Logan Capital Management Inc. Lowers Position in Paychex, Inc. (NASDAQ:PAYX)

Logan Capital Management Inc. lessened its holdings in Paychex, Inc. (NASDAQ:PAYXFree Report) by 20.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,156 shares of the business services provider’s stock after selling 302 shares during the period. Logan Capital Management Inc.’s holdings in Paychex were worth $138,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Shell Asset Management Co. increased its position in Paychex by 511.9% during the fourth quarter. Shell Asset Management Co. now owns 12,213 shares of the business services provider’s stock valued at $1,455,000 after acquiring an additional 10,217 shares during the last quarter. Core Wealth Advisors Inc. bought a new position in Paychex during the fourth quarter valued at $45,000. Security National Bank bought a new position in Paychex during the fourth quarter valued at $80,000. Prudential PLC increased its position in Paychex by 13.2% during the fourth quarter. Prudential PLC now owns 33,073 shares of the business services provider’s stock valued at $3,939,000 after acquiring an additional 3,848 shares during the last quarter. Finally, Azimuth Capital Investment Management LLC boosted its stake in shares of Paychex by 50.4% during the fourth quarter. Azimuth Capital Investment Management LLC now owns 49,353 shares of the business services provider’s stock valued at $5,878,000 after purchasing an additional 16,543 shares during the period. Institutional investors own 83.47% of the company’s stock.

Insider Buying and Selling

In other news, Director David J. S. Flaschen sold 19,709 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $124.55, for a total transaction of $2,454,755.95. Following the sale, the director now owns 5,383 shares of the company’s stock, valued at approximately $670,452.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 11.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on PAYX shares. Evercore ISI reissued an “in-line” rating and set a $118.00 target price on shares of Paychex in a research note on Tuesday, March 26th. Wedbush reissued a “neutral” rating and set a $115.00 target price on shares of Paychex in a research note on Wednesday, April 3rd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $130.00 price objective on shares of Paychex in a research note on Tuesday, May 21st. TD Cowen lowered their price objective on shares of Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a research note on Wednesday, April 3rd. Finally, Bank of America upped their price objective on shares of Paychex from $108.00 to $111.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 3rd. Two equities research analysts have rated the stock with a sell rating and ten have given a hold rating to the company. According to data from MarketBeat.com, Paychex currently has an average rating of “Hold” and an average target price of $123.00.

Check Out Our Latest Stock Analysis on PAYX

Paychex Stock Performance

PAYX opened at $121.94 on Tuesday. Paychex, Inc. has a 52-week low of $106.27 and a 52-week high of $129.70. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.21. The company has a market cap of $43.89 billion, a P/E ratio of 26.57, a price-to-earnings-growth ratio of 3.40 and a beta of 0.96. The firm’s 50-day moving average price is $122.06 and its 200-day moving average price is $121.91.

Paychex (NASDAQ:PAYXGet Free Report) last issued its quarterly earnings results on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.01. Paychex had a net margin of 31.86% and a return on equity of 46.14%. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the prior year, the company earned $1.29 EPS. Paychex’s quarterly revenue was up 4.2% on a year-over-year basis. As a group, equities analysts anticipate that Paychex, Inc. will post 4.71 EPS for the current fiscal year.

Paychex Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Investors of record on Friday, May 10th were issued a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 3.21%. The ex-dividend date was Thursday, May 9th. This is an increase from Paychex’s previous quarterly dividend of $0.89. Paychex’s dividend payout ratio is 85.40%.

Paychex Profile

(Free Report)

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

See Also

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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