Rhumbline Advisers Acquires 9,798 Shares of Paychex, Inc. (PAYX)
Rhumbline Advisers grew its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 1.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 739,215 shares of the business services provider’s stock after buying an additional 9,798 shares during the quarter. Rhumbline Advisers owned 0.21% of Paychex worth $44,323,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Toronto Dominion Bank raised its position in shares of Paychex by 12.0% during the 3rd quarter. Toronto Dominion Bank now owns 131,063 shares of the business services provider’s stock valued at $7,860,000 after buying an additional 14,007 shares in the last quarter. New York State Common Retirement Fund grew its holdings in Paychex by 2.7% during the 3rd quarter. New York State Common Retirement Fund now owns 944,900 shares of the business services provider’s stock valued at $56,656,000 after purchasing an additional 25,100 shares during the last quarter. Grandfield & Dodd LLC grew its holdings in Paychex by 1.4% during the 3rd quarter. Grandfield & Dodd LLC now owns 387,854 shares of the business services provider’s stock valued at $23,256,000 after purchasing an additional 5,528 shares during the last quarter. FDx Advisors Inc. grew its holdings in Paychex by 11.4% during the 3rd quarter. FDx Advisors Inc. now owns 55,796 shares of the business services provider’s stock valued at $3,346,000 after purchasing an additional 5,690 shares during the last quarter. Finally, Swiss National Bank grew its holdings in Paychex by 0.8% during the 3rd quarter. Swiss National Bank now owns 1,853,303 shares of the business services provider’s stock valued at $111,124,000 after purchasing an additional 15,200 shares during the last quarter. Hedge funds and other institutional investors own 67.02% of the company’s stock.
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Several brokerages recently commented on PAYX. BidaskClub upgraded shares of Paychex from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Wells Fargo & Company upped their price target on shares of Paychex from $58.00 to $60.00 and gave the company a “market perform” rating in a report on Wednesday, October 4th. Royal Bank Of Canada reiterated a “sell” rating and set a $57.00 price target on shares of Paychex in a report on Wednesday. Bank of America Corporation upped their target price on shares of Paychex from $64.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, October 4th. Finally, Citigroup Inc. restated a “sell” rating and issued a $53.00 target price on shares of Paychex in a research note on Monday, October 2nd. Five research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have given a buy rating to the company. Paychex presently has a consensus rating of “Hold” and a consensus price target of $60.07.
Paychex, Inc. (PAYX) traded down $0.79 during midday trading on Thursday, hitting $64.58. 1,839,200 shares of the company’s stock were exchanged, compared to its average volume of 1,992,977. The stock has a market capitalization of $23,489.35, a PE ratio of 28.80, a P/E/G ratio of 3.54 and a beta of 0.99. Paychex, Inc. has a fifty-two week low of $54.20 and a fifty-two week high of $65.81.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. The business had revenue of $816.80 million during 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 business’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter last year, the company posted $0.60 earnings per share. analysts expect that Paychex, Inc. will post 2.38 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st were issued a $0.50 dividend. The ex-dividend date of this dividend was Tuesday, October 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.10%. Paychex’s dividend payout ratio is currently 87.34%.
In other Paychex news, VP John B. Gibson sold 6,000 shares of the firm’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $63.70, for a total value of $382,200.00. Following the completion of the transaction, the vice president now owns 21,758 shares of the company’s stock, valued at $1,385,984.60. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Martin Mucci sold 29,786 shares of the firm’s stock in a transaction on Thursday, October 5th. The stock was sold at an average price of $63.17, for a total transaction of $1,881,581.62. The disclosure for this sale can be found here. In the last ninety days, insiders sold 94,395 shares of company stock valued at $5,914,383. Corporate insiders own 11.70% of the company’s stock.
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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