Hendershot Investments Inc. decreased its stake in Paychex Inc. (NASDAQ:PAYX) by 50.2% during the third quarter, Holdings Channel reports. The firm owned 30,479 shares of the company’s stock after selling 30,763 shares during the period. Hendershot Investments Inc.’s holdings in Paychex were worth $1,764,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the company. Zions Bancorporation boosted its stake in Paychex by 683.0% in the second quarter. Zions Bancorporation now owns 1,754 shares of the company’s stock worth $105,000 after buying an additional 1,530 shares during the last quarter. Financial Architects Inc boosted its stake in Paychex by 0.7% in the second quarter. Financial Architects Inc now owns 1,838 shares of the company’s stock worth $109,000 after buying an additional 12 shares during the last quarter. Archford Capital Strategies LLC boosted its stake in Paychex by 2,256.0% in the second quarter. Archford Capital Strategies LLC now owns 2,945 shares of the company’s stock worth $175,000 after buying an additional 2,820 shares during the last quarter. Pinkerton Retirement Specialists LLC bought a new stake in Paychex during the second quarter worth about $189,000. Finally, Loomis Sayles & Co. L P boosted its stake in Paychex by 3.0% in the second quarter. Loomis Sayles & Co. L P now owns 3,312 shares of the company’s stock worth $197,000 after buying an additional 95 shares during the last quarter. Hedge funds and other institutional investors own 68.10% of the company’s stock.
Paychex Inc. (NASDAQ:PAYX) traded down 0.23% on Thursday, reaching $60.90. The company had a trading volume of 1,173,444 shares. Paychex Inc. has a 12 month low of $45.83 and a 12 month high of $62.18. The company has a market capitalization of $21.85 billion, a price-to-earnings ratio of 28.33 and a beta of 0.88. The company’s 50 day moving average price is $60.68 and its 200-day moving average price is $58.98.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Wednesday, December 21st. The company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.01. Paychex had a return on equity of 41.00% and a net margin of 25.40%. The firm had revenue of $771.40 million for the quarter, compared to analysts’ expectations of $778.99 million. During the same period in the prior year, the business posted $0.52 earnings per share. The business’s revenue was up 6.7% compared to the same quarter last year. On average, equities analysts predict that Paychex Inc. will post $2.22 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 15th. Shareholders of record on Wednesday, February 1st will be given a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date of this dividend is Monday, January 30th. Paychex’s dividend payout ratio (DPR) is 85.58%.
A number of research firms have issued reports on PAYX. Deutsche Bank AG reiterated a “hold” rating and issued a $62.00 target price (up from $56.00) on shares of Paychex in a research note on Friday, December 23rd. Sanford C. Bernstein reiterated an “underperform” rating and issued a $52.00 target price on shares of Paychex in a research note on Wednesday, December 21st. Compass Point raised their target price on Paychex from $45.00 to $48.00 and gave the company a “sell” rating in a research note on Thursday, December 22nd. RBC Capital Markets set a $54.00 target price on Paychex and gave the company a “sell” rating in a research note on Thursday, December 22nd. Finally, Royal Bank Of Canada raised their target price on Paychex from $53.00 to $54.00 and gave the company an “underperform” rating in a research note on Thursday, December 22nd. Seven equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company’s stock. Paychex presently has a consensus rating of “Hold” and an average price target of $56.94.
In other Paychex news, Director David J. S. Flaschen sold 10,250 shares of the company’s stock in a transaction on Tuesday, January 17th. The stock was sold at an average price of $61.05, for a total value of $625,762.50. Following the sale, the director now directly owns 28,541 shares in the company, valued at $1,742,428.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael E. Gioja sold 24,726 shares of the company’s stock in a transaction on Tuesday, January 17th. The shares were sold at an average price of $60.72, for a total value of $1,501,362.72. Following the completion of the sale, the insider now owns 55,984 shares in the company, valued at $3,399,348.48. The disclosure for this sale can be found here. Insiders sold 53,476 shares of company stock worth $3,259,325 over the last quarter. Company insiders own 11.60% of the company’s stock.
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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