Wealthcare Advisory Partners LLC Buys Shares of 9,502 Paychex, Inc. (PAYX)
Wealthcare Advisory Partners LLC bought a new position in Paychex, Inc. (NASDAQ:PAYX) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 9,502 shares of the business services provider’s stock, valued at approximately $570,000.
A number of other hedge funds have also bought and sold shares of PAYX. Janus Henderson Group PLC boosted its stake in Paychex by 4,105.7% in the 2nd quarter. Janus Henderson Group PLC now owns 1,830,532 shares of the business services provider’s stock worth $104,230,000 after purchasing an additional 1,787,007 shares during the period. Arrowstreet Capital Limited Partnership boosted its stake in Paychex by 2,391.8% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,362,988 shares of the business services provider’s stock worth $77,609,000 after purchasing an additional 1,308,288 shares during the period. FMR LLC boosted its position in shares of Paychex by 6.2% during the 2nd quarter. FMR LLC now owns 10,476,188 shares of the business services provider’s stock valued at $596,514,000 after acquiring an additional 610,088 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Paychex by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 23,043,348 shares of the business services provider’s stock valued at $1,312,089,000 after acquiring an additional 589,880 shares during the last quarter. Finally, Koch Industries Inc. boosted its position in shares of Paychex by 13,529.1% during the 2nd quarter. Koch Industries Inc. now owns 560,975 shares of the business services provider’s stock valued at $551,000 after acquiring an additional 556,859 shares during the last quarter. Institutional investors and hedge funds own 68.02% of the company’s stock.
Shares of Paychex, Inc. (NASDAQ:PAYX) opened at $68.71 on Wednesday. Paychex, Inc. has a twelve month low of $54.20 and a twelve month high of $69.26. The firm has a market capitalization of $24,800.90, a price-to-earnings ratio of 30.41, a P/E/G ratio of 3.75 and a beta of 0.99.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. Paychex had a return on equity of 43.01% and a net margin of 26.01%. The company had revenue of $816.80 million for the quarter, compared to analyst estimates of $816.34 million. During the same quarter in the prior year, the firm posted $0.60 EPS. Paychex’s quarterly revenue was up 4.0% compared to the same quarter last year. analysts forecast that Paychex, Inc. will post 2.37 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st were issued a dividend of $0.50 per share. The ex-dividend date was Tuesday, October 31st. This represents a $2.00 annualized dividend and a yield of 2.91%. Paychex’s payout ratio is presently 87.34%.
In other Paychex news, VP Laurie L. Zaucha sold 15,000 shares of the stock in a transaction on Tuesday, October 3rd. The stock was sold at an average price of $62.00, for a total value of $930,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Martin Mucci sold 29,786 shares of the stock in a transaction on Thursday, October 5th. The stock was sold at an average price of $63.17, for a total value of $1,881,581.62. The disclosure for this sale can be found here. Insiders have sold a total of 94,395 shares of company stock worth $5,914,383 in the last 90 days. 11.70% of the stock is currently owned by insiders.
PAYX has been the subject of a number of research reports. Royal Bank of Canada reiterated a “sell” rating and set a $57.00 target price on shares of Paychex in a research report on Wednesday, November 15th. Bank of America increased their target price on Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, October 4th. Citigroup reiterated a “sell” rating and set a $53.00 target price on shares of Paychex in a research report on Monday, October 2nd. Morgan Stanley upgraded Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 target price for the company in a research report on Wednesday, August 16th. They noted that the move was a valuation call. Finally, Wells Fargo & Company increased their target price on Paychex from $58.00 to $60.00 and gave the company a “market perform” rating in a research report on Wednesday, October 4th. Three analysts have rated the stock with a sell rating, thirteen have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Paychex presently has an average rating of “Hold” and an average price target of $61.19.
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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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