Van Cleef Asset Management Inc Has $7.70 Million Stake in Paychex, Inc. (PAYX)

Van Cleef Asset Management Inc lifted its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 128,348 shares of the business services provider’s stock after purchasing an additional 871 shares during the period. Paychex accounts for 2.1% of Van Cleef Asset Management Inc’s holdings, making the stock its 16th biggest position. Van Cleef Asset Management Inc’s holdings in Paychex were worth $7,696,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently made changes to their positions in the company. Northwest Quadrant Wealth Management LLC raised its stake in Paychex by 0.6% in the 1st quarter. Northwest Quadrant Wealth Management LLC now owns 3,923 shares of the business services provider’s stock valued at $228,000 after acquiring an additional 24 shares during the period. Paragon Capital Management LLC raised its stake in Paychex by 2.4% in the 2nd quarter. Paragon Capital Management LLC now owns 213,047 shares of the business services provider’s stock valued at $12,130,000 after acquiring an additional 4,921 shares during the period. Shelton Capital Management raised its stake in Paychex by 72.6% in the 1st quarter. Shelton Capital Management now owns 102,276 shares of the business services provider’s stock valued at $6,024,000 after acquiring an additional 43,033 shares during the period. Chilton Investment Co. LLC raised its stake in Paychex by 16.0% in the 2nd quarter. Chilton Investment Co. LLC now owns 44,872 shares of the business services provider’s stock valued at $2,555,000 after acquiring an additional 6,184 shares during the period. Finally, Hourglass Capital LLC raised its stake in Paychex by 0.9% in the 2nd quarter. Hourglass Capital LLC now owns 84,029 shares of the business services provider’s stock valued at $4,785,000 after acquiring an additional 730 shares during the period. Institutional investors own 67.13% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: This story was originally published by Community Financial News and is the sole property of of Community Financial News. If you are viewing this story on another website, it was copied illegally and reposted in violation of United States & international trademark and copyright legislation. The original version of this story can be accessed at https://www.com-unik.info/2017/10/31/van-cleef-asset-management-inc-has-7-70-million-stake-in-paychex-inc-payx.html.

A number of equities research analysts recently weighed in on the company. Morgan Stanley restated an “equal weight” rating and issued a $59.00 price target (up previously from $55.00) on shares of Paychex in a research note on Wednesday, October 4th. Wells Fargo & Company increased their price target on Paychex from $58.00 to $60.00 and gave the company a “market perform” rating in a research note on Wednesday, October 4th. Bank of America Corporation increased their price target on Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, October 4th. BMO Capital Markets restated a “market perform” rating and issued a $62.00 price target (up previously from $60.00) on shares of Paychex in a research note on Wednesday, October 4th. Finally, Royal Bank Of Canada restated an “underperform” rating and issued a $57.00 price target (up previously from $54.00) on shares of Paychex in a research note on Wednesday, October 4th. Five equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have assigned a buy rating to the company’s stock. Paychex has a consensus rating of “Hold” and an average price target of $60.07.

In other news, VP Laurie L. Zaucha sold 15,000 shares of Paychex stock in a transaction on Monday, September 25th. The stock was sold at an average price of $60.00, for a total value of $900,000.00. Following the completion of the transaction, the vice president now directly owns 51,360 shares in the company, valued at $3,081,600. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Jennifer R. Vossler sold 11,155 shares of Paychex stock in a transaction on Friday, October 6th. The shares were sold at an average price of $63.07, for a total value of $703,545.85. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 88,395 shares of company stock worth $5,532,183. Corporate insiders own 11.70% of the company’s stock.

Paychex, Inc. (NASDAQ:PAYX) traded down 0.621% during mid-day trading on Tuesday, hitting $63.573. The stock had a trading volume of 546,798 shares. The stock has a market capitalization of $22.82 billion, a P/E ratio of 27.883 and a beta of 0.98. Paychex, Inc. has a 52 week low of $52.78 and a 52 week high of $65.62. The company’s 50 day moving average is $61.56 and its 200-day moving average is $58.74.

Paychex (NASDAQ:PAYX) last issued its earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The firm had revenue of $816.80 million for the quarter, compared to analyst estimates of $816.34 million. Paychex had a return on equity of 43.01% and a net margin of 26.01%. The business’s revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.60 earnings per share. On average, analysts expect that Paychex, Inc. will post $2.38 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st will be paid a $0.50 dividend. The ex-dividend date is Tuesday, October 31st. This represents a $2.00 annualized dividend and a dividend yield of 3.10%. Paychex’s payout ratio is presently 87.34%.

Paychex Company Profile

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.

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

What are top analysts saying about Paychex Inc.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Paychex Inc. and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit