stake in shares of Paychex by 57.1% during the third quarter. Alliancebernstein L.P. now owns 1,843,420 shares of the business services provider’s stock valued at $135,768,000 after acquiring an additional 670,146 shares during the last quarter. 69.64% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ PAYX opened at $69.17 on Friday. Paychex, Inc. has a twelve month low of $59.36 and a twelve month high of $76.02. The firm has a market cap of $24.88 billion, a P/E ratio of 27.13, a PEG ratio of 2.87 and a beta of 1.03.
The business also recently declared a quarterly dividend, which was paid on Thursday, November 15th. Shareholders of record on Thursday, November 1st were issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 3.24%. The ex-dividend date was Wednesday, October 31st. Paychex’s payout ratio is 87.84%.
A number of equities analysts recently weighed in on the stock. BidaskClub raised shares of Paychex from a “buy” rating to a “strong-buy” rating in a research note on Thursday, November 22nd. JPMorgan Chase & Co. downgraded shares of Paychex from a “neutral” rating to an “underweight” rating and set a $65.00 target price for the company. in a research note on Tuesday, August 14th. Guggenheim assumed coverage on shares of Paychex in a research note on Monday, August 20th. They set a “neutral” rating and a $75.00 target price for the company. Barclays assumed coverage on shares of Paychex in a research note on Wednesday, November 14th. They set an “equal weight” rating and a $70.00 target price for the company. Finally, Credit Suisse Group assumed coverage on shares of Paychex in a research note on Friday, August 10th. They set a “neutral” rating and a $72.00 target price for the company. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $72.93.
In related news, Director Joseph Doody purchased 1,000 shares of Paychex stock in a transaction on Tuesday, October 23rd. The stock was acquired at an average cost of $66.50 per share, for a total transaction of $66,500.00. Following the completion of the acquisition, the director now owns 16,639 shares of the company’s stock, valued at approximately $1,106,493.50. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 11.80% of the company’s stock.
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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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