Capital Investment Advisory Services LLC purchased a new position in shares of Paychex, Inc. (NASDAQ:PAYX) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 1,192 shares of the business services provider’s stock, valued at approximately $78,000.
A number of other institutional investors also recently added to or reduced their stakes in PAYX. Parkside Financial Bank & Trust grew its position in shares of Paychex by 12.6% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,376 shares of the business services provider’s stock valued at $89,000 after purchasing an additional 154 shares during the period. CWM LLC grew its position in shares of Paychex by 14.4% in the fourth quarter. CWM LLC now owns 1,376 shares of the business services provider’s stock valued at $90,000 after purchasing an additional 173 shares during the period. Buckingham Capital Management Inc. grew its position in shares of Paychex by 1.0% in the third quarter. Buckingham Capital Management Inc. now owns 18,175 shares of the business services provider’s stock valued at $1,339,000 after purchasing an additional 183 shares during the period. Saratoga Research & Investment Management grew its position in shares of Paychex by 2.5% in the fourth quarter. Saratoga Research & Investment Management now owns 7,630 shares of the business services provider’s stock valued at $497,000 after purchasing an additional 185 shares during the period. Finally, Physicians Financial Services Inc. grew its position in shares of Paychex by 4.9% in the fourth quarter. Physicians Financial Services Inc. now owns 4,252 shares of the business services provider’s stock valued at $277,000 after purchasing an additional 200 shares during the period. 71.23% of the stock is owned by institutional investors.
A number of brokerages have recently commented on PAYX. BidaskClub raised Paychex from a “buy” rating to a “strong-buy” rating in a research report on Thursday, November 22nd. Barclays started coverage on Paychex in a research report on Wednesday, November 14th. They set an “equal weight” rating and a $70.00 price target for the company. Bank of America raised Paychex from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $64.00 to $68.00 in a research report on Tuesday, January 8th. They noted that the move was a valuation call. Finally, BMO Capital Markets reissued a “market perform” rating on shares of Paychex in a research report on Thursday, December 20th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $72.60.
In other Paychex news, CEO Martin Mucci sold 50,000 shares of the business’s stock in a transaction dated Monday, February 4th. The stock was sold at an average price of $72.32, for a total transaction of $3,616,000.00. Following the transaction, the chief executive officer now owns 349,929 shares in the company, valued at $25,306,865.28. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Joseph Doody sold 11,489 shares of the business’s stock in a transaction dated Tuesday, February 12th. The stock was sold at an average price of $74.94, for a total value of $860,985.66. Following the transaction, the director now owns 30,128 shares in the company, valued at approximately $2,257,792.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 88,244 shares of company stock worth $6,427,583. 11.80% of the stock is currently owned by insiders.
PAYX stock opened at $75.25 on Thursday. Paychex, Inc. has a 12-month low of $59.36 and a 12-month high of $76.02. The stock has a market cap of $26.87 billion, a price-to-earnings ratio of 29.51, a PEG ratio of 2.97 and a beta of 0.99.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, December 19th. The business services provider reported $0.65 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.02. The firm had revenue of $858.90 million during the quarter, compared to the consensus estimate of $860.61 million. Paychex had a return on equity of 41.61% and a net margin of 27.99%. The firm’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.59 earnings per share. As a group, equities research analysts forecast that Paychex, Inc. will post 2.86 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 15th. Shareholders of record on Friday, February 1st will be paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date is Thursday, January 31st. Paychex’s dividend payout ratio is presently 87.84%.
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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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