Cambridge Investment Research Advisors Inc. Sells 19,279 Shares of Paychex, Inc. (PAYX)
Cambridge Investment Research Advisors Inc. cut its holdings in Paychex, Inc. (NASDAQ:PAYX) by 40.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 28,241 shares of the business services provider’s stock after selling 19,279 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Paychex were worth $1,693,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in PAYX. Vanguard Group Inc. raised its position in shares of Paychex by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 23,043,348 shares of the business services provider’s stock valued at $1,312,089,000 after purchasing an additional 589,880 shares during the period. FMR LLC raised its position in shares of Paychex by 6.2% during the 2nd quarter. FMR LLC now owns 10,476,188 shares of the business services provider’s stock valued at $596,514,000 after purchasing an additional 610,088 shares during the period. Bank of New York Mellon Corp raised its position in shares of Paychex by 0.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 7,901,485 shares of the business services provider’s stock valued at $473,772,000 after purchasing an additional 64,254 shares during the period. Royal Bank of Canada raised its position in shares of Paychex by 3.3% during the 2nd quarter. Royal Bank of Canada now owns 3,081,752 shares of the business services provider’s stock valued at $175,475,000 after purchasing an additional 97,170 shares during the period. Finally, UBS Asset Management Americas Inc. raised its position in shares of Paychex by 2.7% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 2,191,736 shares of the business services provider’s stock valued at $124,797,000 after purchasing an additional 57,610 shares during the period. Institutional investors and hedge funds own 67.65% of the company’s stock.
Several analysts have recently commented on the stock. Stifel Nicolaus restated a “hold” rating and set a $61.00 price objective on shares of Paychex in a research report on Friday, August 18th. BidaskClub cut shares of Paychex from a “sell” rating to a “strong sell” rating in a research note on Sunday, August 6th. BMO Capital Markets reaffirmed a “market perform” rating and set a $62.00 target price (up from $60.00) on shares of Paychex in a research note on Wednesday, October 4th. Robert W. Baird reaffirmed a “hold” rating and set a $64.00 target price on shares of Paychex in a research note on Wednesday, October 4th. Finally, Citigroup Inc. reaffirmed a “sell” rating and set a $53.00 target price on shares of Paychex in a research note on Monday, October 2nd. Five equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $60.07.
In related news, CEO Martin Mucci sold 29,786 shares of Paychex stock in a transaction dated Thursday, October 5th. The shares were sold at an average price of $63.17, for a total transaction of $1,881,581.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John B. Gibson sold 6,000 shares of Paychex stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $63.70, for a total transaction of $382,200.00. Following the transaction, the vice president now directly owns 21,758 shares of the company’s stock, valued at $1,385,984.60. The disclosure for this sale can be found here. Insiders sold a total of 94,395 shares of company stock valued at $5,914,383 over the last three months. Corporate insiders own 11.70% of the company’s stock.
Paychex, Inc. (NASDAQ PAYX) opened at $64.92 on Monday. Paychex, Inc. has a 52 week low of $54.20 and a 52 week high of $66.31. The company has a market cap of $23,327.65, a price-to-earnings ratio of 28.60, a price-to-earnings-growth ratio of 3.52 and a beta of 0.99.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.02. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The business had revenue of $816.80 million during the quarter, compared to analysts’ expectations of $816.34 million. During the same period last year, the company posted $0.60 EPS. The business’s revenue was up 4.0% on a year-over-year basis. analysts anticipate that Paychex, Inc. will post 2.38 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st were paid a $0.50 dividend. The ex-dividend date was Tuesday, October 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.08%. Paychex’s payout ratio is currently 87.34%.
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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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