LaFleur & Godfrey LLC raised its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 8.2% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 168,593 shares of the business services provider’s stock after purchasing an additional 12,800 shares during the period. Paychex accounts for approximately 2.6% of LaFleur & Godfrey LLC’s holdings, making the stock its 11th biggest position. LaFleur & Godfrey LLC’s holdings in Paychex were worth $10,109,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Salem Investment Counselors Inc. raised its position in Paychex by 0.6% in the 2nd quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock worth $102,000 after purchasing an additional 11 shares during the period. Dupont Capital Management Corp purchased a new stake in Paychex in the 2nd quarter worth about $129,000. Sun Life Financial INC raised its position in Paychex by 23,260.0% in the 2nd quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock worth $133,000 after purchasing an additional 2,326 shares during the period. San Francisco Sentry Investment Group CA purchased a new stake in Paychex in the 2nd quarter worth about $145,000. Finally, Kernodle & Katon Asset Management Group LLC raised its position in Paychex by 37.7% in the 1st quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock worth $186,000 after purchasing an additional 867 shares during the period. 67.02% of the stock is owned by institutional investors and hedge funds.
In other news, VP John B. Gibson sold 6,000 shares of Paychex stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $63.70, for a total transaction of $382,200.00. Following the completion of the transaction, the vice president now directly owns 21,758 shares in the company, valued at approximately $1,385,984.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Laurie L. Zaucha sold 15,000 shares of Paychex stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $62.00, for a total value of $930,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 94,395 shares of company stock valued at $5,914,383. Corporate insiders own 11.70% of the company’s stock.
A number of analysts recently weighed in on PAYX shares. Robert W. Baird reissued a “hold” rating and issued a $64.00 price objective on shares of Paychex in a research report on Wednesday, October 4th. Morgan Stanley upgraded shares of Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 target price on the stock in a research note on Wednesday, August 16th. They noted that the move was a valuation call. Stifel Nicolaus restated a “hold” rating and issued a $61.00 target price on shares of Paychex in a research note on Friday, August 18th. BMO Capital Markets reaffirmed a “market perform” rating and set a $62.00 target price (up previously from $60.00) on shares of Paychex in a research report on Wednesday, October 4th. Finally, William Blair cut Paychex from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. Five investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $60.07.
Shares of Paychex, Inc. (PAYX) opened at $65.37 on Wednesday. The company has a market capitalization of $23,201.89, a PE ratio of 28.44, a PEG ratio of 3.50 and a beta of 0.99. Paychex, Inc. has a 1 year low of $54.20 and a 1 year high of $65.62.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Tuesday, October 3rd. The business services provider reported $0.62 EPS for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. The company had revenue of $816.80 million for 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% compared to the same quarter last year. During the same quarter last year, the firm posted $0.60 earnings per share. equities research analysts predict that Paychex, Inc. will post 2.38 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st will be paid a $0.50 dividend. The ex-dividend date is Tuesday, October 31st. This represents a $2.00 dividend on an annualized basis and a yield of 3.06%. Paychex’s dividend payout ratio is 87.34%.
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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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