Paychex, Inc. (PAYX) Position Raised by Northwestern Mutual Wealth Management Co.
Northwestern Mutual Wealth Management Co. increased its stake in Paychex, Inc. (NASDAQ:PAYX) by 6.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 27,192 shares of the business services provider’s stock after acquiring an additional 1,709 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Paychex were worth $2,001,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Victory Capital Management Inc. increased its holdings in Paychex by 19.1% in the 3rd quarter. Victory Capital Management Inc. now owns 251,457 shares of the business services provider’s stock worth $18,520,000 after acquiring an additional 40,304 shares in the last quarter. JNBA Financial Advisors purchased a new stake in shares of Paychex during the third quarter worth $465,000. Wedge Capital Management L L P NC purchased a new stake in shares of Paychex during the third quarter worth $55,821,000. US Bancorp DE grew its holdings in shares of Paychex by 0.7% during the third quarter. US Bancorp DE now owns 125,328 shares of the business services provider’s stock worth $9,229,000 after buying an additional 930 shares in the last quarter. Finally, WBI Investments Inc. purchased a new stake in shares of Paychex during the third quarter worth $6,892,000. 67.22% of the stock is owned by institutional investors.
In other Paychex news, VP Jennifer R. Vossler sold 4,000 shares of the company’s stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $70.51, for a total value of $282,040.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Joseph Doody bought 1,000 shares of the firm’s stock in a transaction on Tuesday, October 23rd. The stock was bought at an average cost of $66.50 per share, for a total transaction of $66,500.00. Following the transaction, the director now directly owns 16,639 shares of the company’s stock, valued at $1,106,493.50. The disclosure for this purchase can be found here. Insiders own 11.80% of the company’s stock.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.02. The firm had revenue of $862.80 million for the quarter, compared to analysts’ expectations of $850.39 million. Paychex had a net margin of 27.71% and a return on equity of 42.87%. The company’s revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.62 EPS. Analysts expect that Paychex, Inc. will post 2.85 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Thursday, November 1st will be given a dividend of $0.56 per share. The ex-dividend date is Wednesday, October 31st. This represents a $2.24 annualized dividend and a dividend yield of 3.25%. Paychex’s payout ratio is 87.84%.
PAYX has been the subject of a number of research reports. BidaskClub lowered shares of Paychex from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 31st. Credit Suisse Group raised shares of Paychex from a “neutral” rating to a “buy” rating and set a $82.00 target price for the company in a report on Tuesday, October 2nd. Morgan Stanley upped their target price on shares of Paychex from $67.00 to $73.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 3rd. Stifel Nicolaus upped their target price on shares of Paychex from $69.00 to $73.00 and gave the stock a “hold” rating in a report on Wednesday, October 3rd. Finally, Jefferies Financial Group initiated coverage on shares of Paychex in a report on Monday, October 1st. They set a “hold” rating and a $75.00 target price for the company. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and three have issued a buy rating to the company’s stock. Paychex presently has a consensus rating of “Hold” and a consensus target price of $72.93.
Paychex Company Profile
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
See Also: Exchange-Traded Funds (ETFs)
Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex, Inc. (NASDAQ:PAYX).
Receive News & Ratings for Paychex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex and related companies with MarketBeat.com's FREE daily email newsletter.