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.
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%.
COPYRIGHT VIOLATION NOTICE: “Princeton Alpha Management LP Acquires Shares of 8,922 Paychex, Inc. (PAYX)” was originally published by Markets Daily and is owned by of Markets Daily. If you are reading this article on another site, it was copied illegally and republished in violation of US and international copyright & trademark laws. The correct version of this article can be read at https://www.themarketsdaily.com/2017/06/16/princeton-alpha-management-lp-invests-526000-in-paychex-inc-payx-updated-updated.html.
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.
Receive News & Ratings for Paychex Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex Inc. and related companies with MarketBeat.com's FREE daily email newsletter.