The Manufacturers Life Insurance Company Purchases 8,738 Shares of Paychex, Inc. (NASDAQ:PAYX)

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The Manufacturers Life Insurance Company lifted its position in Paychex, Inc. (NASDAQ:PAYX) by 2.5% during the 3rd quarter, according to the company in its most recent filing with the 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 owned 0.10% of Paychex worth $28,417,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of PAYX. Nordea Investment Management AB grew its holdings in shares of Paychex by 213.8% in the 2nd quarter. Nordea Investment Management AB now owns 3,896,368 shares of the business services provider’s stock worth $289,734,000 after purchasing an additional 2,654,543 shares during the last quarter. American International Group Inc. grew its holdings in shares of Paychex by 771.5% in the 2nd quarter. American International Group Inc. now owns 2,725,393 shares of the business services provider’s stock worth $206,449,000 after purchasing an additional 2,412,651 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Paychex by 47.6% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 3,945,994 shares of the business services provider’s stock worth $298,910,000 after purchasing an additional 1,272,990 shares during the last quarter. Wells Fargo & Company MN grew its holdings in shares of Paychex by 10.1% in the 3rd quarter. Wells Fargo & Company MN now owns 9,715,082 shares of the business services provider’s stock worth $774,972,000 after purchasing an additional 894,796 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale grew its holdings in shares of Paychex by 144.9% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 249,861 shares of the business services provider’s stock worth $19,575,000 after purchasing an additional 806,390 shares during the last quarter. 69.85% of the stock is currently owned by institutional investors and hedge funds.

In related news, CFO Efrain Rivera sold 216,818 shares of the stock in a transaction that occurred on Friday, October 16th. The shares were sold at an average price of $83.72, for a total value of $18,152,002.96. Following the sale, the chief financial officer now directly owns 143,924 shares in the company, valued at approximately $12,049,317.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David J. S. Flaschen sold 12,156 shares of the stock in a transaction that occurred on Monday, November 16th. The shares were sold at an average price of $92.41, for a total transaction of $1,123,335.96. Insiders sold a total of 556,920 shares of company stock worth $48,110,881 over the last quarter. 11.70% of the stock is currently owned by corporate insiders.

Paychex stock opened at $90.64 on Friday. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.29. Paychex, Inc. has a 1 year low of $47.87 and a 1 year high of $94.95. The company has a market cap of $32.59 billion, a PE ratio of 31.26, a PEG ratio of 3.63 and a beta of 0.92. The company’s 50-day moving average is $84.96 and its two-hundred day moving average is $76.42.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Sunday, October 11th. The business services provider reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.08. The business 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%. Paychex’s revenue for the quarter was down 6.0% on a year-over-year basis. During the same period last year, the company posted $0.71 EPS. Research analysts forecast that Paychex, Inc. will post 2.82 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 24th. Investors of record on Monday, November 2nd will be given a $0.62 dividend. The ex-dividend date of this dividend is Friday, October 30th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.74%. Paychex’s dividend payout ratio is 82.67%.

PAYX has been the topic of a number of research analyst reports. Barclays increased their price objective 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. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Paychex from $75.00 to $81.00 and gave the stock a “hold” rating in a report on Wednesday, October 7th. Citigroup raised shares of Paychex from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $75.00 to $93.00 in a report on Thursday, October 8th. BMO Capital Markets increased their price objective on shares of Paychex from $74.00 to $82.00 in a report on Wednesday, October 7th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Paychex from $72.00 to $78.00 and gave the stock an “underweight” rating in a report on Monday, August 17th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $75.92.

About Paychex

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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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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