Paychex, Inc. (PAYX) is Parthenon LLC’s 5th Largest Position
Parthenon LLC lowered its position in Paychex, Inc. (NASDAQ:PAYX) by 0.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 303,004 shares of the business services provider’s stock after selling 2,200 shares during the quarter. Paychex makes up approximately 4.3% of Parthenon LLC’s holdings, making the stock its 5th biggest position. Parthenon LLC owned about 0.08% of Paychex worth $18,168,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Northwest Quadrant Wealth Management LLC grew its stake in Paychex by 0.6% in the first quarter. Northwest Quadrant Wealth Management LLC now owns 3,923 shares of the business services provider’s stock valued at $228,000 after purchasing an additional 24 shares in the last quarter. Paragon Capital Management LLC lifted its position in shares of Paychex by 2.4% in the second quarter. Paragon Capital Management LLC now owns 213,047 shares of the business services provider’s stock worth $12,130,000 after buying an additional 4,921 shares during the last quarter. Shelton Capital Management lifted its position in shares of Paychex by 72.6% in the first quarter. Shelton Capital Management now owns 102,276 shares of the business services provider’s stock worth $6,024,000 after buying an additional 43,033 shares during the last quarter. Chilton Investment Co. LLC lifted its position in shares of Paychex by 16.0% in the second quarter. Chilton Investment Co. LLC now owns 44,872 shares of the business services provider’s stock worth $2,555,000 after buying an additional 6,184 shares during the last quarter. Finally, Hourglass Capital LLC lifted its position in shares of Paychex by 0.9% in the second quarter. Hourglass Capital LLC now owns 84,029 shares of the business services provider’s stock worth $4,785,000 after buying an additional 730 shares during the last quarter. Hedge funds and other institutional investors own 67.13% of the company’s stock.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The firm had revenue of $816.80 million during the quarter, compared to the consensus estimate of $816.34 million. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period last year, the business posted $0.60 earnings per share.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $2.00 annualized dividend and a yield of 3.14%. Paychex’s dividend payout ratio (DPR) is presently 87.34%.
In other Paychex news, VP Laurie L. Zaucha sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, September 25th. The shares were sold at an average price of $60.00, for a total transaction of $900,000.00. Following the completion of the sale, the vice president now directly owns 51,360 shares in the company, valued at $3,081,600. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP John B. Gibson sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $63.70, for a total transaction of $382,200.00. Following the sale, the vice president now owns 21,758 shares of the company’s stock, valued at $1,385,984.60. The disclosure for this sale can be found here. Insiders have sold 94,395 shares of company stock valued at $5,914,383 over the last 90 days. Company insiders own 11.70% of the company’s stock.
PAYX has been the subject of a number of analyst reports. William Blair cut Paychex from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. Citigroup Inc. reaffirmed a “sell” rating and issued a $53.00 price target on shares of Paychex in a research report on Monday, October 2nd. Morgan Stanley raised Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price target for the company in a research report on Wednesday, August 16th. They noted that the move was a valuation call. Bank of America Corporation boosted their price target on Paychex from $64.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, October 4th. Finally, BidaskClub raised Paychex from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. Five investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given 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 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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