Commerce Bank Trims Stake in Paychex, Inc. (PAYX)
Commerce Bank cut its position in Paychex, Inc. (NASDAQ:PAYX) by 1.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 161,924 shares of the business services provider’s stock after selling 1,843 shares during the period. Commerce Bank’s holdings in Paychex were worth $9,709,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in PAYX. Welch Investments LLC grew its stake in Paychex by 5.3% in the 3rd quarter. Welch Investments LLC now owns 78,153 shares of the business services provider’s stock valued at $4,686,000 after buying an additional 3,914 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC grew its position in shares of Paychex by 1.0% during the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 81,606 shares of the business services provider’s stock valued at $4,893,000 after purchasing an additional 817 shares in the last quarter. Oak Associates Ltd. OH grew its position in shares of Paychex by 5.6% during the 3rd quarter. Oak Associates Ltd. OH now owns 178,585 shares of the business services provider’s stock valued at $10,708,000 after purchasing an additional 9,400 shares in the last quarter. Comgest Global Investors S.A.S. grew its position in shares of Paychex by 7.3% during the 3rd quarter. Comgest Global Investors S.A.S. now owns 81,000 shares of the business services provider’s stock valued at $4,856,000 after purchasing an additional 5,500 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in shares of Paychex by 18.0% during the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 90,134 shares of the business services provider’s stock valued at $5,404,000 after purchasing an additional 13,777 shares in the last quarter. 67.02% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have weighed in on PAYX shares. William Blair downgraded shares of Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. Bank of America Corporation upped their price objective 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. Citigroup Inc. reaffirmed a “sell” rating and set a $53.00 price objective on shares of Paychex in a research note on Monday, October 2nd. Morgan Stanley upgraded shares of 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. Finally, BidaskClub upgraded shares of Paychex from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. Five equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $60.07.
Paychex, Inc. (NASDAQ:PAYX) traded up $1.06 on Friday, reaching $65.64. 1,755,900 shares of the company traded hands, compared to its average volume of 1,991,909. Paychex, Inc. has a 52 week low of $54.20 and a 52 week high of $66.31. The stock has a market capitalization of $23,205.48, a PE ratio of 28.45, 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 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.02. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The business had revenue of $816.80 million during the quarter, compared to analysts’ expectations of $816.34 million. During the same period last year, the company posted $0.60 EPS. The business’s revenue was up 4.0% on a year-over-year basis. analysts forecast that Paychex, Inc. will post 2.38 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st were paid a $0.50 dividend. The ex-dividend date of this dividend was Tuesday, October 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.05%. Paychex’s payout ratio is currently 87.34%.
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In other news, CEO Martin Mucci sold 29,786 shares of the firm’s stock in a transaction dated Thursday, October 5th. The shares were sold at an average price of $63.17, for a total value of $1,881,581.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John B. Gibson sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $63.70, for a total transaction of $382,200.00. Following the completion of the sale, the vice president now owns 21,758 shares of the company’s stock, valued at approximately $1,385,984.60. The disclosure for this sale can be found here. Insiders sold a total of 94,395 shares of company stock valued at $5,914,383 over the last three months. Corporate insiders own 11.70% of the company’s stock.
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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