Carillon Tower Advisers Inc. trimmed its holdings in Paychex, Inc. (NASDAQ:PAYX) by 4.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 126,200 shares of the business services provider’s stock after selling 5,800 shares during the period. Carillon Tower Advisers Inc.’s holdings in Paychex were worth $10,446,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of the business. Vigilant Capital Management LLC acquired a new stake in shares of Paychex in the third quarter worth $27,000. Cornerstone Advisors Inc. raised its stake in Paychex by 91.9% during the 3rd quarter. Cornerstone Advisors Inc. now owns 330 shares of the business services provider’s stock valued at $27,000 after purchasing an additional 158 shares during the last quarter. Manchester Financial Inc. acquired a new position in Paychex during the 2nd quarter valued at $29,000. Stonebridge Capital Advisors LLC acquired a new position in Paychex during the 2nd quarter valued at $32,000. Finally, Quest Capital Management Inc. ADV acquired a new position in Paychex during the 3rd quarter valued at $35,000. 69.26% of the stock is owned by institutional investors.
Several research firms recently commented on PAYX. Argus reiterated a “buy” rating and set a $92.00 target price on shares of Paychex in a research note on Thursday, October 3rd. ValuEngine cut shares of Paychex from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Cowen started coverage on shares of Paychex in a research note on Wednesday, September 11th. They set a “market perform” rating and a $74.00 target price for the company. Barclays increased their price objective on shares of Paychex from $80.00 to $84.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Finally, BidaskClub upgraded shares of Paychex from a “sell” rating to a “hold” rating in a research note on Friday, November 15th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. Paychex has an average rating of “Hold” and a consensus price target of $79.33.
Shares of PAYX traded up $0.08 during trading hours on Wednesday, hitting $84.56. The stock had a trading volume of 1,119,750 shares, compared to its average volume of 1,748,104. Paychex, Inc. has a 52 week low of $61.32 and a 52 week high of $88.43. The company’s fifty day moving average is $84.44 and its two-hundred day moving average is $84.17. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.15 and a quick ratio of 1.15. The stock has a market capitalization of $30.27 billion, a price-to-earnings ratio of 29.77, a P/E/G ratio of 3.96 and a beta of 0.89.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, October 2nd. The business services provider reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. Paychex had a net margin of 27.04% and a return on equity of 41.07%. The firm had revenue of $992.00 million for the quarter, compared to analyst estimates of $991.70 million. During the same quarter in the prior year, the firm earned $0.67 EPS. The company’s revenue was up 15.0% on a year-over-year basis. Equities analysts predict that Paychex, Inc. will post 3.11 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Friday, November 1st were given a dividend of $0.62 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $2.48 dividend on an annualized basis and a yield of 2.93%. Paychex’s payout ratio is presently 87.32%.
In other Paychex news, Director David J. S. Flaschen sold 13,052 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $84.50, for a total transaction of $1,102,894.00. Following the transaction, the director now directly owns 43,564 shares in the company, valued at approximately $3,681,158. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Pamela A. Joseph sold 22,339 shares of the stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $85.06, for a total transaction of $1,900,155.34. Following the completion of the sale, the director now owns 17,587 shares in the company, valued at $1,495,950.22. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 67,256 shares of company stock worth $5,707,113. Corporate insiders own 11.70% of the company’s stock.
Paychex Company Profile
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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