Candriam Luxembourg S.C.A. reduced its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 26.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 26,288 shares of the business services provider’s stock after selling 9,460 shares during the quarter. Candriam Luxembourg S.C.A.’s holdings in Paychex were worth $1,576,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in PAYX. Salem Investment Counselors Inc. grew its stake in shares of Paychex by 0.6% during the second quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock valued at $102,000 after buying an additional 11 shares during the last quarter. Dupont Capital Management Corp bought a new position in shares of Paychex during the second quarter valued at about $129,000. Sun Life Financial INC grew its stake in shares of Paychex by 23,260.0% during the second quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock valued at $133,000 after buying an additional 2,326 shares during the last quarter. San Francisco Sentry Investment Group CA bought a new position in shares of Paychex during the second quarter valued at about $145,000. Finally, Koshinski Asset Management Inc. bought a new position in shares of Paychex during the second quarter valued at about $201,000. 67.02% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Paychex, Inc. (PAYX) opened at $64.92 on Friday. The firm has a market capitalization of $23,560.00, a P/E ratio of 28.80, a price-to-earnings-growth ratio of 3.54 and a beta of 0.99. Paychex, Inc. has a 12-month low of $54.20 and a 12-month high of $66.31.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The business had revenue of $816.80 million for the quarter, compared to analysts’ expectations of $816.34 million. Paychex had a return on equity of 43.01% and a net margin of 26.01%. The business’s revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.60 EPS. equities analysts predict that Paychex, Inc. will post 2.38 EPS for the current year.
The company also recently disclosed 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. The ex-dividend date of this dividend was Tuesday, October 31st. This represents a $2.00 annualized dividend and a yield of 3.08%. Paychex’s payout ratio is 87.34%.
PAYX has been the topic of a number of recent research reports. Bank of America Corporation raised their price objective on Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, October 4th. Royal Bank Of Canada reaffirmed an “underperform” rating and set a $57.00 price objective (up from $54.00) on shares of Paychex in a research note on Wednesday, October 4th. BidaskClub raised Paychex from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. William Blair cut Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $59.00 price objective (up from $55.00) on shares of Paychex in a research note on Wednesday, October 4th. Five investment analysts have rated the stock with a sell rating, twelve have given a hold rating and two have given a buy rating to the stock. Paychex has a consensus rating of “Hold” and an average target price of $60.07.
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In other Paychex news, 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 transaction of $930,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Martin Mucci sold 29,786 shares of Paychex stock in a transaction that occurred on Thursday, October 5th. The shares were sold at an average price of $63.17, for a total value of $1,881,581.62. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 94,395 shares of company stock worth $5,914,383. Insiders own 11.70% of the company’s stock.
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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