Trust Co. of Virginia VA cut its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 6.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,800 shares of the business services provider’s stock after selling 400 shares during the period. Trust Co. of Virginia VA’s holdings in Paychex were worth $465,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. lifted its holdings in shares of Paychex by 5.9% during the 4th quarter. BlackRock Inc. now owns 28,030,198 shares of the business services provider’s stock valued at $1,826,167,000 after acquiring an additional 1,560,669 shares in the last quarter. Vanguard Group Inc lifted its position in shares of Paychex by 1.5% in the 3rd quarter. Vanguard Group Inc now owns 25,237,021 shares of the business services provider’s stock valued at $1,858,708,000 after acquiring an additional 363,583 shares in the last quarter. Lunia Capital LP lifted its position in shares of Paychex by 8,881.0% in the 4th quarter. Lunia Capital LP now owns 10,859,007 shares of the business services provider’s stock valued at $10,859,000 after acquiring an additional 10,738,096 shares in the last quarter. Northern Trust Corp lifted its position in shares of Paychex by 1.8% in the 4th quarter. Northern Trust Corp now owns 5,558,975 shares of the business services provider’s stock valued at $362,167,000 after acquiring an additional 96,260 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its position in shares of Paychex by 5,734.9% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 5,458,853 shares of the business services provider’s stock valued at $84,000 after acquiring an additional 5,365,298 shares in the last quarter. 68.77% of the stock is owned by institutional investors and hedge funds.
Several brokerages recently commented on PAYX. Sanford C. Bernstein downgraded shares of Paychex from a “market perform” rating to an “underperform” rating in a research report on Tuesday, April 30th. Barclays upped their price target on shares of Paychex from $78.00 to $80.00 and gave the company an “equal weight” rating in a research report on Monday, April 1st. Finally, Credit Suisse Group upped their price target on shares of Paychex from $82.00 to $84.00 and gave the company an “outperform” rating in a research report on Thursday, March 28th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and an average target price of $74.14.
Paychex stock traded up $0.29 during trading hours on Wednesday, hitting $87.40. The company had a trading volume of 314,442 shares, compared to its average volume of 1,873,501. The firm has a market cap of $30.98 billion, a PE ratio of 34.27, a P/E/G ratio of 3.36 and a beta of 1.04. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.11 and a current ratio of 1.11. Paychex, Inc. has a fifty-two week low of $61.32 and a fifty-two week high of $87.27.
Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, March 27th. The business services provider reported $0.89 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.89. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.07 billion. Paychex had a net margin of 28.19% and a return on equity of 43.20%. The company’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.63 EPS. Equities analysts anticipate that Paychex, Inc. will post 2.85 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Wednesday, May 15th will be paid a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 2.84%. The ex-dividend date of this dividend is Tuesday, May 14th. This is a positive change from Paychex’s previous quarterly dividend of $0.56. Paychex’s dividend payout ratio is currently 97.25%.
In other Paychex news, Director Joseph M. Velli sold 6,250 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $80.59, for a total value of $503,687.50. Following the transaction, the director now owns 33,291 shares in the company, valued at approximately $2,682,921.69. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Laurie L. Zaucha sold 5,534 shares of the company’s stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $80.89, for a total transaction of $447,645.26. Following the completion of the transaction, the vice president now owns 43,955 shares in the company, valued at approximately $3,555,519.95. The disclosure for this sale can be found here. In the last quarter, insiders sold 135,127 shares of company stock worth $11,173,791. Company insiders own 11.80% of the company’s stock.
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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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