Paychex, Inc. (PAYX) Holdings Cut by Rational Advisors LLC
Rational Advisors LLC reduced its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 29.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,400 shares of the business services provider’s stock after selling 1,400 shares during the period. Rational Advisors LLC’s holdings in Paychex were worth $204,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Janus Henderson Group PLC grew its position in Paychex by 4,105.7% during the second quarter. Janus Henderson Group PLC now owns 1,830,532 shares of the business services provider’s stock valued at $104,230,000 after buying an additional 1,787,007 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in Paychex by 2,391.8% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,362,988 shares of the business services provider’s stock valued at $77,609,000 after acquiring an additional 1,308,288 shares during the period. Mawer Investment Management Ltd. purchased a new position in shares of Paychex during the 2nd quarter worth $45,209,000. FMR LLC raised its holdings in shares of Paychex by 6.2% during the 2nd quarter. FMR LLC now owns 10,476,188 shares of the business services provider’s stock worth $596,514,000 after acquiring an additional 610,088 shares during the period. Finally, Vanguard Group Inc. grew its position in Paychex by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 23,043,348 shares of the business services provider’s stock valued at $1,312,089,000 after acquiring an additional 589,880 shares in the last quarter. 67.65% of the stock is owned by institutional investors.
In other Paychex news, VP Laurie L. Zaucha sold 17,354 shares of the business’s stock in a transaction that occurred on Tuesday, October 10th. The stock was sold at an average price of $64.00, for a total value of $1,110,656.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Martin Mucci sold 29,786 shares of the business’s stock in a transaction that occurred on Thursday, October 5th. The shares were sold at an average price of $63.17, for a total value of $1,881,581.62. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 94,395 shares of company stock valued at $5,914,383. 11.70% of the stock is currently owned by corporate insiders.
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A number of equities analysts recently issued reports on the company. Royal Bank Of Canada reaffirmed a “sell” rating and issued a $57.00 price target on shares of Paychex in a report on Wednesday, November 15th. Morgan Stanley restated an “equal weight” rating and set a $59.00 price objective (up previously from $55.00) on shares of Paychex in a research report on Wednesday, October 4th. Wells Fargo & Company lifted their target price on Paychex from $58.00 to $60.00 and gave the stock a “market perform” rating in a report on Wednesday, October 4th. Bank of America Corporation lifted their price target on Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, October 4th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and issued a $62.00 price target (up previously from $60.00) on shares of Paychex in a report on Wednesday, October 4th. Five analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $60.07.
Paychex, Inc. (PAYX) traded down $0.06 on Wednesday, reaching $65.12. 1,529,000 shares of the company’s stock were exchanged, compared to its average volume of 1,985,780. Paychex, Inc. has a 12 month low of $54.20 and a 12 month high of $66.31. The stock has a market cap of $23,421.08, a price-to-earnings ratio of 28.71, a PEG ratio of 3.53 and a beta of 0.99.
Paychex (NASDAQ:PAYX) last announced its earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.02. The company had revenue of $816.80 million for the quarter, compared to analysts’ expectations of $816.34 million. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The firm’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.60 EPS. sell-side analysts forecast that Paychex, Inc. will post 2.38 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.07%. The ex-dividend date of this dividend was Tuesday, October 31st. Paychex’s dividend payout ratio is currently 87.34%.
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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