Manning & Napier Group LLC grew its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 10.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 100,504 shares of the business services provider’s stock after purchasing an additional 9,351 shares during the period. Manning & Napier Group LLC’s holdings in Paychex were worth $7,402,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of PAYX. Advisors Preferred LLC raised its stake in Paychex by 116.4% in the 2nd quarter. Advisors Preferred LLC now owns 1,567 shares of the business services provider’s stock worth $107,000 after acquiring an additional 843 shares during the last quarter. Clarus Wealth Advisors purchased a new position in Paychex in the 2nd quarter worth $109,000. Fort L.P. purchased a new position in Paychex in the 2nd quarter worth $121,000. Rational Advisors LLC purchased a new position in Paychex in the 2nd quarter worth $151,000. Finally, Financial Gravity Wealth Inc. purchased a new position in Paychex in the 1st quarter worth $137,000. Hedge funds and other institutional investors own 66.99% of the company’s stock.
In other news, Director David J. S. Flaschen sold 6,250 shares of the firm’s stock in a transaction dated Monday, July 30th. The stock was sold at an average price of $69.62, for a total transaction of $435,125.00. Following the sale, the director now directly owns 32,787 shares in the company, valued at approximately $2,282,630.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Grant M. Inman sold 7,853 shares of the firm’s stock in a transaction dated Thursday, July 26th. The shares were sold at an average price of $71.74, for a total value of $563,374.22. Following the sale, the director now owns 43,185 shares in the company, valued at $3,098,091.90. The disclosure for this sale can be found here. Insiders have sold a total of 108,673 shares of company stock worth $7,843,354 over the last ninety days. 11.80% of the stock is owned by insiders.
Shares of PAYX opened at $68.26 on Friday. The stock has a market cap of $26.44 billion, a price-to-earnings ratio of 26.79, a P/E/G ratio of 3.24 and a beta of 0.95. Paychex, Inc. has a fifty-two week low of $59.36 and a fifty-two week high of $76.02.
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, topping the consensus estimate of $0.65 by $0.02. The company had revenue of $862.80 million for the quarter, compared to the consensus estimate of $850.39 million. Paychex had a return on equity of 44.29% and a net margin of 27.62%. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period last year, the firm earned $0.62 EPS. Equities analysts anticipate that Paychex, Inc. will post 2.84 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Thursday, November 1st will be given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.28%. Paychex’s dividend payout ratio is currently 87.84%.
PAYX has been the subject of a number of research analyst reports. BidaskClub lowered Paychex from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 29th. ValuEngine upgraded Paychex from a “hold” rating to a “buy” rating in a research note on Monday, July 2nd. Credit Suisse Group upgraded Paychex from a “neutral” rating to a “buy” rating and set a $82.00 target price for the company in a research note on Tuesday, October 2nd. Morgan Stanley raised their target price on Paychex from $66.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 28th. Finally, Stifel Nicolaus raised their target price on Paychex from $66.00 to $69.00 and gave the stock a “hold” rating in a research note on Thursday, June 28th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $72.93.
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.
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