Paychex, Inc. (PAYX) Shares Sold by YHB Investment Advisors Inc.
YHB Investment Advisors Inc. trimmed its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 13.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 59,841 shares of the business services provider’s stock after selling 9,204 shares during the quarter. YHB Investment Advisors Inc.’s holdings in Paychex were worth $3,588,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Salem Investment Counselors Inc. boosted its holdings in Paychex by 0.6% during the 2nd quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock valued at $102,000 after acquiring an additional 11 shares during the period. Dupont Capital Management Corp acquired a new stake in Paychex in the 2nd quarter valued at about $129,000. Sun Life Financial INC raised its position 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 in the last quarter. San Francisco Sentry Investment Group CA acquired a new stake in Paychex in the 2nd quarter valued at about $145,000. Finally, Kernodle & Katon Asset Management Group LLC raised its position 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 in the last quarter. Institutional investors own 67.13% of the company’s stock.
A number of research firms have issued reports on PAYX. Morgan Stanley reaffirmed an “equal weight” rating and issued a $59.00 price target (up previously from $55.00) on shares of Paychex in a research report on Wednesday, October 4th. Wells Fargo & Company increased their price target on Paychex from $58.00 to $60.00 and gave the company a “market perform” rating in a research report on Wednesday, October 4th. Bank of America Corporation increased their price target on Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, October 4th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $62.00 price target (up previously from $60.00) on shares of Paychex in a research report on Wednesday, October 4th. Finally, Royal Bank Of Canada reaffirmed an “underperform” rating and issued a $57.00 price target (up previously from $54.00) on shares of Paychex in a research report on Wednesday, October 4th. Five research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $60.07.
Shares of Paychex, Inc. (NASDAQ PAYX) traded down $0.19 during midday trading on Friday, hitting $64.57. The stock had a trading volume of 1,332,600 shares, compared to its average volume of 1,709,851. Paychex, Inc. has a 1-year low of $54.20 and a 1-year high of $65.62. The firm has a market cap of $23,201.88, a price-to-earnings ratio of 28.44, a PEG ratio of 3.50 and a beta of 0.99.
Paychex (NASDAQ:PAYX) last issued its earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share for the quarter, topping 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 business had revenue of $816.80 million for the quarter, compared to analyst estimates of $816.34 million. During the same quarter last year, the company earned $0.60 EPS. The business’s quarterly revenue was up 4.0% on a year-over-year basis. research analysts anticipate 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. Shareholders of record on Wednesday, November 1st will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.10%. The ex-dividend date is Tuesday, October 31st. Paychex’s dividend payout ratio (DPR) is 87.34%.
In other Paychex news, VP John B. Gibson sold 6,000 shares of Paychex stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $63.70, for a total transaction of $382,200.00. Following the transaction, the vice president now owns 21,758 shares of the company’s stock, valued at $1,385,984.60. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Laurie L. Zaucha sold 15,000 shares of Paychex stock in a transaction that occurred on Monday, September 25th. The stock was sold at an average price of $60.00, for a total value of $900,000.00. Following the transaction, the vice president now directly owns 51,360 shares in the company, valued at approximately $3,081,600. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 94,395 shares of company stock worth $5,914,383. 11.70% of the stock is currently owned by corporate insiders.
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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