Bath Savings Trust Co Has $1.95 Million Position in Paychex, Inc. (PAYX)
Bath Savings Trust Co decreased its position in Paychex, Inc. (NASDAQ:PAYX) by 8.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 32,527 shares of the business services provider’s stock after selling 3,170 shares during the quarter. Bath Savings Trust Co’s holdings in Paychex were worth $1,951,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently made changes to their positions in PAYX. Salem Investment Counselors Inc. raised its stake in Paychex by 0.6% in the 2nd quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock valued at $102,000 after purchasing an additional 11 shares during the last quarter. Dupont Capital Management Corp acquired a new position in Paychex in the 2nd quarter valued at about $129,000. Sun Life Financial INC raised its stake in Paychex by 23,260.0% in the 2nd quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock valued at $133,000 after purchasing an additional 2,326 shares during the last quarter. San Francisco Sentry Investment Group CA acquired a new position in Paychex in the 2nd quarter valued at about $145,000. Finally, Kernodle & Katon Asset Management Group LLC raised its stake in Paychex by 37.7% in the 1st quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock valued at $186,000 after purchasing an additional 867 shares during the last quarter. 67.36% of the stock is owned by hedge funds and other institutional investors.
PAYX has been the subject of several analyst reports. BidaskClub downgraded shares of Paychex from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 1st. Robert W. Baird reissued a “hold” rating and issued a $64.00 target price on shares of Paychex in a research note on Wednesday, October 4th. Morgan Stanley raised shares of Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 target price for the company in a research note on Wednesday, August 16th. They noted that the move was a valuation call. Stifel Nicolaus reissued a “hold” rating and issued a $61.00 target price on shares of Paychex in a research note on Friday, August 18th. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $62.00 target price (up previously from $60.00) on shares of Paychex in a research note on Wednesday, October 4th. Five equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $60.07.
Shares of Paychex, Inc. (NASDAQ PAYX) traded down 0.09% during mid-day trading on Tuesday, hitting $63.39. The stock had a trading volume of 358,122 shares. Paychex, Inc. has a one year low of $52.78 and a one year high of $64.75. The company has a 50-day moving average of $59.53 and a 200 day moving average of $58.30. The firm has a market cap of $22.78 billion, a price-to-earnings ratio of 28.17 and a beta of 0.98.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. Paychex had a return on equity of 43.01% and a net margin of 26.01%. The company had revenue of $816.80 million during the quarter, compared to the consensus estimate of $816.34 million. During the same period last year, the business earned $0.60 EPS. The business’s quarterly revenue was up 4.0% on a year-over-year basis. On average, equities research analysts forecast that Paychex, Inc. will post $2.38 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date is Tuesday, October 31st. Paychex’s dividend payout ratio (DPR) is presently 87.34%.
In other news, CEO Martin Mucci sold 29,786 shares of the firm’s stock in a transaction dated Thursday, October 5th. The stock was sold at an average price of $63.17, for a total transaction of $1,881,581.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Laurie L. Zaucha sold 17,354 shares of the firm’s stock in a transaction dated Tuesday, October 10th. The stock was sold at an average price of $64.00, for a total value of $1,110,656.00. The disclosure for this sale can be found here. Insiders have sold a total of 88,395 shares of company stock valued at $5,532,183 over the last ninety days. Company insiders own 11.70% of the company’s stock.
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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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