Griffin Asset Management Inc. Purchases New Holdings in Paychex, Inc. (PAYX)

Griffin Asset Management Inc. purchased a new stake in shares of Paychex, Inc. (NASDAQ:PAYX) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 19,784 shares of the business services provider’s stock, valued at approximately $1,186,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Salem Investment Counselors Inc. lifted its stake in shares of Paychex by 0.6% in the 2nd quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock valued at $102,000 after purchasing an additional 11 shares during the last quarter. Alps Advisors Inc. lifted its stake in shares of Paychex by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 7,685 shares of the business services provider’s stock valued at $438,000 after purchasing an additional 20 shares during the last quarter. Northwest Quadrant Wealth Management LLC lifted its stake in shares of Paychex by 0.6% in the 2nd quarter. Northwest Quadrant Wealth Management LLC now owns 3,948 shares of the business services provider’s stock valued at $217,000 after purchasing an additional 25 shares during the last quarter. Bruderman Asset Management LLC lifted its stake in shares of Paychex by 0.6% in the 2nd quarter. Bruderman Asset Management LLC now owns 6,834 shares of the business services provider’s stock valued at $389,000 after purchasing an additional 40 shares during the last quarter. Finally, Flagship Harbor Advisors LLC lifted its stake in shares of Paychex by 1.1% in the 2nd quarter. Flagship Harbor Advisors LLC now owns 4,245 shares of the business services provider’s stock valued at $248,000 after purchasing an additional 46 shares during the last quarter. Institutional investors and hedge funds own 68.02% of the company’s stock.

Shares of Paychex, Inc. (PAYX) opened at $69.02 on Tuesday. The firm has a market capitalization of $24,797.31, a price-to-earnings ratio of 30.40, a price-to-earnings-growth ratio of 3.74 and a beta of 0.99. Paychex, Inc. has a 1 year low of $54.20 and a 1 year high of $69.26.

Paychex (NASDAQ:PAYX) last issued its earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.02. The business had revenue of $816.80 million during the quarter, compared to analyst estimates of $816.34 million. Paychex had a return on equity of 43.01% and a net margin of 26.01%. Paychex’s revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.60 EPS. equities analysts predict that Paychex, Inc. will post 2.38 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend was Tuesday, October 31st. Paychex’s dividend payout ratio (DPR) is presently 87.34%.

A number of brokerages recently issued reports on PAYX. BidaskClub raised Paychex from a “buy” rating to a “strong-buy” rating in a research note on Thursday, December 7th. Bank of America raised their price target on Paychex from $68.00 to $73.00 and gave the stock a “buy” rating in a research note on Tuesday, December 5th. Citigroup raised Paychex from a “sell” rating to a “neutral” rating and set a $67.00 price target for the company in a research note on Monday, December 4th. Royal Bank of Canada reissued a “sell” rating and set a $57.00 price target on shares of Paychex in a research note on Wednesday, November 15th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $59.00 price target (up from $55.00) on shares of Paychex in a research note on Wednesday, October 4th. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Paychex currently has a consensus rating of “Hold” and an average target price of $61.19.

In other Paychex news, VP Jennifer R. Vossler sold 11,155 shares of Paychex stock in a transaction on Friday, October 6th. The stock was sold at an average price of $63.07, for a total transaction of $703,545.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Laurie L. Zaucha sold 15,000 shares of Paychex stock in a transaction on Monday, September 25th. The shares were sold at an average price of $60.00, for a total value of $900,000.00. Following the sale, the vice president now directly owns 51,360 shares of the company’s stock, valued at $3,081,600. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 94,395 shares of company stock valued at $5,914,383. 11.70% of the stock is currently owned by corporate insiders.

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Paychex 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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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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