UBS Asset Management Americas Inc. grew its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.8% during the fourth quarter, Holdings Channel reports. The institutional investor owned 2,147,293 shares of the business services provider’s stock after purchasing an additional 16,395 shares during the quarter. UBS Asset Management Americas Inc.’s holdings in Paychex were worth $146,188,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Mutual of America Capital Management LLC raised its holdings in Paychex by 4.2% during the third quarter. Mutual of America Capital Management LLC now owns 40,613 shares of the business services provider’s stock worth $2,435,000 after purchasing an additional 1,655 shares in the last quarter. Arrow Financial Corp raised its holdings in Paychex by 5.9% during the third quarter. Arrow Financial Corp now owns 15,980 shares of the business services provider’s stock worth $958,000 after purchasing an additional 887 shares in the last quarter. Sabal Trust CO raised its holdings in Paychex by 4.2% during the third quarter. Sabal Trust CO now owns 427,468 shares of the business services provider’s stock worth $25,631,000 after purchasing an additional 17,399 shares in the last quarter. Ronna Sue Cohen bought a new stake in Paychex during the third quarter worth approximately $2,748,000. Finally, Oakbrook Investments LLC bought a new stake in Paychex during the third quarter worth approximately $315,000. 67.98% of the stock is currently owned by institutional investors.
In other Paychex news, insider Michael E. Gioja sold 34,311 shares of Paychex stock in a transaction that occurred on Thursday, January 4th. The shares were sold at an average price of $68.91, for a total transaction of $2,364,371.01. Following the transaction, the insider now directly owns 63,374 shares in the company, valued at approximately $4,367,102.34. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Jennifer R. Vossler sold 10,000 shares of Paychex stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $68.29, for a total transaction of $682,900.00. Following the transaction, the vice president now owns 31,578 shares in the company, valued at $2,156,461.62. The disclosure for this sale can be found here. Insiders own 11.70% of the company’s stock.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Thursday, December 21st. The business services provider reported $0.59 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.59. The firm had revenue of $826.50 million for the quarter, compared to analyst estimates of $823.48 million. Paychex had a net margin of 26.02% and a return on equity of 42.80%. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.56 earnings per share. research analysts forecast that Paychex, Inc. will post 2.39 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, February 15th. Shareholders of record on Thursday, February 1st were given a $0.50 dividend. The ex-dividend date was Wednesday, January 31st. This represents a $2.00 annualized dividend and a yield of 2.99%. Paychex’s dividend payout ratio (DPR) is 85.84%.
Several equities research analysts recently commented on PAYX shares. Royal Bank of Canada reissued a “sell” rating and set a $57.00 target price on shares of Paychex in a report on Wednesday, November 15th. BidaskClub raised Paychex from a “buy” rating to a “strong-buy” rating in a report on Thursday, December 7th. Bank of America boosted their target price on Paychex from $68.00 to $73.00 and gave the stock a “buy” rating in a report on Tuesday, December 5th. Citigroup raised Paychex from a “sell” rating to a “neutral” rating and set a $67.00 target price on the stock in a report on Monday, December 4th. Finally, Stifel Nicolaus reissued a “hold” rating and set a $68.00 target price on shares of Paychex in a report on Friday, December 22nd. Two analysts have rated the stock with a sell rating and twelve have given a hold rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $62.77.
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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