Lee Financial Co Has $1.26 Million Position in Paychex, Inc. (PAYX)
Lee Financial Co reduced its holdings in Paychex, Inc. (NASDAQ:PAYX) by 5.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,059 shares of the business services provider’s stock after selling 1,150 shares during the period. Lee Financial Co’s holdings in Paychex were worth $1,263,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Salem Investment Counselors Inc. lifted its holdings in Paychex by 0.6% in the second quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock valued at $102,000 after buying an additional 11 shares during the period. Dupont Capital Management Corp acquired a new position in Paychex in the second quarter valued at approximately $129,000. Sun Life Financial INC lifted its holdings in Paychex by 23,260.0% in the second quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock valued at $133,000 after buying an additional 2,326 shares during the period. San Francisco Sentry Investment Group CA acquired a new position in Paychex in the second quarter valued at approximately $145,000. Finally, Kernodle & Katon Asset Management Group LLC lifted its holdings in Paychex by 37.7% in the first quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock valued at $186,000 after buying an additional 867 shares during the period. Institutional investors and hedge funds own 67.02% of the company’s stock.
Several equities research analysts have commented on PAYX shares. Bank of America Corporation upped their target price on shares of Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, October 4th. Royal Bank Of Canada reaffirmed an “underperform” rating and issued a $57.00 target price (up previously from $54.00) on shares of Paychex in a research note on Wednesday, October 4th. BidaskClub raised shares of Paychex from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. William Blair downgraded shares of Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $59.00 target price (up previously from $55.00) 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 given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $60.07.
Shares of Paychex, Inc. (PAYX) traded up $0.53 during mid-day trading on Tuesday, hitting $65.10. 1,775,100 shares of the stock traded hands, compared to its average volume of 1,995,582. Paychex, Inc. has a 52 week low of $54.20 and a 52 week high of $65.62. The company has a market capitalization of $23,201.89, a P/E ratio of 28.44, a price-to-earnings-growth ratio of 3.50 and a beta of 0.99.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.02. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The company had revenue of $816.80 million during the quarter, compared to the consensus estimate of $816.34 million. During the same quarter in the prior year, the firm earned $0.60 earnings per share. The firm’s revenue was up 4.0% compared to the same quarter last year. equities research analysts predict that Paychex, Inc. will post 2.38 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.07%. The ex-dividend date is Tuesday, October 31st. Paychex’s payout ratio is 87.34%.
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In related news, VP Laurie L. Zaucha sold 15,000 shares of the stock in a transaction on Monday, September 25th. The shares were sold at an average price of $60.00, for a total transaction of $900,000.00. Following the completion of the transaction, the vice president now owns 51,360 shares in the company, valued at $3,081,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Jennifer R. Vossler sold 11,155 shares of the stock in a transaction on Friday, October 6th. The stock was sold at an average price of $63.07, for a total transaction of $703,545.85. The disclosure for this sale can be found here. Insiders have sold 94,395 shares of company stock valued at $5,914,383 in the last 90 days. 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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