National Asset Management Inc. boosted its stake in Paychex, Inc. (NASDAQ:PAYX) by 7.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,912 shares of the business services provider’s stock after acquiring an additional 405 shares during the period. National Asset Management Inc.’s holdings in Paychex were worth $470,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in PAYX. Norway Savings Bank purchased a new stake in Paychex in the third quarter valued at $28,000. Demars Financial Group LLC acquired a new position in Paychex in the second quarter valued at $30,000. Balentine LLC increased its stake in Paychex by 76.2% in the second quarter. Balentine LLC now owns 601 shares of the business services provider’s stock valued at $46,000 after purchasing an additional 260 shares during the period. CVA Family Office LLC acquired a new position in Paychex in the third quarter valued at $47,000. Finally, Baldwin Brothers Inc. MA acquired a new position in Paychex in the third quarter valued at $54,000. 69.85% of the stock is owned by hedge funds and other institutional investors.
In other Paychex news, Director David J. S. Flaschen sold 12,156 shares of the company’s stock in a transaction dated Monday, November 16th. The shares were sold at an average price of $92.41, for a total value of $1,123,335.96. Also, CFO Efrain Rivera sold 216,818 shares of the company’s stock in a transaction dated Friday, October 16th. The shares were sold at an average price of $83.72, for a total transaction of $18,152,002.96. Following the completion of the sale, the chief financial officer now directly owns 143,924 shares in the company, valued at approximately $12,049,317.28. The disclosure for this sale can be found here. In the last three months, insiders have sold 556,920 shares of company stock worth $48,110,881. 11.70% of the stock is owned by insiders.
A number of research analysts have commented on PAYX shares. JPMorgan Chase & Co. lifted their price objective on shares of Paychex from $72.00 to $78.00 and gave the company an “underweight” rating in a research note on Monday, August 17th. BidaskClub upgraded shares of Paychex from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 2nd. Morgan Stanley lifted their price objective on shares of Paychex from $74.00 to $76.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 7th. Argus lifted their price objective on shares of Paychex from $83.00 to $92.00 in a research note on Thursday, October 15th. Finally, Barclays boosted their price target on shares of Paychex from $73.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Monday, October 12th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $75.92.
Shares of Paychex stock opened at $90.64 on Friday. The firm has a market cap of $32.59 billion, a price-to-earnings ratio of 31.26, a price-to-earnings-growth ratio of 3.63 and a beta of 0.92. Paychex, Inc. has a 52-week low of $47.87 and a 52-week high of $94.95. The company’s 50-day simple moving average is $84.96 and its 200-day simple moving average is $76.42. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.29.
Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Sunday, October 11th. The business services provider reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.08. The firm had revenue of $932.20 million for the quarter, compared to the consensus estimate of $888.27 million. Paychex had a net margin of 26.26% and a return on equity of 38.70%. The firm’s revenue was down 6.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.71 earnings per share. Equities research analysts anticipate that Paychex, Inc. will post 2.82 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 24th. Investors of record on Monday, November 2nd will be issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date of this dividend is Friday, October 30th. Paychex’s dividend payout ratio is currently 82.67%.
Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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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