Creative Planning Buys 2,854 Shares of Paychex Inc. (PAYX)
Creative Planning increased its position in shares of Paychex Inc. (NASDAQ:PAYX) by 12.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,934 shares of the company’s stock after buying an additional 2,854 shares during the period. Creative Planning’s holdings in Paychex were worth $1,443,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. BlackRock Fund Advisors increased its position in Paychex by 11.3% in the second quarter. BlackRock Fund Advisors now owns 10,110,305 shares of the company’s stock valued at $601,563,000 after buying an additional 1,030,300 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position in Paychex by 10.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 10,119,678 shares of the company’s stock valued at $602,121,000 after buying an additional 936,651 shares during the last quarter. Janus Capital Management LLC increased its position in Paychex by 44.9% in the second quarter. Janus Capital Management LLC now owns 2,627,567 shares of the company’s stock valued at $156,340,000 after buying an additional 813,934 shares during the last quarter. Bank of New York Mellon Corp increased its position in Paychex by 8.8% in the second quarter. Bank of New York Mellon Corp now owns 9,321,275 shares of the company’s stock valued at $554,618,000 after buying an additional 751,220 shares during the last quarter. Finally, AGF Investments Inc. acquired a new position in Paychex during the second quarter valued at $35,972,000. Institutional investors own 67.66% of the company’s stock.
Paychex Inc. (NASDAQ:PAYX) traded up 0.02% during trading on Monday, hitting $57.99. Paychex Inc. has a 12-month low of $45.76 and a 12-month high of $61.87. The firm has a market capitalization of $20.97 billion, a PE ratio of 27.48 and a beta of 0.86. The firm has a 50-day moving average of $55.88 and a 200-day moving average of $57.42.
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 Zacks’ consensus estimate of $0.57 by $0.03. The firm had revenue of $785.50 million for the quarter, compared to analyst estimates of $782.80 million. Paychex had a return on equity of 40.10% and a net margin of 25.38%. The business’s revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.52 earnings per share. Analysts anticipate that Paychex Inc. will post $2.22 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, November 22nd. Stockholders of record on Tuesday, November 1st were paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend was Friday, October 28th. Paychex’s dividend payout ratio is presently 87.20%.
Several analysts have recently issued reports on PAYX shares. Morgan Stanley reaffirmed an “underweight” rating and set a $49.00 price objective on shares of Paychex in a report on Tuesday, August 23rd. Zacks Investment Research cut Paychex from a “hold” rating to a “sell” rating in a report on Wednesday, August 31st. Finally, Wedbush started coverage on Paychex in a report on Thursday, September 8th. They set a “neutral” rating and a $65.00 price objective on the stock. Seven analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. Paychex presently has an average 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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