Paychex, Inc. (PAYX) Shares Sold by Laffer Investments
Laffer Investments trimmed its position in Paychex, Inc. (NASDAQ:PAYX) by 6.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,132 shares of the business services provider’s stock after selling 2,681 shares during the quarter. Laffer Investments’ holdings in Paychex were worth $2,466,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. Gyroscope Capital Management Group LLC purchased a new position in shares of Paychex in the 3rd quarter worth about $448,000. Moors & Cabot Inc. raised its holdings in shares of Paychex by 20.4% during the 3rd quarter. Moors & Cabot Inc. now owns 8,076 shares of the business services provider’s stock valued at $485,000 after buying an additional 1,367 shares during the period. IFM Investors Pty Ltd purchased a new stake in shares of Paychex during the 3rd quarter valued at about $541,000. Wealthcare Advisory Partners LLC purchased a new stake in shares of Paychex during the 3rd quarter valued at about $570,000. Finally, Dean Investment Associates LLC raised its holdings in shares of Paychex by 48.0% during the 3rd quarter. Dean Investment Associates LLC now owns 36,065 shares of the business services provider’s stock valued at $2,162,000 after buying an additional 11,697 shares during the period. Institutional investors own 68.02% of the company’s stock.
Several equities research analysts recently commented on PAYX shares. Bank of America raised their target price on Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, October 4th. Royal Bank of Canada reiterated an “underperform” rating and set a $57.00 target price (up from $54.00) on shares of Paychex in a report on Wednesday, October 4th. BidaskClub upgraded Paychex from a “buy” rating to a “strong-buy” rating in a report on Thursday, December 7th. Morgan Stanley reiterated an “equal weight” rating and set a $59.00 target price (up from $55.00) on shares of Paychex in a report on Wednesday, October 4th. Finally, Wells Fargo & Company raised their target price on Paychex from $58.00 to $60.00 and gave the company a “market perform” rating in a report on Wednesday, October 4th. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Hold” and an average target price of $61.19.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $816.34 million. During the same quarter last year, the firm earned $0.60 EPS. Paychex’s quarterly revenue was up 4.0% on a year-over-year basis. research analysts forecast that Paychex, Inc. will post 2.37 earnings per share 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 dividend of $0.50 per share. The ex-dividend date of this dividend was Tuesday, October 31st. This represents a $2.00 dividend on an annualized basis and a yield of 2.91%. Paychex’s dividend payout ratio (DPR) is presently 87.34%.
In other Paychex news, VP Laurie L. Zaucha sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $62.00, for a total transaction of $930,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John B. Gibson sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $63.70, for a total value of $382,200.00. Following 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. In the last 90 days, insiders have sold 94,395 shares of company stock valued at $5,914,383. 11.70% of the stock is owned by 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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