Westpac Banking Corp grew its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 18.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 23,370 shares of the business services provider’s stock after purchasing an additional 3,688 shares during the quarter. Westpac Banking Corp’s holdings in Paychex were worth $1,401,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Salem Investment Counselors Inc. lifted its stake in shares of Paychex by 0.6% during the 2nd quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock worth $102,000 after purchasing an additional 11 shares during the period. Alps Advisors Inc. lifted its stake in shares of Paychex by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 7,685 shares of the business services provider’s stock worth $438,000 after purchasing an additional 20 shares during the period. Northwest Quadrant Wealth Management LLC lifted its stake in shares of Paychex by 0.6% during the 2nd quarter. Northwest Quadrant Wealth Management LLC now owns 3,948 shares of the business services provider’s stock worth $217,000 after purchasing an additional 25 shares during the period. Washington Trust Bank lifted its stake in shares of Paychex by 0.4% during the 2nd quarter. Washington Trust Bank now owns 7,344 shares of the business services provider’s stock worth $418,000 after purchasing an additional 31 shares during the period. Finally, Bruderman Asset Management LLC lifted its stake in shares of Paychex by 0.6% during the 2nd quarter. Bruderman Asset Management LLC now owns 6,834 shares of the business services provider’s stock worth $389,000 after purchasing an additional 40 shares during the period. 67.13% of the stock is currently owned by institutional investors.

Shares of Paychex, Inc. (PAYX) opened at $64.27 on Wednesday. Paychex, Inc. has a twelve month low of $52.78 and a twelve month high of $65.62. The stock has a market capitalization of $22,997.07, a price-to-earnings ratio of 28.19, a P/E/G ratio of 3.47 and a beta of 0.99.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, beating the 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 firm had revenue of $816.80 million during the quarter, compared to the consensus estimate of $816.34 million. During the same period in the prior year, the firm earned $0.60 EPS. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. research analysts expect that Paychex, Inc. will post 2.38 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st will be issued a $0.50 dividend. The ex-dividend date is Tuesday, October 31st. This represents a $2.00 annualized dividend and a yield of 3.11%. Paychex’s dividend payout ratio is currently 87.34%.

In other news, VP Laurie L. Zaucha sold 15,000 shares of the firm’s stock in a transaction dated Monday, September 25th. The stock was sold at an average price of $60.00, for a total transaction of $900,000.00. Following the completion of the sale, the vice president now directly owns 51,360 shares in the company, valued at $3,081,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jennifer R. Vossler sold 11,155 shares of the firm’s stock in a transaction dated Friday, October 6th. The shares were sold at an average price of $63.07, for a total value of $703,545.85. The disclosure for this sale can be found here. Over the last quarter, insiders sold 94,395 shares of company stock valued at $5,914,383. 11.70% of the stock is owned by insiders.

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A number of brokerages have weighed in on PAYX. Morgan Stanley reissued an “equal weight” rating and set a $59.00 price target (up previously from $55.00) on shares of Paychex in a research note on Wednesday, October 4th. Wells Fargo & Company increased their price target on Paychex from $58.00 to $60.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 4th. Bank of America Corporation increased their price target on Paychex from $64.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, October 4th. BMO Capital Markets reissued a “market perform” rating and set a $62.00 price target (up previously from $60.00) on shares of Paychex in a research note on Wednesday, October 4th. Finally, Royal Bank Of Canada reissued an “underperform” rating and set a $57.00 price target (up previously from $54.00) on shares of Paychex in a research note on Wednesday, October 4th. 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’s stock. The company currently has an average rating of “Hold” and an average price target of $60.07.

Paychex 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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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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