Kornitzer Capital Management Inc. KS trimmed its holdings in Paychex, Inc. (NASDAQ:PAYX) by 2.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 68,493 shares of the business services provider’s stock after selling 1,425 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Paychex were worth $5,669,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of PAYX. Vigilant Capital Management LLC acquired a new position in shares of Paychex in the third quarter worth about $27,000. Cornerstone Advisors Inc. raised its position in shares of Paychex by 91.9% in the third quarter. Cornerstone Advisors Inc. now owns 330 shares of the business services provider’s stock worth $27,000 after acquiring an additional 158 shares during the period. Manchester Financial Inc. acquired a new position in shares of Paychex in the second quarter worth about $29,000. Stonebridge Capital Advisors LLC acquired a new position in shares of Paychex in the second quarter worth about $32,000. Finally, Quest Capital Management Inc. ADV acquired a new position in shares of Paychex in the third quarter worth about $35,000. 69.98% of the stock is currently owned by institutional investors.
A number of research analysts have weighed in on the stock. Cowen started coverage on shares of Paychex in a research report on Wednesday, September 11th. They issued a “market perform” rating and a $74.00 price objective for the company. ValuEngine downgraded shares of Paychex from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Barclays upped their price target on shares of Paychex from $80.00 to $84.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Argus restated a “buy” rating and set a $92.00 price target on shares of Paychex in a research report on Thursday, October 3rd. Finally, BidaskClub downgraded shares of Paychex from a “hold” rating to a “sell” rating in a research report on Thursday. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. Paychex has a consensus rating of “Hold” and a consensus price target of $79.33.
In other Paychex news, Director David J. S. Flaschen sold 13,052 shares of the stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $84.50, for a total transaction of $1,102,894.00. Following the sale, the director now directly owns 43,564 shares in the company, valued at approximately $3,681,158. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Martin Mucci sold 31,865 shares of the stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $84.86, for a total transaction of $2,704,063.90. Following the sale, the chief executive officer now owns 362,806 shares in the company, valued at $30,787,717.16. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 67,256 shares of company stock worth $5,707,113. 11.70% of the stock is owned by company insiders.
Shares of PAYX traded up $0.37 during mid-day trading on Friday, hitting $83.25. 1,718,500 shares of the company were exchanged, compared to its average volume of 1,784,401. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.15 and a current ratio of 1.15. The stock has a market cap 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. The company has a 50 day moving average of $83.50 and a 200-day moving average of $84.04. Paychex, Inc. has a 1-year low of $61.32 and a 1-year high of $88.43.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Wednesday, October 2nd. The business services provider reported $0.71 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.02. The firm had revenue of $992.00 million during the quarter, compared to analysts’ expectations of $991.70 million. Paychex had a net margin of 27.04% and a return on equity of 41.07%. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the company posted $0.67 EPS. Research analysts anticipate that Paychex, Inc. will post 3.11 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Friday, November 1st will be issued a dividend of $0.62 per share. The ex-dividend date is Thursday, October 31st. This represents a $2.48 dividend on an annualized basis and a yield of 2.98%. Paychex’s dividend payout ratio (DPR) is presently 87.32%.
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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