Comgest Global Investors S.A.S. lessened its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 26.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 59,900 shares of the business services provider’s stock after selling 21,100 shares during the quarter. Comgest Global Investors S.A.S.’s holdings in Paychex were worth $4,078,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Carnick & Kubik Group LLC acquired a new position in shares of Paychex during the third quarter valued at approximately $1,332,000. Atlantic Trust Group LLC increased its stake in shares of Paychex by 22.7% during the third quarter. Atlantic Trust Group LLC now owns 34,831 shares of the business services provider’s stock valued at $2,088,000 after acquiring an additional 6,451 shares during the period. Schaper Benz & Wise Investment Counsel Inc. WI increased its stake in shares of Paychex by 1.4% during the third quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 213,833 shares of the business services provider’s stock valued at $12,821,000 after acquiring an additional 2,855 shares during the period. Reliance Trust Co. of Delaware increased its stake in shares of Paychex by 11.3% during the third quarter. Reliance Trust Co. of Delaware now owns 16,686 shares of the business services provider’s stock valued at $1,000,000 after acquiring an additional 1,691 shares during the period. Finally, Bank of the Ozarks increased its stake in shares of Paychex by 25.9% during the third quarter. Bank of the Ozarks now owns 8,035 shares of the business services provider’s stock valued at $482,000 after acquiring an additional 1,655 shares during the period. Institutional investors and hedge funds own 67.98% of the company’s stock.
In related news, VP Jennifer R. Vossler sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $68.29, for a total value of $682,900.00. Following the completion of the transaction, the vice president now owns 31,578 shares of the company’s stock, valued at approximately $2,156,461.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael E. Gioja sold 34,311 shares of the firm’s stock in a transaction that occurred on Thursday, January 4th. The stock was sold at an average price of $68.91, for a total transaction of $2,364,371.01. Following the completion of the transaction, the insider now directly owns 63,374 shares of the company’s stock, valued at approximately $4,367,102.34. The disclosure for this sale can be found here. Company insiders own 11.70% of the company’s stock.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Thursday, December 21st. The business services provider reported $0.59 EPS for the quarter, hitting analysts’ consensus estimates of $0.59. Paychex had a net margin of 26.02% and a return on equity of 42.80%. The firm had revenue of $826.50 million during the quarter, compared to analyst estimates of $823.48 million. During the same quarter last year, the business posted $0.56 EPS. The company’s revenue was up 7.1% on a year-over-year basis. research analysts forecast that Paychex, Inc. will post 2.39 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 15th. Investors of record on Thursday, February 1st were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date was Wednesday, January 31st. Paychex’s dividend payout ratio is 85.84%.
Several research analysts have issued reports on the stock. BidaskClub lowered shares of Paychex from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. Bank of America lowered shares of Paychex from a “buy” rating to a “neutral” rating and set a $73.00 price target on the stock. in a research report on Tuesday, January 9th. Citigroup upgraded shares of Paychex from a “sell” rating to a “neutral” rating and set a $67.00 price target on the stock in a research report on Monday, December 4th. BMO Capital Markets restated a “hold” rating and issued a $70.00 price target on shares of Paychex in a research report on Wednesday, January 24th. Finally, Royal Bank of Canada restated a “sell” rating and issued a $57.00 price target on shares of Paychex in a research report on Wednesday, November 15th. Two investment analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the stock. The company currently has an average rating of “Hold” and an average price target of $62.77.
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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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