Aperio Group LLC trimmed its stake in shares of Paychex (NASDAQ:PAYX) by 0.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 209,611 shares of the business services provider’s stock after selling 1,732 shares during the quarter. Aperio Group LLC owned 0.06% of Paychex worth $12,910,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Field & Main Bank acquired a new position in shares of Paychex during the 4th quarter worth about $101,000. Acadian Asset Management LLC acquired a new position in shares of Paychex during the 4th quarter worth about $109,000. Financial Gravity Companies Inc. acquired a new position in shares of Paychex during the 4th quarter worth about $127,000. Avestar Capital LLC acquired a new position in shares of Paychex during the 4th quarter worth about $126,000. Finally, Calton & Associates Inc. acquired a new position in shares of Paychex during the 4th quarter worth about $151,000. 68.90% of the stock is owned by hedge funds and other institutional investors.
Shares of Paychex opened at $64.82 on Monday, according to MarketBeat.com. The stock has a market capitalization of $23.29 billion, a P/E ratio of 29.46, a PEG ratio of 3.18 and a beta of 0.98. Paychex has a 52-week low of $54.20 and a 52-week high of $73.10.
Paychex (NASDAQ:PAYX) last announced its earnings results on Monday, March 26th. The business services provider reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.01. The firm had revenue of $866.50 million during the quarter, compared to analysts’ expectations of $853.99 million. Paychex had a return on equity of 43.42% and a net margin of 27.22%. The business’s revenue was up 8.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.55 EPS. research analysts anticipate that Paychex will post 2.49 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 24th. Shareholders of record on Wednesday, May 9th will be paid a dividend of $0.56 per share. The ex-dividend date is Tuesday, May 8th. This is an increase from Paychex’s previous quarterly dividend of $0.50. This represents a $2.24 annualized dividend and a yield of 3.46%. Paychex’s dividend payout ratio is currently 101.82%.
Several research firms have recently issued reports on PAYX. BidaskClub raised Paychex from a “hold” rating to a “buy” rating in a research report on Friday. Bank of America cut Paychex from a “neutral” rating to an “underperform” rating in a research report on Tuesday, April 17th. Royal Bank of Canada reissued a “sector perform” rating and issued a $63.00 target price on shares of Paychex in a research report on Monday, April 2nd. Citigroup decreased their target price on Paychex from $67.00 to $64.00 and set a “neutral” rating for the company in a research report on Wednesday, March 28th. Finally, Barclays decreased their target price 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 research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have issued a buy rating to the company. Paychex currently has a consensus rating of “Hold” and an average target price of $64.94.
In other Paychex news, insider Michael E. Gioja sold 110,000 shares of the company’s stock in a transaction that occurred on Thursday, March 29th. The stock was sold at an average price of $61.63, for a total transaction of $6,779,300.00. Following the completion of the sale, the insider now directly owns 170,974 shares of the company’s stock, valued at approximately $10,537,127.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joseph M. Velli sold 3,079 shares of the company’s stock in a transaction that occurred on Friday, May 18th. The shares were sold at an average price of $65.00, for a total value of $200,135.00. Following the sale, the director now directly owns 29,013 shares of the company’s stock, valued at $1,885,845. The disclosure for this sale can be found here. 11.70% of the stock is owned by corporate insiders.
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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