FDx Advisors Inc. Boosts Position in Paychex, Inc. (PAYX)
FDx Advisors Inc. boosted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 11.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 55,796 shares of the business services provider’s stock after acquiring an additional 5,690 shares during the quarter. FDx Advisors Inc.’s holdings in Paychex were worth $3,346,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of the stock. Swiss National Bank increased its position in Paychex by 0.8% during the third quarter. Swiss National Bank now owns 1,853,303 shares of the business services provider’s stock valued at $111,124,000 after acquiring an additional 15,200 shares during the last quarter. Sunbelt Securities Inc. increased its position in Paychex by 31.5% during the third quarter. Sunbelt Securities Inc. now owns 8,383 shares of the business services provider’s stock valued at $503,000 after acquiring an additional 2,006 shares during the last quarter. Morgan Dempsey Capital Management LLC increased its position in Paychex by 6.4% during the third quarter. Morgan Dempsey Capital Management LLC now owns 88,577 shares of the business services provider’s stock valued at $5,311,000 after acquiring an additional 5,363 shares during the last quarter. Maple Capital Management Inc. increased its position in Paychex by 9.6% during the third quarter. Maple Capital Management Inc. now owns 89,640 shares of the business services provider’s stock valued at $5,375,000 after acquiring an additional 7,875 shares during the last quarter. Finally, Bank of Hawaii purchased a new stake in Paychex during the third quarter valued at $508,000. Institutional investors own 67.13% of the company’s stock.
Paychex, Inc. (NASDAQ PAYX) traded down $0.19 during midday trading on Friday, hitting $64.57. The stock had a trading volume of 1,332,600 shares, compared to its average volume of 1,996,593. The company has a market capitalization of $23,270.16, a price-to-earnings ratio of 28.53, a price-to-earnings-growth ratio of 3.51 and a beta of 0.99. Paychex, Inc. has a 1 year low of $54.20 and a 1 year high of $65.62.
Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.02. The firm had revenue of $816.80 million during the quarter, compared to analyst estimates of $816.34 million. Paychex had a return on equity of 43.01% and a net margin of 26.01%. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.60 earnings per share. research analysts forecast that Paychex, Inc. will post 2.38 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date is Tuesday, October 31st. Paychex’s dividend payout ratio (DPR) is 87.34%.
A number of analysts recently commented on the company. Morgan Stanley reiterated an “equal weight” rating and set a $59.00 price objective (up previously from $55.00) on shares of Paychex in a research report on Wednesday, October 4th. Wells Fargo & Company boosted their price target on Paychex from $58.00 to $60.00 and gave the company a “market perform” rating in a report on Wednesday, October 4th. Bank of America Corporation boosted their price target on Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, October 4th. BMO Capital Markets reissued a “market perform” rating and set a $62.00 price target (up previously from $60.00) on shares of Paychex in a report on Wednesday, October 4th. Finally, Royal Bank Of Canada reissued an “underperform” rating and set a $57.00 price target (up previously from $54.00) on shares of Paychex in a report on Wednesday, October 4th. Five equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $60.07.
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In related news, CEO Martin Mucci sold 29,786 shares of the stock in a transaction that occurred on Thursday, October 5th. The stock was sold at an average price of $63.17, for a total transaction of $1,881,581.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Laurie L. Zaucha sold 15,000 shares of the stock in a transaction that occurred on Tuesday, October 3rd. The shares were sold at an average price of $62.00, for a total value of $930,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 94,395 shares of company stock valued at $5,914,383. Corporate insiders own 11.70% of the company’s stock.
Paychex Company Profile
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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