3,500 Shares in Paychex, Inc. (PAYX) Purchased by Yorktown Management & Research Co Inc
Yorktown Management & Research Co Inc purchased a new stake in Paychex, Inc. (NASDAQ:PAYX) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,500 shares of the business services provider’s stock, valued at approximately $210,000.
Several other hedge funds also recently bought and sold shares of PAYX. Salem Investment Counselors Inc. grew its position in Paychex by 0.6% in the second quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock worth $102,000 after acquiring an additional 11 shares during the period. Dupont Capital Management Corp purchased a new position in Paychex in the second quarter worth approximately $129,000. Sun Life Financial INC grew its position in Paychex by 23,260.0% in the second quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock worth $133,000 after acquiring an additional 2,326 shares during the period. San Francisco Sentry Investment Group CA purchased a new position in Paychex in the second quarter worth approximately $145,000. Finally, Koshinski Asset Management Inc. purchased a new position in Paychex in the second quarter worth approximately $201,000. Institutional investors and hedge funds own 67.65% of the company’s stock.
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In other Paychex news, VP Laurie L. Zaucha sold 17,354 shares of the company’s stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $64.00, for a total transaction of $1,110,656.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP John B. Gibson sold 6,000 shares of the company’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $63.70, for a total value of $382,200.00. Following the transaction, the vice president now owns 21,758 shares in the company, valued at $1,385,984.60. The disclosure for this sale can be found here. Insiders have sold 94,395 shares of company stock worth $5,914,383 over the last 90 days. 11.70% of the stock is owned by insiders.
Several research analysts recently weighed in on PAYX shares. Bank of America Corporation increased their price objective on Paychex from $64.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, October 4th. Royal Bank Of Canada reiterated an “underperform” rating and issued a $57.00 price objective (up from $54.00) on shares of Paychex in a research report on Wednesday, October 4th. BidaskClub upgraded Paychex from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. Morgan Stanley reiterated an “equal weight” rating and issued a $59.00 price objective (up from $55.00) on shares of Paychex in a research report on Wednesday, October 4th. Finally, Wells Fargo & Company increased their price objective on Paychex from $58.00 to $60.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 4th. Five investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the company. Paychex has an average rating of “Hold” and a consensus price target of $60.07.
Paychex, Inc. (NASDAQ PAYX) opened at $64.68 on Friday. Paychex, Inc. has a 52 week low of $54.20 and a 52 week high of $66.31. The company has a market capitalization of $23,241.41, a price-to-earnings ratio of 28.49, a price-to-earnings-growth ratio of 3.51 and a beta of 0.99.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results 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 return on equity of 43.01% and a net margin of 26.01%. The company had revenue of $816.80 million for the quarter, compared to analysts’ expectations of $816.34 million. During the same period in the prior year, the firm earned $0.60 earnings per share. The firm’s revenue was up 4.0% compared to the same quarter last year. research analysts forecast that Paychex, Inc. will post 2.38 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date was Tuesday, October 31st. Paychex’s dividend payout ratio (DPR) is 87.34%.
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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