Shell Asset Management Co. Sells 9,969 Shares of Paychex, Inc. (PAYX)
Shell Asset Management Co. decreased its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 6.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 155,585 shares of the business services provider’s stock after selling 9,969 shares during the quarter. Shell Asset Management Co.’s holdings in Paychex were worth $12,478,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. TCI Wealth Advisors Inc. raised its position in Paychex by 404.8% during the 1st quarter. TCI Wealth Advisors Inc. now owns 318 shares of the business services provider’s stock worth $26,000 after purchasing an additional 255 shares during the last quarter. Ellevest Inc. bought a new position in shares of Paychex in the 1st quarter worth about $27,000. We Are One Seven LLC bought a new position in shares of Paychex in the 4th quarter worth about $25,000. Liberty Wealth Management LLC bought a new position in shares of Paychex in the 4th quarter worth about $25,000. Finally, Baldwin Brothers Inc. MA bought a new position in shares of Paychex in the 4th quarter worth about $27,000. 68.97% of the stock is currently owned by institutional investors.
PAYX has been the subject of several research analyst reports. Sanford C. Bernstein lowered Paychex from a “market perform” rating to an “underperform” rating in a research report on Tuesday, April 30th. Credit Suisse Group lifted their price objective on Paychex from $82.00 to $84.00 and gave the stock an “outperform” rating in a research report on Thursday, March 28th. Finally, Barclays lifted their price objective on Paychex from $78.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Monday, April 1st. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $74.14.
Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, March 27th. The business services provider reported $0.89 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.89. The company had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.07 billion. Paychex had a return on equity of 43.20% and a net margin of 28.19%. The firm’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same period last year, the business posted $0.63 EPS. Analysts expect that Paychex, Inc. will post 2.85 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Stockholders of record on Wednesday, May 15th will be paid a $0.62 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This is an increase from Paychex’s previous quarterly dividend of $0.56. This represents a $2.48 annualized dividend and a dividend yield of 2.88%. Paychex’s dividend payout ratio (DPR) is currently 97.25%.
In other Paychex news, insider Michael E. Gioja sold 29,840 shares of Paychex stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $80.58, for a total transaction of $2,404,507.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Laurie L. Zaucha sold 5,534 shares of Paychex stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $80.89, for a total value of $447,645.26. Following the transaction, the vice president now owns 43,955 shares of the company’s stock, valued at approximately $3,555,519.95. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 135,127 shares of company stock valued at $11,173,791. 11.80% of the stock is currently owned by company insiders.
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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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