Paychex, Inc. (PAYX) Shares Bought by Kayne Anderson Rudnick Investment Management LLC
Kayne Anderson Rudnick Investment Management LLC grew its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 1.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 81,606 shares of the business services provider’s stock after buying an additional 817 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in Paychex were worth $4,893,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Salem Investment Counselors Inc. grew its stake in shares of Paychex by 0.6% during the second quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock valued at $102,000 after purchasing an additional 11 shares during the last quarter. Dupont Capital Management Corp bought a new stake in shares of Paychex during the second quarter valued at approximately $129,000. Sun Life Financial INC grew its stake in shares of Paychex by 23,260.0% during the second quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock valued at $133,000 after purchasing an additional 2,326 shares during the last quarter. San Francisco Sentry Investment Group CA bought a new stake in shares of Paychex during the second quarter valued at approximately $145,000. Finally, Koshinski Asset Management Inc. bought a new stake in shares of Paychex during the second quarter valued at approximately $201,000. 67.02% of the stock is currently owned by institutional investors and hedge funds.
PAYX has been the topic of several research analyst reports. Bank of America Corporation increased their price target on shares of Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, October 4th. Royal Bank Of Canada reissued an “underperform” rating and set a $57.00 price target (up from $54.00) on shares of Paychex in a research note on Wednesday, October 4th. BidaskClub raised shares of Paychex from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. William Blair cut shares of Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. Finally, Morgan Stanley reissued an “equal weight” rating and set a $59.00 price target (up from $55.00) on shares of Paychex in a research note on Wednesday, October 4th. Five analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $60.07.
In other Paychex news, VP John B. Gibson sold 6,000 shares of the stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $63.70, for a total value of $382,200.00. Following the sale, the vice president now directly owns 21,758 shares in the company, valued at $1,385,984.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Martin Mucci sold 29,786 shares of the stock in a transaction 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 94,395 shares of company stock worth $5,914,383. Company insiders own 11.70% of the company’s stock.
Shares of Paychex, Inc. (NASDAQ:PAYX) traded down $0.72 during midday trading on Friday, reaching $64.92. 1,589,898 shares of the company traded hands, compared to its average volume of 1,990,786. Paychex, Inc. has a fifty-two week low of $54.20 and a fifty-two week high of $66.31. The firm has a market capitalization of $23,560.00, a price-to-earnings ratio of 28.80, a P/E/G ratio of 3.54 and a beta of 0.99.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The business had revenue of $816.80 million for the quarter, compared to analyst estimates of $816.34 million. Paychex had a net margin of 26.01% and a return on equity of 43.01%. Paychex’s revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.60 earnings per share. equities research analysts expect that Paychex, Inc. will post 2.38 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st were issued a $0.50 dividend. The ex-dividend date was Tuesday, October 31st. This represents a $2.00 annualized dividend and a yield of 3.08%. Paychex’s dividend payout ratio (DPR) is presently 87.34%.
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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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