NuWave Investment Management LLC purchased a new position in Paychex, Inc. (NASDAQ:PAYX) in the 4th quarter, HoldingsChannel reports. The firm purchased 3,177 shares of the business services provider’s stock, valued at approximately $216,000.

Other large investors have also added to or reduced their stakes in the company. Navellier & Associates Inc lifted its holdings in shares of Paychex by 3.1% in the second quarter. Navellier & Associates Inc now owns 24,636 shares of the business services provider’s stock valued at $1,403,000 after buying an additional 743 shares during the period. Alley Co LLC lifted its holdings in shares of Paychex by 0.7% in the third quarter. Alley Co LLC now owns 119,536 shares of the business services provider’s stock valued at $7,167,000 after buying an additional 785 shares during the period. Summit Securities Group LLC lifted its holdings in shares of Paychex by 22.2% in the fourth quarter. Summit Securities Group LLC now owns 4,400 shares of the business services provider’s stock valued at $300,000 after buying an additional 800 shares during the period. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in shares of Paychex by 1.0% in the third 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 buying an additional 817 shares during the period. Finally, YHB Investment Advisors Inc. lifted its holdings in shares of Paychex by 1.4% in the fourth quarter. YHB Investment Advisors Inc. now owns 60,669 shares of the business services provider’s stock valued at $4,130,000 after buying an additional 828 shares during the period. 67.98% of the stock is owned by institutional investors.

Several analysts have recently weighed in on the company. BidaskClub lowered Paychex from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. Bank of America lowered Paychex from a “buy” rating to a “neutral” rating and set a $73.00 price objective for the company. in a report on Tuesday, January 9th. Citigroup upgraded Paychex from a “sell” rating to a “neutral” rating and set a $67.00 price objective for the company in a report on Monday, December 4th. BMO Capital Markets reaffirmed a “hold” rating and set a $70.00 target price on shares of Paychex in a report on Wednesday, January 24th. Finally, Royal Bank of Canada reaffirmed a “sell” rating and set a $57.00 target price on shares of Paychex in a report on Wednesday, November 15th. Two equities research analysts have rated the stock with a sell rating and twelve have given a hold rating to the company’s stock. Paychex currently has an average rating of “Hold” and an average target price of $62.77.

Shares of Paychex, Inc. (PAYX) opened at $64.63 on Wednesday. Paychex, Inc. has a fifty-two week low of $54.20 and a fifty-two week high of $73.10. The company has a market capitalization of $23,235.71, a price-to-earnings ratio of 28.13, a PEG ratio of 3.47 and a beta of 0.94.

Paychex (NASDAQ:PAYX) last announced its earnings results on Thursday, December 21st. The business services provider reported $0.59 EPS for the quarter, meeting the consensus estimate of $0.59. Paychex had a return on equity of 42.80% and a net margin of 26.02%. The business had revenue of $826.50 million during the quarter, compared to the consensus estimate of $823.48 million. During the same period in the prior year, the business posted $0.56 earnings per share. Paychex’s revenue was up 7.1% compared to the same quarter last year. sell-side analysts predict that Paychex, Inc. will post 2.39 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Thursday, February 1st will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.09%. The ex-dividend date is Wednesday, January 31st. Paychex’s dividend payout ratio is 85.84%.

In related news, insider Michael E. Gioja sold 34,311 shares of the stock in a transaction dated Thursday, January 4th. The stock was sold at an average price of $68.91, for a total value of $2,364,371.01. Following the completion of the sale, the insider now directly owns 63,374 shares of the company’s stock, valued at approximately $4,367,102.34. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Jennifer R. Vossler sold 10,000 shares of the stock in a transaction dated Tuesday, January 16th. The stock was sold at an average price of $68.29, for a total value of $682,900.00. Following the completion of the sale, the vice president now directly owns 31,578 shares of the company’s stock, valued at $2,156,461.62. The disclosure for this sale can be found here. Corporate insiders own 11.70% of the company’s stock.

TRADEMARK VIOLATION WARNING: “3,177 Shares in Paychex, Inc. (PAYX) Acquired by NuWave Investment Management LLC” was first reported by The Cerbat Gem and is the property of of The Cerbat Gem. If you are viewing this report on another publication, it was illegally copied and republished in violation of US and international copyright & trademark law. The correct version of this report can be accessed at https://www.thecerbatgem.com/2018/02/14/3177-shares-in-paychex-inc-payx-acquired-by-nuwave-investment-management-llc.html.

Paychex Company 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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