Sawyer & Company Inc reduced its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 1.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 44,938 shares of the business services provider’s stock after selling 734 shares during the quarter. Paychex accounts for approximately 2.6% of Sawyer & Company Inc’s holdings, making the stock its 8th biggest position. Sawyer & Company Inc’s holdings in Paychex were worth $3,720,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in the stock. Enterprise Financial Services Corp grew its holdings in shares of Paychex by 21.1% in the 2nd quarter. Enterprise Financial Services Corp now owns 723 shares of the business services provider’s stock worth $59,000 after purchasing an additional 126 shares during the last quarter. Greenleaf Trust grew its holdings in shares of Paychex by 3.8% in the 2nd quarter. Greenleaf Trust now owns 3,636 shares of the business services provider’s stock worth $299,000 after purchasing an additional 134 shares during the last quarter. Rockland Trust Co. grew its holdings in shares of Paychex by 2.6% in the 2nd quarter. Rockland Trust Co. now owns 5,497 shares of the business services provider’s stock worth $452,000 after purchasing an additional 138 shares during the last quarter. Advisor Partners LLC grew its holdings in shares of Paychex by 1.6% in the 2nd quarter. Advisor Partners LLC now owns 8,774 shares of the business services provider’s stock worth $722,000 after purchasing an additional 140 shares during the last quarter. Finally, Geneva Partners LLC grew its holdings in shares of Paychex by 1.8% in the 2nd quarter. Geneva Partners LLC now owns 8,530 shares of the business services provider’s stock worth $702,000 after purchasing an additional 150 shares during the last quarter. Hedge funds and other institutional investors own 69.87% of the company’s stock.
In other Paychex news, Director Pamela A. Joseph sold 12,156 shares of the stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $85.52, for a total transaction of $1,039,581.12. Following the sale, the director now owns 18,893 shares of the company’s stock, valued at approximately $1,615,729.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Robert L. Schrader sold 609 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $83.88, for a total transaction of $51,082.92. Following the sale, the vice president now directly owns 9,166 shares in the company, valued at approximately $768,844.08. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,855 shares of company stock worth $3,053,821. Insiders own 11.70% of the company’s stock.
NASDAQ:PAYX remained flat at $$84.75 during mid-day trading on Thursday. 350,011 shares of the company’s stock were exchanged, compared to its average volume of 1,614,150. Paychex, Inc. has a 12-month low of $61.32 and a 12-month high of $88.43. The firm’s 50 day moving average is $82.61 and its two-hundred day moving average is $83.73. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.15 and a current ratio of 1.15. The stock has a market capitalization of $30.32 billion, a PE ratio of 29.84, a PEG ratio of 3.03 and a beta of 0.90.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, October 2nd. The business services provider reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. Paychex had a net margin of 27.04% and a return on equity of 41.07%. The firm had revenue of $992.00 million for the quarter, compared to analyst estimates of $991.70 million. During the same quarter in the prior year, the firm earned $0.67 EPS. The company’s revenue was up 15.0% on a year-over-year basis. On average, equities research analysts predict that Paychex, Inc. will post 3.11 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Friday, November 1st will be issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 2.93%. Paychex’s dividend payout ratio is currently 87.32%.
Several research firms have recently weighed in on PAYX. BidaskClub lowered shares of Paychex from a “buy” rating to a “hold” rating in a report on Saturday, August 24th. ValuEngine lowered shares of Paychex from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Cowen began coverage on shares of Paychex in a report on Wednesday, September 11th. They issued a “market perform” rating and a $74.00 target price on the stock. Argus reaffirmed a “buy” rating and issued a $92.00 target price on shares of Paychex in a report on Thursday, October 3rd. Finally, William Blair reaffirmed a “market perform” rating on shares of Paychex in a report on Thursday, June 27th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $79.33.
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.
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