Montrusco Bolton Investments Inc. Decreases Stake in Paychex, Inc. (PAYX)
Montrusco Bolton Investments Inc. decreased its position in Paychex, Inc. (NASDAQ:PAYX) by 6.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,852 shares of the business services provider’s stock after selling 1,007 shares during the quarter. Montrusco Bolton Investments Inc.’s holdings in Paychex were worth $891,000 as of its most recent SEC filing.
Several other institutional investors have also recently bought and sold shares of PAYX. BlackRock Inc. grew its position in shares of Paychex by 2,782.5% in the first quarter. BlackRock Inc. now owns 25,717,903 shares of the business services provider’s stock valued at $1,514,786,000 after purchasing an additional 24,825,695 shares during the last quarter. Janus Henderson Group PLC grew its position in shares of Paychex by 4,105.7% in the second quarter. Janus Henderson Group PLC now owns 1,830,532 shares of the business services provider’s stock valued at $104,230,000 after purchasing an additional 1,787,007 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Paychex by 2,391.8% in the second quarter. Arrowstreet Capital Limited Partnership now owns 1,362,988 shares of the business services provider’s stock valued at $77,609,000 after purchasing an additional 1,308,288 shares during the last quarter. Mawer Investment Management Ltd. acquired a new position in shares of Paychex in the second quarter valued at approximately $45,209,000. Finally, JPMorgan Chase & Co. grew its position in shares of Paychex by 314.1% in the first quarter. JPMorgan Chase & Co. now owns 1,001,929 shares of the business services provider’s stock valued at $59,014,000 after purchasing an additional 759,973 shares during the last quarter. 67.36% of the stock is currently owned by institutional investors.
Paychex, Inc. (PAYX) traded up 0.83% during midday trading on Friday, reaching $64.04. The company’s stock had a trading volume of 1,399,401 shares. The stock has a 50-day moving average price of $60.40 and a 200 day moving average price of $58.47. The company has a market cap of $22.99 billion, a PE ratio of 28.09 and a beta of 0.98. Paychex, Inc. has a 12 month low of $52.78 and a 12 month high of $64.75.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Tuesday, October 3rd. The business services provider reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. The firm had revenue of $816.80 million during the quarter, compared to analyst estimates of $816.34 million. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.60 EPS. Analysts expect that Paychex, Inc. will post $2.38 earnings per share for the current fiscal 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 given a dividend of $0.50 per share. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.12%. Paychex’s dividend payout ratio (DPR) is currently 87.34%.
In other news, CEO Martin Mucci sold 29,786 shares of the business’s stock in a transaction on Thursday, October 5th. The shares were sold at an average price of $63.17, for a total transaction of $1,881,581.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Laurie L. Zaucha sold 17,354 shares of the business’s stock in a transaction on Tuesday, October 10th. The shares were sold at an average price of $64.00, for a total transaction 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 90 days. Company insiders own 11.70% of the company’s stock.
PAYX has been the topic of several research reports. Bank of America Corporation upped their target price on Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, October 4th. Morgan Stanley raised Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price target on the stock in a research report on Wednesday, August 16th. They noted that the move was a valuation call. Stifel Nicolaus reissued a “hold” rating and set a $61.00 price target on shares of Paychex in a research report on Friday, August 18th. Robert W. Baird reissued a “hold” rating and set a $64.00 price target on shares of Paychex in a research report on Wednesday, October 4th. Finally, BMO Capital Markets reissued a “hold” rating and set a $60.00 price target on shares of Paychex in a research report on Thursday, June 29th. Five analysts have rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $60.07.
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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