Paychex, Inc. (PAYX) Shares Bought by Brown Advisory Inc.
Brown Advisory Inc. raised its stake in Paychex, Inc. (NASDAQ:PAYX) by 16.9% in the third quarter, HoldingsChannel reports. The institutional investor owned 46,972 shares of the business services provider’s stock after buying an additional 6,805 shares during the quarter. Brown Advisory Inc.’s holdings in Paychex were worth $3,459,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in PAYX. Advisors Preferred LLC grew its position in shares of Paychex by 116.4% in the second quarter. Advisors Preferred LLC now owns 1,567 shares of the business services provider’s stock valued at $107,000 after purchasing an additional 843 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in shares of Paychex in the third quarter valued at approximately $115,000. Fort L.P. acquired a new stake in shares of Paychex in the second quarter valued at approximately $121,000. TRUE Private Wealth Advisors acquired a new stake in shares of Paychex in the third quarter valued at approximately $137,000. Finally, Rational Advisors LLC acquired a new stake in shares of Paychex in the second quarter valued at approximately $151,000. Institutional investors and hedge funds own 69.64% of the company’s stock.
Several analysts have recently commented on the stock. Barclays assumed coverage on shares of Paychex in a research report on Wednesday, November 14th. They issued an “equal weight” rating and a $70.00 price target on the stock. BidaskClub upgraded shares of Paychex from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 10th. Credit Suisse Group upgraded shares of Paychex from a “neutral” rating to a “buy” rating and set a $82.00 price target on the stock in a research report on Tuesday, October 2nd. BMO Capital Markets raised their target price on shares of Paychex from $70.00 to $77.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 3rd. Finally, Stifel Nicolaus raised their target price on shares of Paychex from $69.00 to $73.00 and gave the stock a “hold” rating in a research report on Wednesday, October 3rd. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $72.93.
Shares of NASDAQ PAYX opened at $69.17 on Friday. Paychex, Inc. has a 1 year low of $59.36 and a 1 year high of $76.02. The company has a market cap of $24.88 billion, a P/E ratio of 27.13, a PEG ratio of 2.86 and a beta of 1.03.
Paychex (NASDAQ:PAYX) last announced its earnings results on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.02. Paychex had a net margin of 27.71% and a return on equity of 42.87%. The firm had revenue of $862.80 million for the quarter, compared to analyst estimates of $850.39 million. During the same quarter last year, the business earned $0.62 earnings per share. Paychex’s revenue was up 8.8% compared to the same quarter last year. Analysts forecast that Paychex, Inc. will post 2.85 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, November 15th. Investors of record on Thursday, November 1st were given a dividend of $0.56 per share. The ex-dividend date was Wednesday, October 31st. This represents a $2.24 dividend on an annualized basis and a yield of 3.24%. Paychex’s dividend payout ratio (DPR) is currently 87.84%.
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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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