Tributary Capital Management LLC Sells 1,100 Shares of Paychex, Inc. (PAYX)
Tributary Capital Management LLC reduced its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 4.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 22,200 shares of the business services provider’s stock after selling 1,100 shares during the quarter. Tributary Capital Management LLC’s holdings in Paychex were worth $1,635,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also recently made changes to their positions in the business. Advisors Preferred LLC grew its position in shares of Paychex by 116.4% during the 2nd quarter. Advisors Preferred LLC now owns 1,567 shares of the business services provider’s stock worth $107,000 after buying an additional 843 shares during the period. Clarus Wealth Advisors acquired a new position in shares of Paychex during the 2nd quarter worth about $109,000. Fort L.P. acquired a new position in shares of Paychex during the 2nd quarter worth about $121,000. Rational Advisors LLC acquired a new position in shares of Paychex during the 2nd quarter worth about $151,000. Finally, Financial Gravity Wealth Inc. acquired a new position in shares of Paychex during the 1st quarter worth about $137,000. 67.03% of the stock is owned by hedge funds and other institutional investors.
In related news, Director David J. S. Flaschen sold 6,250 shares of the business’s stock in a transaction that occurred on Monday, July 30th. The stock was sold at an average price of $69.62, for a total value of $435,125.00. Following the completion of the transaction, the director now directly owns 32,787 shares in the company, valued at approximately $2,282,630.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Grant M. Inman sold 7,853 shares of the company’s stock in a transaction that occurred on Thursday, July 26th. The stock was sold at an average price of $71.74, for a total value of $563,374.22. Following the transaction, the director now directly owns 43,185 shares of the company’s stock, valued at approximately $3,098,091.90. The disclosure for this sale can be found here. Insiders sold a total of 108,673 shares of company stock valued at $7,843,354 over the last quarter. 11.80% of the stock is owned by insiders.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.02. Paychex had a return on equity of 42.87% and a net margin of 27.71%. The business had revenue of $862.80 million during the quarter, compared to analyst estimates of $850.39 million. During the same period in the previous year, the firm earned $0.62 EPS. Paychex’s quarterly revenue was up 8.8% compared to the same quarter last year. Research analysts anticipate that Paychex, Inc. will post 2.85 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Thursday, November 1st will be given a $0.56 dividend. The ex-dividend date of this dividend is Wednesday, October 31st. This represents a $2.24 annualized dividend and a dividend yield of 3.30%. Paychex’s dividend payout ratio is presently 87.84%.
Several equities analysts have recently issued reports on the company. Stifel Nicolaus boosted their target price on Paychex from $66.00 to $69.00 and gave the stock a “hold” rating in a research report on Thursday, June 28th. ValuEngine upgraded Paychex from a “hold” rating to a “buy” rating in a research report on Monday, July 2nd. Morgan Stanley boosted their target price on Paychex from $66.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 28th. Citigroup boosted their target price on Paychex from $64.00 to $67.00 and gave the stock a “neutral” rating in a research report on Thursday, June 28th. Finally, Wells Fargo & Co boosted their target price on Paychex from $64.00 to $67.00 and gave the stock a “market perform” rating in a research report on Thursday, June 28th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have given a buy rating to the company’s stock. Paychex presently has a consensus rating of “Hold” and a consensus price target of $72.93.
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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