Rafferty Asset Management LLC reduced its holdings in Paychex, Inc. (NASDAQ:PAYX – Get Rating) by 11.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 94,082 shares of the business services provider’s stock after selling 11,868 shares during the quarter. Rafferty Asset Management LLC’s holdings in Paychex were worth $10,713,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of PAYX. Bank of New York Mellon Corp lifted its holdings in shares of Paychex by 33.5% in the 1st quarter. Bank of New York Mellon Corp now owns 12,443,301 shares of the business services provider’s stock valued at $1,698,137,000 after buying an additional 3,122,688 shares during the period. Capital International Investors lifted its holdings in shares of Paychex by 9.7% in the 1st quarter. Capital International Investors now owns 16,362,480 shares of the business services provider’s stock valued at $2,233,017,000 after buying an additional 1,445,699 shares during the period. FMR LLC lifted its holdings in shares of Paychex by 179.5% in the 2nd quarter. FMR LLC now owns 1,135,007 shares of the business services provider’s stock valued at $129,244,000 after buying an additional 728,857 shares during the period. Los Angeles Capital Management LLC lifted its holdings in shares of Paychex by 1,186.2% in the 2nd quarter. Los Angeles Capital Management LLC now owns 777,360 shares of the business services provider’s stock valued at $88,518,000 after buying an additional 716,921 shares during the period. Finally, National Bank of Canada FI raised its holdings in Paychex by 614.3% during the second quarter. National Bank of Canada FI now owns 648,626 shares of the business services provider’s stock worth $73,871,000 after purchasing an additional 557,825 shares during the last quarter. 71.80% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several equities analysts recently issued reports on PAYX shares. Cowen lifted their price objective on Paychex from $125.00 to $132.00 and gave the stock an “outperform” rating in a report on Thursday, September 29th. Robert W. Baird lifted their price objective on Paychex to $134.00 in a report on Wednesday, October 5th. Credit Suisse Group reduced their price objective on Paychex from $150.00 to $138.00 and set an “outperform” rating for the company in a report on Thursday, September 29th. StockNews.com started coverage on Paychex in a report on Wednesday, October 12th. They set a “hold” rating for the company. Finally, Cowen lifted their price objective on Paychex from $125.00 to $132.00 and gave the stock an “outperform” rating in a report on Thursday, September 29th. Eight research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Paychex currently has an average rating of “Hold” and an average target price of $130.45.
Paychex Price Performance
Paychex (NASDAQ:PAYX – Get Rating) last announced its quarterly earnings data on Wednesday, September 28th. The business services provider reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.06. The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.17 billion. Paychex had a return on equity of 44.87% and a net margin of 30.38%. The business’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.89 earnings per share. Analysts forecast that Paychex, Inc. will post 4.21 earnings per share for the current fiscal year.
Paychex Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 23rd. Stockholders of record on Wednesday, November 9th were given a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date was Tuesday, November 8th. Paychex’s dividend payout ratio is currently 79.60%.
In other news, CFO Efrain Rivera sold 298 shares of Paychex stock in a transaction on Thursday, October 20th. The stock was sold at an average price of $111.06, for a total value of $33,095.88. Following the completion of the sale, the chief financial officer now owns 79,275 shares of the company’s stock, valued at $8,804,281.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 11.50% of the company’s stock.
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, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
- Get a free copy of the StockNews.com research report on Paychex (PAYX)
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