Princeton Alpha Management LP Acquires Shares of 8,922 Paychex, Inc. (PAYX)

Princeton Alpha Management LP purchased a new position in shares of Paychex, Inc. (NASDAQ:PAYX) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 8,922 shares of the business services provider’s stock, valued at approximately $526,000.

Several other hedge funds have also modified their holdings of the stock. Kernodle & Katon Asset Management Group LLC increased its stake in shares of Paychex by 4.6% in the third quarter. Kernodle & Katon Asset Management Group LLC now owns 2,068 shares of the business services provider’s stock worth $120,000 after buying an additional 90 shares during the period. Pacad Investment Ltd. acquired a new stake in shares of Paychex during the fourth quarter worth about $134,000. Mosaic Family Wealth LLC increased its stake in shares of Paychex by 9.0% in the third quarter. Mosaic Family Wealth LLC now owns 2,818 shares of the business services provider’s stock worth $163,000 after buying an additional 233 shares during the period. Haverford Trust Co. acquired a new stake in shares of Paychex during the fourth quarter worth about $200,000. Finally, JT Stratford LLC acquired a new stake in shares of Paychex during the fourth quarter worth about $219,000. Hedge funds and other institutional investors own 68.51% of the company’s stock.

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

Paychex, Inc. (NASDAQ:PAYX) traded up 0.61% during mid-day trading on Friday, reaching $61.10. The company had a trading volume of 3,323,116 shares. Paychex, Inc. has a 1-year low of $52.78 and a 1-year high of $63.03. The firm has a 50-day moving average of $58.72 and a 200 day moving average of $59.91. The company has a market capitalization of $21.95 billion, a PE ratio of 27.77 and a beta of 0.96. Paychex also saw some unusual options trading on Tuesday. Investors bought 8,805 call options on the company. This is an increase of 1,481% compared to the typical volume of 557 call options.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Wednesday, March 29th. The business services provider reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.01. Paychex had a return on equity of 42.04% and a net margin of 25.75%. The company had revenue of $795.80 million during the quarter, compared to analyst estimates of $799.08 million. During the same period in the prior year, the company earned $0.50 earnings per share. The firm’s revenue was up 5.7% on a year-over-year basis. On average, analysts predict that Paychex, Inc. will post $2.23 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 25th. Stockholders of record on Wednesday, May 10th were paid a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 3.01%. The ex-dividend date of this dividend was Monday, May 8th. Paychex’s payout ratio is 85.58%.

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A number of analysts have recently issued reports on the company. Wedbush reiterated a “neutral” rating and set a $61.25 price target (down previously from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. BMO Capital Markets dropped their price target on Paychex from $61.00 to $60.00 and set a “market perform” rating for the company in a research report on Thursday, March 30th. Finally, Jefferies Group LLC reiterated a “sell” rating and set a $50.00 price target on shares of Paychex in a research report on Tuesday, March 21st. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. Paychex has a consensus rating of “Hold” and an average target price of $58.85.

In other news, Director Grant M. Inman sold 10,654 shares of the firm’s stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $57.75, for a total value of $615,268.50. Following the completion of the sale, the director now directly owns 32,514 shares of the company’s stock, valued at approximately $1,877,683.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Mark Anthony Bottini sold 35,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 27th. The shares were sold at an average price of $60.01, for a total value of $2,100,350.00. Following the completion of the sale, the vice president now directly owns 47,007 shares of the company’s stock, valued at $2,820,890.07. The disclosure for this sale can be found here. Insiders sold a total of 64,654 shares of company stock valued at $3,827,829 over the last ninety days. Corporate insiders own 11.60% of the company’s stock.

Paychex Company 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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