GW&K Investment Management LLC lifted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 435,887 shares of the business services provider’s stock after buying an additional 1,419 shares during the quarter. GW&K Investment Management LLC owned approximately 0.12% of Paychex worth $36,078,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Benjamin Edwards Inc. boosted its position in Paychex by 58.2% during the third quarter. Benjamin Edwards Inc. now owns 348 shares of the business services provider’s stock valued at $29,000 after purchasing an additional 128 shares in the last quarter. Aspiriant LLC bought a new stake in Paychex during the third quarter valued at about $961,000. First Trust Advisors LP boosted its position in Paychex by 4.3% during the third quarter. First Trust Advisors LP now owns 824,457 shares of the business services provider’s stock valued at $68,240,000 after purchasing an additional 33,833 shares in the last quarter. Daiwa Securities Group Inc. boosted its position in Paychex by 6.5% during the third quarter. Daiwa Securities Group Inc. now owns 13,776 shares of the business services provider’s stock valued at $1,140,000 after purchasing an additional 840 shares in the last quarter. Finally, First National Bank of Omaha boosted its position in Paychex by 1.7% during the third quarter. First National Bank of Omaha now owns 54,377 shares of the business services provider’s stock valued at $4,501,000 after purchasing an additional 896 shares in the last quarter. 69.98% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages recently weighed in on PAYX. BidaskClub downgraded Paychex from a “hold” rating to a “sell” rating in a research report on Thursday. Argus reaffirmed a “buy” rating and set a $92.00 price objective on shares of Paychex in a research report on Thursday, October 3rd. ValuEngine downgraded Paychex from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Cowen assumed coverage on Paychex in a report on Wednesday, September 11th. They issued a “market perform” rating and a $74.00 price target for the company. Finally, Morgan Stanley downgraded Paychex from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $77.00 to $74.00 in a report on Thursday, August 15th. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $79.33.
Shares of NASDAQ:PAYX traded up $0.37 during trading on Friday, hitting $83.25. The stock had a trading volume of 1,718,500 shares, compared to its average volume of 1,784,401. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.35. Paychex, Inc. has a 12-month low of $61.32 and a 12-month high of $88.43. The stock has a 50-day simple moving average of $83.50 and a two-hundred day simple moving average of $84.04. The stock has a market capitalization of $29.56 billion, a price-to-earnings ratio of 29.31, a price-to-earnings-growth ratio of 3.80 and a beta of 0.89.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, October 2nd. The business services provider reported $0.71 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.02. The firm had revenue of $992.00 million for the quarter, compared to analyst estimates of $991.70 million. Paychex had a return on equity of 41.07% and a net margin of 27.04%. The business’s revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.67 earnings per share. As a group, sell-side analysts forecast that Paychex, Inc. will post 3.11 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Friday, November 1st will be paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date is Thursday, October 31st. Paychex’s dividend payout ratio is presently 87.32%.
In other news, Director David J. S. Flaschen sold 13,052 shares of Paychex stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $84.50, for a total value of $1,102,894.00. Following the sale, the director now directly owns 43,564 shares of the company’s stock, valued at $3,681,158. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Pamela A. Joseph sold 22,339 shares of Paychex stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $85.06, for a total value of $1,900,155.34. Following the completion of the sale, the director now directly owns 17,587 shares in the company, valued at $1,495,950.22. The disclosure for this sale can be found here. Insiders sold 67,256 shares of company stock worth $5,707,113 over the last ninety days. Corporate insiders own 11.70% of the company’s stock.
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.
Recommended Story: Market Capitalization and Individual Investors
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.