The Manufacturers Life Insurance Company boosted its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 2.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 356,225 shares of the business services provider’s stock after purchasing an additional 8,738 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Paychex were worth $28,417,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in PAYX. Belpointe Asset Management LLC acquired a new position in Paychex during the 2nd quarter valued at $127,000. Vantage Investment Partners LLC bought a new stake in Paychex in the 2nd quarter valued at $11,833,000. CWM LLC increased its holdings in Paychex by 23.3% in the 2nd quarter. CWM LLC now owns 8,201 shares of the business services provider’s stock valued at $621,000 after buying an additional 1,548 shares during the period. Janney Montgomery Scott LLC increased its holdings in Paychex by 3.0% in the 2nd quarter. Janney Montgomery Scott LLC now owns 231,604 shares of the business services provider’s stock valued at $17,544,000 after buying an additional 6,707 shares during the period. Finally, Allworth Financial LP increased its holdings in Paychex by 15.4% in the 2nd quarter. Allworth Financial LP now owns 1,522 shares of the business services provider’s stock valued at $115,000 after buying an additional 203 shares during the period. Hedge funds and other institutional investors own 69.85% of the company’s stock.
PAYX opened at $90.64 on Friday. Paychex, Inc. has a twelve month low of $47.87 and a twelve month high of $94.95. The firm’s 50-day simple moving average is $84.96 and its 200-day simple moving average is $76.42. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.25 and a current ratio of 1.25. The firm has a market cap of $32.59 billion, a price-to-earnings ratio of 31.26, a PEG ratio of 3.63 and a beta of 0.92.
Paychex (NASDAQ:PAYX) last issued 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. Paychex had a net margin of 26.26% and a return on equity of 38.70%. The firm had revenue of $932.20 million for the quarter, compared to analyst estimates of $888.27 million. During the same quarter in the prior year, the firm earned $0.71 EPS. The company’s revenue was down 6.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Paychex, Inc. will post 2.82 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 24th. Shareholders 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 is Friday, October 30th. Paychex’s dividend payout ratio is currently 82.67%.
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 transaction of $1,123,335.96. Also, Director Joseph Doody sold 10,220 shares of the company’s stock in a transaction dated Wednesday, November 11th. The shares were sold at an average price of $92.09, for a total transaction of $941,159.80. In the last three months, insiders have sold 556,920 shares of company stock worth $48,110,881. Insiders own 11.70% of the company’s stock.
PAYX has been the topic of several analyst reports. Morgan Stanley boosted their price target on shares of Paychex from $74.00 to $76.00 and gave the company an “equal weight” rating in a report on Wednesday, October 7th. Argus boosted their price target on shares of Paychex from $83.00 to $92.00 in a report on Thursday, October 15th. Citigroup raised shares of Paychex from a “neutral” rating to a “buy” rating and boosted their price target for the company from $75.00 to $93.00 in a report on Thursday, October 8th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Paychex from $75.00 to $81.00 and gave the company a “hold” rating in a report on Wednesday, October 7th. Finally, Barclays upped their target price on shares of Paychex from $73.00 to $83.00 and gave the stock an “equal weight” rating in a report on Monday, October 12th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Paychex currently has a consensus rating of “Hold” and a consensus target price of $75.92.
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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