Contravisory Investment Management Inc. Sells 4,818 Shares of Paychex Inc. (PAYX)
Contravisory Investment Management Inc. reduced its position in Paychex Inc. (NASDAQ:PAYX) by 4.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 108,362 shares of the company’s stock after selling 4,818 shares during the period. Contravisory Investment Management Inc.’s holdings in Paychex were worth $6,271,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Global X Management Co. LLC boosted its stake in Paychex by 65.1% in the second quarter. Global X Management Co. LLC now owns 1,699 shares of the company’s stock worth $101,000 after buying an additional 670 shares during the period. Zions Bancorporation boosted its stake in Paychex by 683.0% in the second quarter. Zions Bancorporation now owns 1,754 shares of the company’s stock worth $105,000 after buying an additional 1,530 shares during the period. Jolley Asset Management LLC boosted its stake in Paychex by 19.5% in the second quarter. Jolley Asset Management LLC now owns 1,835 shares of the company’s stock worth $109,000 after buying an additional 300 shares during the period. Financial Architects Inc boosted its stake in Paychex by 0.7% in the second quarter. Financial Architects Inc now owns 1,838 shares of the company’s stock worth $109,000 after buying an additional 12 shares during the period. Finally, Ropes Wealth Advisors LLC boosted its stake in Paychex by 371.4% in the second quarter. Ropes Wealth Advisors LLC now owns 1,843 shares of the company’s stock worth $110,000 after buying an additional 1,452 shares during the period. Institutional investors own 68.70% of the company’s stock.
Shares of Paychex Inc. (NASDAQ:PAYX) traded up 0.02% on Friday, hitting $55.93. 2,180,443 shares of the company’s stock traded hands. The company has a market cap of $20.23 billion, a price-to-earnings ratio of 26.51 and a beta of 0.86. Paychex Inc. has a 1-year low of $45.76 and a 1-year high of $61.87. The firm’s 50-day moving average price is $55.85 and its 200 day moving average price is $57.08.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, September 28th. The company reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.03. The business had revenue of $785.50 million for the quarter, compared to the consensus estimate of $782.80 million. Paychex had a net margin of 25.38% and a return on equity of 40.10%. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.52 EPS. On average, equities research analysts expect that Paychex Inc. will post $2.22 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 22nd. Investors of record on Tuesday, November 1st will be given a dividend of $0.46 per share. The ex-dividend date is Friday, October 28th. This represents a $1.84 annualized dividend and a yield of 3.29%. Paychex’s dividend payout ratio (DPR) is 87.20%.
A number of analysts recently weighed in on the stock. Wedbush assumed coverage on shares of Paychex in a report on Thursday, September 8th. They issued a “neutral” rating and a $65.00 price objective on the stock. Zacks Investment Research raised shares of Paychex from a “sell” rating to a “hold” rating in a research note on Tuesday, September 6th. Finally, Morgan Stanley reissued an “underweight” rating and set a $49.00 target price on shares of Paychex in a research note on Tuesday, August 23rd. Seven analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. Paychex currently has an average rating of “Hold” and a consensus price target of $54.00.
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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