Forsta AP Fonden purchased a new position in shares of Paychex, Inc. (NASDAQ:PAYX) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 67,100 shares of the business services provider’s stock, valued at approximately $4,942,000.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PAYX. Xact Kapitalforvaltning AB grew its stake in shares of Paychex by 10.4% in the second quarter. Xact Kapitalforvaltning AB now owns 60,790 shares of the business services provider’s stock valued at $4,155,000 after acquiring an additional 5,711 shares in the last quarter. Atria Investments LLC lifted its holdings in shares of Paychex by 6.2% in the second quarter. Atria Investments LLC now owns 39,397 shares of the business services provider’s stock worth $2,693,000 after acquiring an additional 2,306 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of Paychex by 7.8% in the second quarter. Bank of Montreal Can now owns 412,448 shares of the business services provider’s stock worth $28,191,000 after acquiring an additional 29,988 shares during the last quarter. Capital One National Association lifted its holdings in shares of Paychex by 33.9% in the second quarter. Capital One National Association now owns 25,623 shares of the business services provider’s stock worth $1,751,000 after acquiring an additional 6,486 shares during the last quarter. Finally, Scout Investments Inc. lifted its holdings in shares of Paychex by 49.1% in the second quarter. Scout Investments Inc. now owns 387,507 shares of the business services provider’s stock worth $26,486,000 after acquiring an additional 127,642 shares during the last quarter. Institutional investors and hedge funds own 69.64% of the company’s stock.
NASDAQ PAYX traded down $0.13 during trading hours on Thursday, reaching $69.17. The company’s stock had a trading volume of 2,514,900 shares, compared to its average volume of 2,206,072. The firm has a market cap of $24.88 billion, a PE ratio of 27.08, a price-to-earnings-growth ratio of 2.86 and a beta of 1.03. Paychex, Inc. has a 52 week low of $59.36 and a 52 week high of $76.02.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.02. Paychex had a net margin of 27.71% and a return on equity of 42.87%. The firm had revenue of $862.80 million during the quarter, compared to analyst estimates of $850.39 million. During the same quarter last year, the business earned $0.62 EPS. The company’s revenue was up 8.8% compared to the same quarter last year. Analysts predict that Paychex, Inc. will post 2.85 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, November 15th. Shareholders of record on Thursday, November 1st were issued a dividend of $0.56 per share. The ex-dividend date of this dividend was Wednesday, October 31st. This represents a $2.24 annualized dividend and a yield of 3.24%. Paychex’s payout ratio is 87.84%.
In other news, Director Joseph Doody purchased 1,000 shares of the stock in a transaction on Tuesday, October 23rd. The stock was purchased at an average price of $66.50 per share, for a total transaction of $66,500.00. Following the acquisition, the director now owns 16,639 shares in the company, valued at $1,106,493.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 11.80% of the stock is currently owned by company insiders.
PAYX has been the subject of a number of research reports. Jefferies Financial Group initiated coverage on shares of Paychex in a report on Monday, October 1st. They issued a “hold” rating and a $75.00 target price for the company. Moffett Nathanson initiated coverage on shares of Paychex in a report on Thursday, October 4th. They issued a “neutral” rating and a $79.00 target price for the company. Credit Suisse Group raised shares of Paychex from a “neutral” rating to a “buy” rating and set a $82.00 target price for the company in a report on Tuesday, October 2nd. BMO Capital Markets increased their target price on shares of Paychex from $70.00 to $77.00 and gave the stock a “market perform” rating in a report on Wednesday, October 3rd. Finally, Morgan Stanley increased their target price on shares of Paychex from $67.00 to $73.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 3rd. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $72.93.
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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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