Sentry Investment Management LLC lifted its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 24.6% in the 4th quarter, HoldingsChannel reports. The fund owned 25,372 shares of the business services provider’s stock after acquiring an additional 5,010 shares during the quarter. Sentry Investment Management LLC’s holdings in Paychex were worth $1,727,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Field & Main Bank bought a new stake in shares of Paychex during the 4th quarter worth $101,000. Acadian Asset Management LLC bought a new stake in shares of Paychex during the 4th quarter worth $109,000. Calton & Associates Inc. bought a new stake in shares of Paychex during the 4th quarter worth $151,000. Bank of Nova Scotia Trust Co. bought a new stake in shares of Paychex during the 3rd quarter worth $188,000. Finally, Cpwm LLC bought a new stake in shares of Paychex during the 4th quarter worth $205,000. 67.98% of the stock is owned by institutional investors and hedge funds.
PAYX has been the subject of several research reports. BidaskClub raised Paychex from a “buy” rating to a “strong-buy” rating in a research note on Thursday, December 7th. Stifel Nicolaus reissued a “hold” rating and set a $68.00 price objective on shares of Paychex in a research note on Friday, December 22nd. Bank of America raised their price objective on Paychex from $68.00 to $73.00 and gave the stock a “buy” rating in a research note on Tuesday, December 5th. BMO Capital Markets reissued a “hold” rating and set a $70.00 price objective on shares of Paychex in a research note on Wednesday, January 24th. Finally, Citigroup raised Paychex from a “sell” rating to a “neutral” rating and set a $67.00 price objective for the company in a research note on Monday, December 4th. Two investment analysts have rated the stock with a sell rating and twelve have issued a hold rating to the company. Paychex has a consensus rating of “Hold” and a consensus target price of $62.77.
Shares of Paychex, Inc. (NASDAQ:PAYX) opened at $64.69 on Tuesday. The company has a market capitalization of $23,045.34, a price-to-earnings ratio of 27.90, a PEG ratio of 3.45 and a beta of 0.94. Paychex, Inc. has a 12-month low of $54.20 and a 12-month high of $73.10.
Paychex (NASDAQ:PAYX) last issued its earnings results on Thursday, December 21st. The business services provider reported $0.59 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.59. The business had revenue of $826.50 million during the quarter, compared to analysts’ expectations of $823.48 million. Paychex had a return on equity of 42.80% and a net margin of 26.02%. Paychex’s revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.56 earnings per share. equities research analysts predict that Paychex, Inc. will post 2.39 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Thursday, February 1st will be given a $0.50 dividend. The ex-dividend date is Wednesday, January 31st. This represents a $2.00 annualized dividend and a dividend yield of 3.09%. Paychex’s dividend payout ratio (DPR) is presently 85.84%.
In other news, insider Michael E. Gioja sold 34,311 shares of the firm’s stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $68.91, for a total value of $2,364,371.01. Following the completion of the sale, the insider now owns 63,374 shares of the company’s stock, valued at $4,367,102.34. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Jennifer R. Vossler sold 10,000 shares of the firm’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $68.29, for a total value of $682,900.00. Following the completion of the sale, the vice president now directly owns 31,578 shares of the company’s stock, valued at approximately $2,156,461.62. The disclosure for this sale can be found here. Company insiders own 11.70% of the company’s stock.
Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.
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