First Republic Investment Management Inc. Purchases 26,937 Shares of Paychex, Inc. (PAYX)

First Republic Investment Management Inc. lifted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 7.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 377,401 shares of the business services provider’s stock after acquiring an additional 26,937 shares during the period. First Republic Investment Management Inc. owned 0.11% of Paychex worth $25,694,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in the company. Timber Hill LLC bought a new position in shares of Paychex during the fourth quarter worth about $1,178,000. Baird Financial Group Inc. grew its position in shares of Paychex by 0.5% during the fourth quarter. Baird Financial Group Inc. now owns 483,829 shares of the business services provider’s stock worth $32,939,000 after acquiring an additional 2,529 shares during the last quarter. Norinchukin Bank The grew its position in shares of Paychex by 7.2% during the fourth quarter. Norinchukin Bank The now owns 26,319 shares of the business services provider’s stock worth $1,792,000 after acquiring an additional 1,761 shares during the last quarter. Ontario Teachers Pension Plan Board grew its position in shares of Paychex by 5.1% during the fourth quarter. Ontario Teachers Pension Plan Board now owns 142,422 shares of the business services provider’s stock worth $9,696,000 after acquiring an additional 6,936 shares during the last quarter. Finally, Synovus Financial Corp grew its position in shares of Paychex by 22.2% during the fourth quarter. Synovus Financial Corp now owns 8,545 shares of the business services provider’s stock worth $584,000 after acquiring an additional 1,554 shares during the last quarter. Institutional investors and hedge funds own 67.98% of the company’s stock.

In other Paychex news, insider Michael E. Gioja sold 34,311 shares of the company’s stock in a transaction dated Thursday, January 4th. The shares were sold at an average price of $68.91, for a total value of $2,364,371.01. Following the completion of the sale, the insider now directly owns 63,374 shares of the company’s stock, valued at approximately $4,367,102.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Jennifer R. Vossler sold 10,000 shares of the company’s stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $68.29, for a total transaction of $682,900.00. Following the completion of the sale, the vice president now directly owns 31,578 shares of the company’s stock, valued at $2,156,461.62. The disclosure for this sale can be found here. Corporate insiders own 11.70% of the company’s stock.

Paychex, Inc. (NASDAQ PAYX) opened at $65.08 on Thursday. The stock has a market cap of $23,494.33, a PE ratio of 27.93, a P/E/G ratio of 3.51 and a beta of 0.94. Paychex, Inc. has a 12-month low of $54.20 and a 12-month high of $73.10.

Paychex (NASDAQ:PAYX) last announced its earnings results on Thursday, December 21st. The business services provider reported $0.59 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.59. The firm had revenue of $826.50 million during 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%. Paychex’s revenue was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.56 EPS. sell-side analysts expect that Paychex, Inc. will post 2.39 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, February 15th. Investors 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 dividend on an annualized basis and a yield of 3.07%. Paychex’s dividend payout ratio is presently 85.84%.

Several equities analysts have recently commented on the stock. BMO Capital Markets restated a “hold” rating and set a $70.00 price target on shares of Paychex in a research report on Wednesday, January 24th. BidaskClub lowered shares of Paychex from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. Bank of America lowered shares of Paychex from a “buy” rating to a “neutral” rating and set a $73.00 price target for the company. in a research report on Tuesday, January 9th. Stifel Nicolaus restated a “hold” rating and set a $68.00 price target on shares of Paychex in a research report on Friday, December 22nd. Finally, Citigroup upgraded shares of Paychex from a “sell” rating to a “neutral” rating and set a $67.00 price target for the company in a research report on Monday, December 4th. 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 price target of $62.77.

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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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