Natixis Asset Management increased its stake in shares of Paychex Inc. (NASDAQ:PAYX) by 73.1% during the third quarter, Holdings Channel reports. The firm owned 8,592 shares of the company’s stock after buying an additional 3,628 shares during the period. Natixis Asset Management’s holdings in Paychex were worth $497,000 as of its most recent filing with the SEC.
A number of other large investors also recently added to or reduced their stakes in the stock. BlackRock Fund Advisors boosted its stake in Paychex by 11.3% in the second quarter. BlackRock Fund Advisors now owns 10,110,305 shares of the company’s stock valued at $601,563,000 after buying an additional 1,030,300 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in Paychex by 10.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 10,119,678 shares of the company’s stock valued at $602,121,000 after buying an additional 936,651 shares during the period. Janus Capital Management LLC boosted its stake in Paychex by 44.9% in the second quarter. Janus Capital Management LLC now owns 2,627,567 shares of the company’s stock valued at $156,340,000 after buying an additional 813,934 shares during the period. Bank of New York Mellon Corp boosted its stake in Paychex by 8.8% in the second quarter. Bank of New York Mellon Corp now owns 9,321,275 shares of the company’s stock valued at $554,618,000 after buying an additional 751,220 shares during the period. Finally, AGF Investments Inc. bought a new stake in Paychex during the second quarter valued at about $35,972,000. 68.10% of the stock is owned by institutional investors.
Paychex Inc. (NASDAQ:PAYX) traded down 0.23% during mid-day trading on Thursday, hitting $60.90. 1,173,448 shares of the stock were exchanged. The firm has a market cap of $21.85 billion, a price-to-earnings ratio of 28.33 and a beta of 0.88. The company has a 50 day moving average price of $60.74 and a 200 day moving average price of $58.99. Paychex Inc. has a 52-week low of $45.83 and a 52-week high of $62.18.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, December 21st. The company reported $0.56 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.01. Paychex had a net margin of 25.40% and a return on equity of 41.00%. The company earned $771.40 million during the quarter, compared to the consensus estimate of $778.99 million. During the same quarter last year, the company earned $0.52 earnings per share. Paychex’s revenue for the quarter was up 6.7% on a year-over-year basis. On average, analysts anticipate that Paychex Inc. will post $2.22 EPS for the current year.
The company also recently disclosed 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 annualized dividend 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%.
Several brokerages have recently weighed in on PAYX. Goldman Sachs Group Inc. raised shares of Paychex from a “neutral” rating to a “buy” rating and set a $68.00 price target for the company in a research report on Friday, December 16th. RBC Capital Markets set a $54.00 price target on shares of Paychex and gave the stock a “sell” rating in a research report on Thursday, December 22nd. Sanford C. Bernstein reaffirmed an “underperform” rating and issued a $52.00 price target on shares of Paychex in a research report on Wednesday, December 21st. Argus reaffirmed a “buy” rating and issued a $70.00 price target on shares of Paychex in a research report on Friday, December 23rd. Finally, Barclays PLC began coverage on shares of Paychex in a research report on Tuesday, December 20th. They issued an “equal weight” rating and a $63.00 price target for the company. Seven equities research analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $56.94.
In other Paychex news, Director Pamela A. Joseph sold 18,500 shares of the stock in a transaction that occurred on Tuesday, January 10th. The shares were sold at an average price of $61.20, for a total value of $1,132,200.00. Following the completion of the sale, the director now owns 25,791 shares of the company’s stock, valued at $1,578,409.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David J. S. Flaschen sold 10,250 shares of the stock in a transaction that occurred on Tuesday, January 17th. The shares were sold at an average price of $61.05, for a total transaction of $625,762.50. Following the completion of the sale, the director now directly owns 28,541 shares of the company’s stock, valued at approximately $1,742,428.05. The disclosure for this sale can be found here. Insiders sold 53,476 shares of company stock valued at $3,259,325 in the last ninety days. 11.60% of the stock is owned by corporate insiders.
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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