First Republic Investment Management Inc. increased its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 360,092 shares of the business services provider’s stock after acquiring an additional 3,079 shares during the period. First Republic Investment Management Inc. owned about 0.10% of Paychex worth $26,521,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also recently made changes to their positions in the company. Renaissance Technologies LLC grew its position in shares of Paychex by 168.8% in the third quarter. Renaissance Technologies LLC now owns 93,801 shares of the business services provider’s stock valued at $6,908,000 after purchasing an additional 58,901 shares during the last quarter. Rand Wealth LLC acquired a new stake in shares of Paychex in the third quarter valued at about $204,000. Loomis Sayles & Co. L P acquired a new stake in shares of Paychex in the third quarter valued at about $389,000. Maryland Capital Management grew its position in shares of Paychex by 4.3% in the third quarter. Maryland Capital Management now owns 29,225 shares of the business services provider’s stock valued at $2,152,000 after purchasing an additional 1,215 shares during the last quarter. Finally, Kornitzer Capital Management Inc. KS grew its position in shares of Paychex by 0.6% in the third quarter. Kornitzer Capital Management Inc. KS now owns 122,883 shares of the business services provider’s stock valued at $9,050,000 after purchasing an additional 785 shares during the last quarter. Institutional investors and hedge funds own 69.64% of the company’s stock.
PAYX stock opened at $67.68 on Friday. Paychex, Inc. has a twelve month low of $59.36 and a twelve month high of $76.02. The stock has a market cap of $24.84 billion, a P/E ratio of 26.54, a PEG ratio of 2.86 and a beta of 1.03.
Paychex (NASDAQ:PAYX) last released its earnings results on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.02. Paychex had a return on equity of 42.87% and a net margin of 27.71%. The business had revenue of $862.80 million for the quarter, compared to the consensus estimate of $850.39 million. During the same period last year, the business earned $0.62 earnings per share. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. Analysts anticipate that Paychex, Inc. will post 2.85 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, November 15th. Investors of record on Thursday, November 1st were given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date was Wednesday, October 31st. Paychex’s dividend payout ratio (DPR) is presently 87.84%.
Several brokerages have recently issued reports on PAYX. Barclays began coverage on Paychex in a research report on Wednesday, November 14th. They issued an “equal weight” rating and a $70.00 price target on the stock. BidaskClub raised Paychex from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 10th. Credit Suisse Group raised Paychex from a “neutral” rating to a “buy” rating and set a $82.00 price target on the stock in a research report on Tuesday, October 2nd. BMO Capital Markets raised their price target on Paychex from $70.00 to $77.00 and gave the company a “market perform” rating in a research report on Wednesday, October 3rd. Finally, Stifel Nicolaus raised their price target on Paychex from $69.00 to $73.00 and gave the company a “hold” rating in a research report on Wednesday, October 3rd. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Paychex currently has a consensus rating of “Hold” and an average target price of $72.93.
In other news, Director Joseph Doody bought 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 23rd. The shares were acquired at an average cost of $66.50 per share, with a total value of $66,500.00. Following the completion of the transaction, the director now directly owns 16,639 shares in the company, valued at $1,106,493.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 11.80% of the stock is owned by company insiders.
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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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