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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About Paychex

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.

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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