Spectrum Management Group Inc. grew its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 11.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,812 shares of the business services provider’s stock after purchasing an additional 3,005 shares during the period. Spectrum Management Group Inc.’s holdings in Paychex were worth $1,728,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of PAYX. Salem Investment Counselors Inc. grew its position 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 purchasing an additional 11 shares in the last quarter. Dupont Capital Management Corp purchased a new position in shares of Paychex during the second quarter valued at about $129,000. Sun Life Financial INC grew its position 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 purchasing an additional 2,326 shares in the last quarter. San Francisco Sentry Investment Group CA purchased a new position in shares of Paychex during the second quarter valued at about $145,000. Finally, Koshinski Asset Management Inc. purchased a new position in shares of Paychex during the second quarter valued at about $201,000. Hedge funds and other institutional investors own 67.02% of the company’s stock.
Shares of Paychex, Inc. (PAYX) traded up $1.06 during midday trading on Friday, reaching $65.64. 1,755,900 shares of the company’s stock traded hands, compared to its average volume of 1,991,909. The company has a market capitalization of $23,205.48, a P/E ratio of 28.45, a P/E/G ratio of 3.50 and a beta of 0.99. Paychex, Inc. has a twelve month low of $54.20 and a twelve month high of $66.31.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The business had revenue of $816.80 million during the quarter, compared to the consensus estimate of $816.34 million. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.60 earnings per share. equities research analysts predict that Paychex, Inc. will post 2.38 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.05%. The ex-dividend date was Tuesday, October 31st. Paychex’s dividend payout ratio is presently 87.34%.
In other news, 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 transaction of $1,881,581.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP John B. Gibson sold 6,000 shares of Paychex stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $63.70, for a total transaction of $382,200.00. Following the sale, the vice president now directly owns 21,758 shares of the company’s stock, valued at approximately $1,385,984.60. The disclosure for this sale can be found here. Insiders have sold 94,395 shares of company stock valued at $5,914,383 in the last ninety days. Insiders own 11.70% of the company’s stock.
PAYX has been the subject of several recent research reports. William Blair lowered Paychex from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. BidaskClub upgraded Paychex from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. Morgan Stanley upgraded Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price target for the company in a research report on Wednesday, August 16th. They noted that the move was a valuation call. Stifel Nicolaus reiterated a “hold” rating and issued a $61.00 price target on shares of Paychex in a research report on Friday, August 18th. Finally, Citigroup Inc. reiterated a “sell” rating and issued a $53.00 price target on shares of Paychex in a research report on Monday, October 2nd. Five research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $60.07.
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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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