Golub Group LLC lifted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 4.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 29,266 shares of the business services provider’s stock after buying an additional 1,201 shares during the quarter. Golub Group LLC’s holdings in Paychex were worth $2,422,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of the stock. Vigilant Capital Management LLC acquired a new position in Paychex in the third quarter valued at approximately $27,000. Cornerstone Advisors Inc. lifted its stake in Paychex by 91.9% in the third quarter. Cornerstone Advisors Inc. now owns 330 shares of the business services provider’s stock valued at $27,000 after buying an additional 158 shares during the period. Manchester Financial Inc. acquired a new position in Paychex in the second quarter valued at approximately $29,000. Benjamin Edwards Inc. increased its holdings in shares of Paychex by 58.2% during the third quarter. Benjamin Edwards Inc. now owns 348 shares of the business services provider’s stock valued at $29,000 after acquiring an additional 128 shares in the last quarter. Finally, Stonebridge Capital Advisors LLC bought a new stake in shares of Paychex during the second quarter valued at approximately $32,000. 69.98% of the stock is currently owned by institutional investors.
Several research firms have recently commented on PAYX. BidaskClub downgraded Paychex from a “hold” rating to a “sell” rating in a report on Thursday. Cowen began coverage on Paychex in a report on Wednesday, September 11th. They set a “market perform” rating and a $74.00 price objective for the company. Barclays boosted their price objective on Paychex from $80.00 to $84.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Argus restated a “buy” rating and set a $92.00 price objective on shares of Paychex in a report on Thursday, October 3rd. Finally, Morgan Stanley downgraded Paychex from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $77.00 to $74.00 in a report on Thursday, August 15th. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $79.33.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, October 2nd. The business services provider reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.02. Paychex had a return on equity of 41.07% and a net margin of 27.04%. The firm had revenue of $992.00 million for the quarter, compared to analysts’ expectations of $991.70 million. During the same quarter in the prior year, the firm earned $0.67 EPS. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. Equities analysts expect that Paychex, Inc. will post 3.11 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Friday, November 1st will be given a dividend of $0.62 per share. The ex-dividend date is Thursday, October 31st. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.98%. Paychex’s dividend payout ratio is presently 87.32%.
In related news, Director David J. S. Flaschen sold 13,052 shares of the stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $84.50, for a total transaction of $1,102,894.00. Following the sale, the director now owns 43,564 shares of the company’s stock, valued at approximately $3,681,158. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Martin Mucci sold 31,865 shares of the stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $84.86, for a total value of $2,704,063.90. Following the sale, the chief executive officer now directly owns 362,806 shares in the company, valued at approximately $30,787,717.16. The disclosure for this sale can be found here. Insiders have sold a total of 67,256 shares of company stock worth $5,707,113 in the last three months. 11.70% of the stock is currently owned by insiders.
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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