Veritas Investment Management LLP cut its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 13.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,463 shares of the business services provider’s stock after selling 2,900 shares during the period. Paychex comprises approximately 0.1% of Veritas Investment Management LLP’s investment portfolio, making the stock its 19th biggest position. Veritas Investment Management LLP’s holdings in Paychex were worth $1,107,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Salem Investment Counselors Inc. increased its holdings in shares of Paychex by 0.6% during the second quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock worth $102,000 after buying an additional 11 shares in the last quarter. Dupont Capital Management Corp purchased a new stake in Paychex in the 2nd quarter valued at about $129,000. Sun Life Financial INC increased its stake in Paychex by 23,260.0% in the 2nd quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock valued at $133,000 after buying an additional 2,326 shares during the last quarter. San Francisco Sentry Investment Group CA purchased a new stake in Paychex in the 2nd quarter valued at about $145,000. Finally, Kernodle & Katon Asset Management Group LLC increased its stake in Paychex by 37.7% in the 1st quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock valued at $186,000 after buying an additional 867 shares during the last quarter. Hedge funds and other institutional investors own 67.02% of the company’s stock.
Several equities research analysts have recently issued reports on PAYX shares. Bank of America Corporation raised their price target on shares of Paychex from $64.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, October 4th. Morgan Stanley restated an “equal weight” rating and set a $59.00 price target (up previously from $55.00) on shares of Paychex in a research note on Wednesday, October 4th. Robert W. Baird restated a “hold” rating and set a $64.00 price target on shares of Paychex in a research note on Wednesday, October 4th. Stifel Nicolaus restated a “hold” rating and set a $61.00 price target on shares of Paychex in a research note on Friday, August 18th. Finally, Wells Fargo & Company raised their price target on shares of Paychex from $58.00 to $60.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 4th. Five investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $60.07.
In other Paychex news, VP Laurie L. Zaucha sold 15,000 shares of the business’s stock in a transaction dated Tuesday, October 3rd. The shares were sold at an average price of $62.00, for a total value of $930,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Martin Mucci sold 29,786 shares of the business’s stock in a transaction dated Thursday, October 5th. The shares were sold at an average price of $63.17, for a total transaction of $1,881,581.62. The disclosure for this sale can be found here. Insiders sold 94,395 shares of company stock worth $5,914,383 in the last 90 days. Corporate insiders own 11.70% of the company’s stock.
Paychex, Inc. (NASDAQ:PAYX) traded up $0.53 during midday trading on Tuesday, hitting $65.10. 1,775,100 shares of the stock were exchanged, compared to its average volume of 1,995,582. Paychex, Inc. has a 52 week low of $54.20 and a 52 week high of $65.62. The company has a market cap of $23,201.89, a P/E ratio of 28.44, a P/E/G ratio of 3.50 and a beta of 0.99.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.02. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The company had revenue of $816.80 million during the quarter, compared to the consensus estimate of $816.34 million. During the same period in the previous year, the firm posted $0.60 EPS. The firm’s revenue was up 4.0% compared to the same quarter last year. equities research analysts forecast that Paychex, Inc. will post 2.38 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date of this dividend is Tuesday, October 31st. Paychex’s payout ratio is 87.34%.
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.
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