US Bancorp DE boosted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 125,328 shares of the business services provider’s stock after purchasing an additional 930 shares during the period. US Bancorp DE’s holdings in Paychex were worth $9,229,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of PAYX. Aperio Group LLC increased its position in shares of Paychex by 7.6% during the second quarter. Aperio Group LLC now owns 225,572 shares of the business services provider’s stock valued at $15,418,000 after acquiring an additional 15,961 shares during the last quarter. California Public Employees Retirement System increased its position in shares of Paychex by 28.1% during the second quarter. California Public Employees Retirement System now owns 941,092 shares of the business services provider’s stock valued at $64,324,000 after acquiring an additional 206,536 shares during the last quarter. Bruderman Asset Management LLC increased its position in shares of Paychex by 1,738.6% during the second quarter. Bruderman Asset Management LLC now owns 148,047 shares of the business services provider’s stock valued at $10,119,000 after acquiring an additional 139,995 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in shares of Paychex by 7.1% during the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 57,476 shares of the business services provider’s stock valued at $3,928,000 after acquiring an additional 3,786 shares during the last quarter. Finally, Glen Harbor Capital Management LLC increased its position in shares of Paychex by 1.7% during the second quarter. Glen Harbor Capital Management LLC now owns 64,872 shares of the business services provider’s stock valued at $4,434,000 after acquiring an additional 1,088 shares during the last quarter. 67.22% of the stock is currently owned by institutional investors.

Shares of PAYX stock opened at $69.02 on Friday. The company has a market capitalization of $24.59 billion, a P/E ratio of 27.39, a price-to-earnings-growth ratio of 2.83 and a beta of 1.02. Paychex, Inc. has a fifty-two week low of $59.36 and a fifty-two week high of $76.02.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.02. The firm had revenue of $862.80 million during the quarter, compared to analysts’ expectations of $850.39 million. Paychex had a net margin of 27.71% and a return on equity of 42.87%. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.62 earnings per share. Research analysts expect that Paychex, Inc. will post 2.85 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Thursday, November 1st will be issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date of this dividend is Wednesday, October 31st. Paychex’s dividend payout ratio (DPR) is currently 87.84%.

In other news, Director Joseph Doody purchased 1,000 shares of the stock in a transaction on Tuesday, October 23rd. The stock was bought at an average price of $66.50 per share, for a total transaction of $66,500.00. Following the acquisition, the director now directly owns 16,639 shares of the company’s stock, valued at approximately $1,106,493.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John B. Gibson sold 47,250 shares of the business’s stock in a transaction that occurred on Wednesday, September 5th. The stock was sold at an average price of $73.50, for a total transaction of $3,472,875.00. The disclosure for this sale can be found here. Insiders own 11.80% of the company’s stock.

A number of equities research analysts have weighed in on the stock. Wolfe Research assumed coverage on shares of Paychex in a research report on Tuesday, July 17th. They set a “market perform” rating for the company. Morgan Stanley lifted their price target on shares of Paychex from $67.00 to $73.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 3rd. Credit Suisse Group assumed coverage on shares of Paychex in a research report on Friday, August 10th. They set a “neutral” rating and a $72.00 price target for the company. BMO Capital Markets lifted their price target on shares of Paychex from $70.00 to $77.00 and gave the company a “market perform” rating in a research report on Wednesday, October 3rd. Finally, JPMorgan Chase & Co. cut shares of Paychex from a “neutral” rating to an “underweight” rating and set a $65.00 price target for the company. in a research report on Tuesday, August 14th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $72.93.

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Paychex Company Profile

Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

See Also: Outstanding Shares

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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