Fjarde AP Fonden Fourth Swedish National Pension Fund Sells 3,588 Shares of Paychex, Inc. (PAYX)
Fjarde AP Fonden Fourth Swedish National Pension Fund lowered its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 5.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 65,617 shares of the business services provider’s stock after selling 3,588 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Paychex were worth $3,865,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Russell Investments Group Ltd. purchased a new position in shares of Paychex during the fourth quarter worth $5,113,000. Van ECK Associates Corp raised its position in Paychex by 5.9% in the fourth quarter. Van ECK Associates Corp now owns 6,137 shares of the business services provider’s stock valued at $374,000 after buying an additional 342 shares in the last quarter. Alethea Capital Management LLC bought a new position in Paychex during the fourth quarter valued at approximately $2,145,000. Prudential PLC raised its position in Paychex by 30.7% in the fourth quarter. Prudential PLC now owns 39,600 shares of the business services provider’s stock valued at $2,410,000 after buying an additional 9,300 shares in the last quarter. Finally, Honkamp Krueger Financial Services Inc. ADV bought a new position in Paychex during the fourth quarter valued at approximately $525,000. Hedge funds and other institutional investors own 68.51% of the company’s stock.
Shares of Paychex, Inc. (PAYX) opened at 61.13 on Tuesday. The firm has a 50-day moving average of $58.77 and a 200 day moving average of $59.94. Paychex, Inc. has a 52 week low of $52.78 and a 52 week high of $63.03. The company has a market cap of $21.96 billion, a P/E ratio of 27.79 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last released its earnings results on Wednesday, March 29th. The business services provider reported $0.55 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.01. The company had revenue of $795.80 million for the quarter, compared to analyst estimates of $799.08 million. Paychex had a net margin of 25.75% and a return on equity of 42.04%. The firm’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.50 EPS. Equities analysts expect that Paychex, Inc. will post $2.23 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, May 25th. Shareholders of record on Wednesday, May 10th were issued a dividend of $0.46 per share. The ex-dividend date was Monday, May 8th. This represents a $1.84 dividend on an annualized basis and a yield of 3.01%. Paychex’s dividend payout ratio (DPR) is presently 85.58%.
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Several research analysts recently commented on the company. Jefferies Group LLC reiterated a “sell” rating and issued a $50.00 price target on shares of Paychex in a research report on Tuesday, March 21st. Goldman Sachs Group, Inc. (The) lowered Paychex from a “buy” rating to a “neutral” rating in a research report on Tuesday. Wedbush reiterated a “neutral” rating and issued a $61.25 price target (down previously from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. Finally, BMO Capital Markets dropped their price target on Paychex from $61.00 to $60.00 and set a “market perform” rating for the company in a research report on Thursday, March 30th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $58.85.
In other news, Director Grant M. Inman sold 10,654 shares of the firm’s stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $57.75, for a total value of $615,268.50. Following the sale, the director now directly owns 32,514 shares in the company, valued at approximately $1,877,683.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jennifer R. Vossler sold 10,000 shares of the firm’s stock in a transaction on Friday, May 5th. The shares were sold at an average price of $58.76, for a total transaction of $587,600.00. Following the completion of the sale, the vice president now owns 33,483 shares in the company, valued at $1,967,461.08. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 64,654 shares of company stock worth $3,827,829. 11.60% of the stock is owned by company insiders.
Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.
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