Private Trust Co. NA decreased its stake in Paychex, Inc. (NASDAQ:PAYX – Get Rating) by 1.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,007 shares of the business services provider’s stock after selling 99 shares during the quarter. Private Trust Co. NA’s holdings in Paychex were worth $683,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in PAYX. Wellington Management Group LLP boosted its position in Paychex by 23.2% during the third quarter. Wellington Management Group LLP now owns 7,172 shares of the business services provider’s stock worth $806,000 after acquiring an additional 1,350 shares during the last quarter. Voloridge Investment Management LLC acquired a new position in Paychex during the third quarter worth about $3,155,000. Janus Henderson Group PLC boosted its position in Paychex by 20.2% during the third quarter. Janus Henderson Group PLC now owns 328,802 shares of the business services provider’s stock worth $36,974,000 after acquiring an additional 55,293 shares during the last quarter. Cetera Advisor Networks LLC boosted its position in Paychex by 4.1% during the third quarter. Cetera Advisor Networks LLC now owns 29,175 shares of the business services provider’s stock worth $3,281,000 after acquiring an additional 1,162 shares during the last quarter. Finally, Cetera Advisors LLC boosted its position in Paychex by 11.5% during the third quarter. Cetera Advisors LLC now owns 21,167 shares of the business services provider’s stock worth $2,380,000 after acquiring an additional 2,181 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.
In other Paychex news, VP Karen E. Saunders-Mcclendon sold 203 shares of the stock in a transaction that occurred on Friday, April 15th. The shares were sold at an average price of $136.69, for a total value of $27,748.07. Following the sale, the vice president now directly owns 2,994 shares of the company’s stock, valued at approximately $409,249.86. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Michael E. Gioja sold 26,000 shares of the stock in a transaction that occurred on Tuesday, April 5th. The shares were sold at an average price of $141.26, for a total transaction of $3,672,760.00. Following the completion of the sale, the vice president now directly owns 52,349 shares in the company, valued at $7,394,819.74. The disclosure for this sale can be found here. 11.50% of the stock is owned by corporate insiders.
Paychex (NASDAQ:PAYX – Get Rating) last released its quarterly earnings results on Wednesday, March 30th. The business services provider reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.11. Paychex had a net margin of 30.23% and a return on equity of 43.02%. The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the previous year, the firm earned $0.96 EPS. The business’s revenue was up 14.8% on a year-over-year basis. Equities analysts expect that Paychex, Inc. will post 3.75 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, May 26th. Investors of record on Thursday, May 12th were paid a dividend of $0.79 per share. This is an increase from Paychex’s previous quarterly dividend of $0.66. This represents a $3.16 annualized dividend and a yield of 2.73%. The ex-dividend date was Wednesday, May 11th. Paychex’s dividend payout ratio is presently 84.27%.
A number of equities analysts recently weighed in on PAYX shares. Bank of America upgraded shares of Paychex from an “underperform” rating to a “neutral” rating and set a $125.00 price target on the stock in a research report on Wednesday, March 9th. Jefferies Financial Group decreased their target price on shares of Paychex from $140.00 to $130.00 in a report on Monday, May 23rd. Cowen decreased their target price on shares of Paychex from $151.00 to $140.00 and set an “outperform” rating on the stock in a report on Tuesday. Citigroup boosted their target price on shares of Paychex from $140.00 to $145.00 and gave the company a “neutral” rating in a report on Wednesday, April 6th. Finally, Cowen decreased their target price on shares of Paychex from $151.00 to $140.00 in a report on Tuesday. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Paychex currently has an average rating of “Hold” and an average price target of $128.67.
Paychex Profile (Get Rating)
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 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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