Gateway Investment Advisers LLC Cuts Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

Gateway Investment Advisers LLC decreased its holdings in shares of Paychex, Inc. (NASDAQ:PAYXGet Rating) by 15.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 166,531 shares of the business services provider’s stock after selling 30,348 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Paychex were worth $22,726,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Rather & Kittrell Inc. purchased a new stake in Paychex in the fourth quarter worth approximately $25,000. Enterprise Trust & Investment Co purchased a new stake in Paychex in the fourth quarter worth approximately $27,000. Allegheny Financial Group LTD purchased a new stake in Paychex in the fourth quarter worth approximately $28,000. Dixon Hughes Goodman Wealth Advisors LLC purchased a new stake in Paychex in the fourth quarter worth approximately $29,000. Finally, Tortoise Investment Management LLC boosted its stake in Paychex by 67.2% in the fourth quarter. Tortoise Investment Management LLC now owns 219 shares of the business services provider’s stock worth $30,000 after buying an additional 88 shares in the last quarter. 80.43% of the stock is owned by institutional investors.

PAYX traded up $0.81 during trading on Thursday, reaching $116.44. The stock had a trading volume of 22,267 shares, compared to its average volume of 1,541,502. The stock’s 50 day moving average is $124.01 and its two-hundred day moving average is $124.99. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $42.04 billion, a price-to-earnings ratio of 30.83, a P/E/G ratio of 3.81 and a beta of 0.98. Paychex, Inc. has a one year low of $102.58 and a one year high of $141.92.

Paychex (NASDAQ:PAYXGet Rating) last posted its quarterly earnings data on Wednesday, March 30th. The business services provider reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.11. Paychex had a return on equity of 43.02% and a net margin of 30.23%. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the prior year, the company earned $0.96 earnings per share. The firm’s quarterly revenue was up 14.8% compared to the same quarter last year. On average, equities research analysts predict that Paychex, Inc. will post 3.75 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, May 26th. Stockholders of record on Thursday, May 12th were paid a $0.79 dividend. This is a boost from Paychex’s previous quarterly dividend of $0.66. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date of this dividend was Wednesday, May 11th. Paychex’s dividend payout ratio is currently 84.27%.

In other news, VP Karen E. Saunders-Mcclendon sold 203 shares of the stock in a transaction on Friday, April 15th. The stock was sold at an average price of $136.69, for a total value of $27,748.07. Following the sale, the vice president now directly owns 2,994 shares of the company’s stock, valued at $409,249.86. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Michael E. Gioja sold 26,000 shares of the stock in a transaction on Tuesday, April 5th. The stock was sold at an average price of $141.26, for a total value of $3,672,760.00. Following the completion of the sale, the vice president now directly owns 52,349 shares in the company, valued at $7,394,819.74. The disclosure for this sale can be found here. Corporate insiders own 11.50% of the company’s stock.

Several brokerages have weighed in on PAYX. Cowen lowered their price objective on Paychex from $151.00 to $140.00 in a research report on Tuesday. Jefferies Financial Group lowered their price objective on Paychex from $140.00 to $130.00 in a research report on Monday, May 23rd. StockNews.com began coverage on Paychex in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Citigroup boosted their price objective on Paychex from $140.00 to $145.00 and gave the company a “neutral” rating in a research report on Wednesday, April 6th. Finally, Robert W. Baird upped their target price on Paychex from $137.00 to $142.00 in a report on Thursday, March 31st. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $128.67.

Paychex Company Profile (Get Rating)

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.

Read More

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:PAYXGet Rating).

Institutional Ownership by Quarter for Paychex (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.