Middleton & Co Inc MA reduced its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 1.2% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 17,107 shares of the business services provider’s stock after selling 200 shares during the quarter. Middleton & Co Inc MA’s holdings in Paychex were worth $1,416,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of PAYX. Great Valley Advisor Group Inc. increased its stake in shares of Paychex by 18.3% in the second quarter. Great Valley Advisor Group Inc. now owns 4,130 shares of the business services provider’s stock worth $340,000 after purchasing an additional 639 shares during the period. Mechanics Bank Trust Department increased its stake in Paychex by 2.0% during the second quarter. Mechanics Bank Trust Department now owns 25,348 shares of the business services provider’s stock valued at $2,086,000 after acquiring an additional 490 shares during the period. Sanders Morris Harris LLC bought a new position in Paychex during the second quarter valued at about $250,000. Orrstown Financial Services Inc. increased its stake in Paychex by 2.8% during the second quarter. Orrstown Financial Services Inc. now owns 10,192 shares of the business services provider’s stock valued at $839,000 after acquiring an additional 279 shares during the period. Finally, Alberta Investment Management Corp increased its stake in Paychex by 31.8% during the second quarter. Alberta Investment Management Corp now owns 303,100 shares of the business services provider’s stock valued at $24,942,000 after acquiring an additional 73,200 shares during the period. Institutional investors own 69.89% of the company’s stock.
Several equities analysts recently issued reports on the company. BidaskClub lowered Paychex from a “buy” rating to a “hold” rating in a research note on Saturday, August 24th. Morgan Stanley lowered Paychex from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $77.00 to $74.00 in a research note on Thursday, August 15th. Bank of America lowered Paychex from a “neutral” rating to an “underperform” rating in a research note on Wednesday, June 26th. They noted that the move was a valuation call. Barclays boosted their price target on Paychex from $80.00 to $84.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Finally, Argus restated a “buy” rating and set a $92.00 price target on shares of Paychex in a research note on Thursday, October 3rd. Three research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. Paychex presently has an average rating of “Hold” and an average price target of $79.33.
NASDAQ PAYX traded up $0.14 during trading on Monday, reaching $84.39. 19,825 shares of the company traded hands, compared to its average volume of 1,588,265. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.15 and a current ratio of 1.15. The stock’s 50 day moving average price is $82.76 and its two-hundred day moving average price is $83.77. The company has a market cap of $30.33 billion, a price-to-earnings ratio of 29.65, a P/E/G ratio of 3.03 and a beta of 0.90. Paychex, Inc. has a 1-year low of $61.32 and a 1-year high of $88.43.
Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, October 2nd. The business services provider reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.02. The company had revenue of $992.00 million for the quarter, compared to the consensus estimate of $991.70 million. Paychex had a return on equity of 41.07% and a net margin of 27.04%. The company’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.67 earnings per share. Equities research analysts expect that Paychex, Inc. will post 3.11 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Friday, November 1st will be issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date is Thursday, October 31st. Paychex’s payout ratio is 87.32%.
In other Paychex news, CEO Martin Mucci sold 31,865 shares of Paychex stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $84.86, for a total transaction of $2,704,063.90. Following the sale, the chief executive officer now directly owns 362,806 shares of the company’s stock, valued at $30,787,717.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Robert L. Schrader sold 609 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $83.88, for a total value of $51,082.92. Following the completion of the transaction, the vice president now directly owns 9,166 shares in the company, valued at $768,844.08. The disclosure for this sale can be found here. Insiders have sold 55,564 shares of company stock worth $4,718,304 over the last ninety days. Company insiders own 11.70% of the company’s stock.
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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