Smith Salley & Associates trimmed its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 6.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 30,112 shares of the business services provider’s stock after selling 2,063 shares during the quarter. Smith Salley & Associates’ holdings in Paychex were worth $2,218,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Advisors Preferred LLC boosted its stake in shares of Paychex by 116.4% during the second quarter. Advisors Preferred LLC now owns 1,567 shares of the business services provider’s stock valued at $107,000 after purchasing an additional 843 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in shares of Paychex during the third quarter valued at about $115,000. Fort L.P. acquired a new stake in shares of Paychex during the second quarter valued at about $121,000. TRUE Private Wealth Advisors acquired a new stake in shares of Paychex during the third quarter valued at about $137,000. Finally, Rational Advisors LLC acquired a new stake in shares of Paychex during the second quarter valued at about $151,000. 67.22% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have recently commented on the company. Wolfe Research started coverage on Paychex in a research note on Tuesday, July 17th. They set a “market perform” rating on the stock. Morgan Stanley raised their price objective on Paychex from $67.00 to $73.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 3rd. Credit Suisse Group started coverage on Paychex in a research report on Friday, August 10th. They set a “neutral” rating and a $72.00 price objective for the company. BMO Capital Markets raised their price objective on Paychex from $70.00 to $77.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 3rd. Finally, JPMorgan Chase & Co. downgraded Paychex from a “neutral” rating to an “underweight” rating and set a $65.00 price objective for the company. in a research report on Tuesday, August 14th. 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. Paychex presently has a consensus rating of “Hold” and a consensus target price of $72.93.
Shares of PAYX opened at $69.02 on Friday. Paychex, Inc. has a 1 year low of $59.36 and a 1 year high of $76.02. The stock has a market cap of $24.59 billion, a PE ratio of 27.39, a P/E/G ratio of 2.83 and a beta of 1.02.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.02. Paychex had a return on equity of 42.87% and a net margin of 27.71%. The company had revenue of $862.80 million during the quarter, compared to the consensus estimate of $850.39 million. During the same period last year, the company earned $0.62 earnings per share. The firm’s revenue was up 8.8% compared to the same quarter last year. On average, research analysts predict that Paychex, Inc. will post 2.85 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Thursday, November 1st will be issued a $0.56 dividend. The ex-dividend date of this dividend is Wednesday, October 31st. This represents a $2.24 dividend on an annualized basis and a yield of 3.25%. Paychex’s payout ratio is currently 87.84%.
In other Paychex news, VP John B. Gibson sold 47,250 shares of Paychex stock in a transaction that occurred on Wednesday, September 5th. The stock was sold at an average price of $73.50, for a total value of $3,472,875.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Jennifer R. Vossler sold 4,000 shares of Paychex stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $70.51, for a total value of $282,040.00. The disclosure for this sale can be found here. Insiders own 11.80% of the company’s stock.
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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.
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