California Public Employees Retirement System Purchases 206,536 Shares of Paychex, Inc. (NASDAQ:PAYX)

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California Public Employees Retirement System grew its position in Paychex, Inc. (NASDAQ:PAYX) by 28.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 941,092 shares of the business services provider’s stock after purchasing an additional 206,536 shares during the period. California Public Employees Retirement System owned about 0.26% of Paychex worth $64,324,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of the company. Independence Bank of Kentucky raised its holdings in Paychex by 12.9% during the 2nd quarter. Independence Bank of Kentucky now owns 6,270 shares of the business services provider’s stock worth $429,000 after purchasing an additional 715 shares during the last quarter. Univest Corp of Pennsylvania raised its holdings in Paychex by 13.1% during the 2nd quarter. Univest Corp of Pennsylvania now owns 6,242 shares of the business services provider’s stock worth $427,000 after purchasing an additional 725 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in Paychex by 1.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 61,741 shares of the business services provider’s stock worth $4,220,000 after purchasing an additional 744 shares during the last quarter. Redmond Asset Management LLC raised its holdings in Paychex by 9.0% during the 2nd quarter. Redmond Asset Management LLC now owns 9,056 shares of the business services provider’s stock worth $619,000 after purchasing an additional 750 shares during the last quarter. Finally, Chemical Bank raised its holdings in Paychex by 9.4% during the 2nd quarter. Chemical Bank now owns 9,008 shares of the business services provider’s stock worth $616,000 after purchasing an additional 775 shares during the last quarter. Institutional investors own 66.99% of the company’s stock.

Shares of Paychex stock traded up $0.73 during trading on Friday, hitting $68.26. 2,902,077 shares of the company were exchanged, compared to its average volume of 2,169,576. The firm has a market capitalization of $26.44 billion, a P/E ratio of 26.77, a PEG ratio of 3.24 and a beta of 0.95. Paychex, Inc. has a 1-year low of $59.36 and a 1-year high of $76.02.

Paychex (NASDAQ:PAYX) last posted its earnings results on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.02. The company had revenue of $862.80 million during the quarter, compared to analyst estimates of $850.39 million. Paychex had a return on equity of 44.29% and a net margin of 27.62%. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.62 EPS. On average, equities research analysts expect that Paychex, Inc. will post 2.84 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Thursday, November 1st will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Wednesday, October 31st. This represents a $2.24 annualized dividend and a dividend yield of 3.28%. Paychex’s payout ratio is currently 87.84%.

In related news, VP John B. Gibson sold 47,250 shares of the business’s stock in a transaction that occurred on Wednesday, September 5th. The stock was sold at an average price of $73.50, for a total value of $3,472,875.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David J. S. Flaschen sold 6,250 shares of the business’s stock in a transaction that occurred on Monday, July 30th. The shares were 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 owns 32,787 shares of the company’s stock, valued at $2,282,630.94. The disclosure for this sale can be found here. Insiders have sold a total of 108,673 shares of company stock valued at $7,843,354 over the last 90 days. Corporate insiders own 11.80% of the company’s stock.

Several analysts have weighed in on the company. Stifel Nicolaus boosted their price objective on Paychex from $66.00 to $69.00 and gave the stock a “hold” rating in a report on Thursday, June 28th. ValuEngine raised Paychex from a “hold” rating to a “buy” rating in a report on Monday, July 2nd. Morgan Stanley boosted their price objective on Paychex from $66.00 to $67.00 and gave the stock an “equal weight” rating in a report on Thursday, June 28th. Citigroup boosted their price objective on Paychex from $64.00 to $67.00 and gave the stock a “neutral” rating in a report on Thursday, June 28th. Finally, Wells Fargo & Co boosted their price objective on Paychex from $64.00 to $67.00 and gave the stock a “market perform” rating in a report on Thursday, June 28th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $72.93.

Paychex Profile

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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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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