Gamble Jones Investment Counsel cut its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 9.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,683 shares of the business services provider’s stock after selling 1,252 shares during the quarter. Gamble Jones Investment Counsel’s holdings in Paychex were worth $781,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Acadian Asset Management LLC bought a new stake in shares of Paychex in the 4th quarter valued at approximately $109,000. Avestar Capital LLC bought a new stake in shares of Paychex in the 4th quarter valued at approximately $126,000. Financial Gravity Companies Inc. bought a new stake in shares of Paychex in the 4th quarter valued at approximately $127,000. Calton & Associates Inc. bought a new stake in shares of Paychex in the 4th quarter valued at approximately $151,000. Finally, Silvant Capital Management LLC bought a new stake in shares of Paychex in the 1st quarter valued at approximately $158,000. Institutional investors own 68.58% of the company’s stock.
Paychex opened at $65.90 on Friday, Marketbeat.com reports. Paychex, Inc. has a 12-month low of $54.20 and a 12-month high of $73.10. The company has a market cap of $23.56 billion, a P/E ratio of 29.95, a P/E/G ratio of 3.22 and a beta of 0.98.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 24th. Investors of record on Wednesday, May 9th were given a dividend of $0.56 per share. The ex-dividend date was Tuesday, May 8th. This represents a $2.24 dividend on an annualized basis and a yield of 3.40%. This is a positive change from Paychex’s previous quarterly dividend of $0.50. Paychex’s payout ratio is currently 101.82%.
In other Paychex news, Director Joseph M. Velli sold 3,079 shares of the business’s stock in a transaction on Friday, May 18th. The stock was sold at an average price of $65.00, for a total transaction of $200,135.00. Following the completion of the transaction, the director now owns 29,013 shares in the company, valued at approximately $1,885,845. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael E. Gioja sold 110,000 shares of the business’s stock in a transaction on Thursday, March 29th. The stock was sold at an average price of $61.63, for a total value of $6,779,300.00. Following the transaction, the insider now owns 170,974 shares of the company’s stock, valued at approximately $10,537,127.62. The disclosure for this sale can be found here. Insiders own 11.70% of the company’s stock.
A number of equities research analysts have recently weighed in on the company. BidaskClub upgraded Paychex from a “hold” rating to a “buy” rating in a report on Friday, May 18th. Stifel Nicolaus reiterated a “hold” rating and issued a $66.00 price target (down from $68.00) on shares of Paychex in a report on Tuesday, March 27th. Citigroup lowered their price target on Paychex from $67.00 to $64.00 and set a “neutral” rating for the company in a report on Wednesday, March 28th. Morgan Stanley lowered their price target on Paychex from $68.00 to $66.00 and set an “equal weight” rating for the company in a report on Tuesday, March 27th. Finally, Barclays reduced their price objective on Paychex from $75.00 to $70.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 27th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $64.94.
Paychex Company Profile
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Germany. The company offers payroll processing services that include payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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