Paychex, Inc. (NASDAQ:PAYX) Shares Sold by Voya Financial Advisors Inc.
Voya Financial Advisors Inc. lowered its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 2.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,012 shares of the business services provider’s stock after selling 242 shares during the quarter. Voya Financial Advisors Inc.’s holdings in Paychex were worth $738,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in PAYX. Norges Bank acquired a new position in shares of Paychex during the fourth quarter valued at approximately $195,397,000. Select Equity Group L.P. raised its holdings in shares of Paychex by 37.9% during the fourth quarter. Select Equity Group L.P. now owns 6,518,891 shares of the business services provider’s stock valued at $607,430,000 after acquiring an additional 1,792,651 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Paychex by 19.8% during the fourth quarter. Bank of New York Mellon Corp now owns 7,418,658 shares of the business services provider’s stock valued at $691,270,000 after acquiring an additional 1,224,938 shares during the last quarter. Alliancebernstein L.P. grew its position in shares of Paychex by 27.6% in the fourth quarter. Alliancebernstein L.P. now owns 1,843,106 shares of the business services provider’s stock valued at $171,741,000 after purchasing an additional 398,703 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Paychex by 8.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,554,302 shares of the business services provider’s stock valued at $424,370,000 after purchasing an additional 338,582 shares in the last quarter. 70.00% of the stock is owned by institutional investors and hedge funds.
PAYX has been the subject of a number of analyst reports. Wolfe Research lowered Paychex from a “market perform” rating to an “underperform” rating and set a $94.00 price target for the company. in a research report on Wednesday. Wells Fargo & Company initiated coverage on Paychex in a research report on Friday, December 18th. They issued an “overweight” rating and a $105.00 price target for the company. Robert W. Baird upped their price target on Paychex from $82.00 to $94.00 and gave the company an “outperform” rating in a research report on Wednesday. Moffett Nathanson upped their price target on Paychex from $100.00 to $105.00 in a research report on Monday, December 28th. Finally, Jefferies Financial Group restated a “hold” rating and issued a $95.00 price target (up from $85.00) on shares of Paychex in a research report on Wednesday, December 23rd. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $93.00.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Monday, April 5th. The business services provider reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.04. Paychex had a return on equity of 37.99% and a net margin of 26.66%. The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the prior year, the firm earned $0.97 earnings per share. The firm’s revenue was down 2.7% compared to the same quarter last year. Analysts forecast that Paychex, Inc. will post 2.94 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, February 25th. Shareholders of record on Monday, February 1st were paid a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date was Friday, January 29th. Paychex’s dividend payout ratio (DPR) is 82.67%.
In other news, VP John B. Gibson sold 82,488 shares of the stock in a transaction on Tuesday, February 2nd. The stock was sold at an average price of $89.79, for a total value of $7,406,597.52. Also, CEO Martin Mucci sold 50,000 shares of the stock in a transaction on Friday, February 26th. The shares were sold at an average price of $91.09, for a total value of $4,554,500.00. 11.70% of the stock is owned by corporate insiders.
Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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.
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