Canandaigua National Bank & Trust Co. Reduces Position in Paychex Inc. (PAYX)
Canandaigua National Bank & Trust Co. lowered its position in shares of Paychex Inc. (NASDAQ:PAYX) by 2.1% during the third quarter, according to its most recent filing with the SEC. The fund owned 99,659 shares of the company’s stock after selling 2,136 shares during the period. Paychex comprises approximately 1.7% of Canandaigua National Bank & Trust Co.’s investment portfolio, making the stock its 14th largest position. Canandaigua National Bank & Trust Co.’s holdings in Paychex were worth $5,767,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently added to or reduced their stakes in PAYX. Global X Management Co. LLC boosted its stake in shares of 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 shares of 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 shares of 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 shares of 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 shares of 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 and hedge funds own 67.66% of the company’s stock.
Shares of Paychex Inc. (NASDAQ:PAYX) traded up 2.4327% during trading on Tuesday, hitting $59.4007. The stock had a trading volume of 3,138,801 shares. Paychex Inc. has a one year low of $45.76 and a one year high of $61.87. The stock has a market capitalization of $21.48 billion, a price-to-earnings ratio of 28.1520 and a beta of 0.86. The stock has a 50 day moving average price of $55.88 and a 200-day moving average price of $57.42.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, September 28th. The company reported $0.60 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.03. The firm earned $785.50 million during the quarter, compared to analysts’ expectations of $782.80 million. Paychex had a return on equity of 40.10% and a net margin of 25.38%. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.52 EPS. On average, equities research analysts predict that Paychex Inc. will post $2.22 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 22nd. Shareholders of record on Tuesday, November 1st were issued a $0.46 dividend. The ex-dividend date of this dividend was Friday, October 28th. This represents a $1.84 annualized dividend and a yield of 3.17%. Paychex’s dividend payout ratio is presently 87.20%.
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A number of analysts have weighed in on PAYX shares. Morgan Stanley reiterated an “underweight” rating and issued a $49.00 price target on shares of Paychex in a research report on Tuesday, August 23rd. Zacks Investment Research cut Paychex from a “hold” rating to a “sell” rating in a research report on Wednesday, August 31st. Finally, Wedbush started coverage on Paychex in a research report on Thursday, September 8th. They issued a “neutral” rating and a $65.00 price target on the stock. Seven investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. Paychex currently has a consensus rating of “Hold” and a consensus price target of $54.00.
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.
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