Paychex, Inc. (PAYX) Holdings Boosted by Advisory Services Network LLC

Advisory Services Network LLC grew its position in Paychex, Inc. (NASDAQ:PAYX) by 248.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 25,204 shares of the business services provider’s stock after acquiring an additional 17,979 shares during the period. Advisory Services Network LLC’s holdings in Paychex were worth $1,716,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Bank of New York Mellon Corp boosted its position in shares of Paychex by 0.8% in the third quarter. Bank of New York Mellon Corp now owns 7,901,485 shares of the business services provider’s stock worth $473,772,000 after purchasing an additional 64,254 shares during the period. Legal & General Group Plc boosted its position in shares of Paychex by 4.0% in the third quarter. Legal & General Group Plc now owns 2,029,653 shares of the business services provider’s stock worth $121,718,000 after purchasing an additional 78,937 shares during the period. Swiss National Bank boosted its position in shares of Paychex by 1.6% in the fourth quarter. Swiss National Bank now owns 1,882,803 shares of the business services provider’s stock worth $128,181,000 after purchasing an additional 29,500 shares during the period. Confluence Investment Management LLC boosted its position in shares of Paychex by 1.9% in the fourth quarter. Confluence Investment Management LLC now owns 1,735,799 shares of the business services provider’s stock worth $118,173,000 after purchasing an additional 31,635 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its position in shares of Paychex by 4.4% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 1,629,308 shares of the business services provider’s stock worth $110,924,000 after purchasing an additional 69,313 shares during the period. Institutional investors and hedge funds own 67.98% of the company’s stock.

A number of equities analysts have weighed in on the stock. 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. 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. BMO Capital Markets reiterated a “hold” rating and issued a $70.00 price target on shares of Paychex in a research report on Wednesday, January 24th. Finally, Royal Bank of Canada reiterated a “sell” rating and issued a $57.00 price target on shares of Paychex in a research report on Wednesday, November 15th. Two research analysts have rated the stock with a sell rating and twelve have given a hold rating to the company. The company currently has an average rating of “Hold” and an average target price of $62.77.

Paychex, Inc. (NASDAQ PAYX) opened at $65.37 on Thursday. Paychex, Inc. has a 1-year low of $54.20 and a 1-year high of $73.10. The company has a market cap of $23,214.16, a price-to-earnings ratio of 28.10, a PEG ratio of 3.47 and a beta of 0.94.

Paychex (NASDAQ:PAYX) last released its earnings results on Thursday, December 21st. The business services provider reported $0.59 EPS for the quarter, hitting the consensus estimate of $0.59. Paychex had a net margin of 26.02% and a return on equity of 42.80%. The firm had revenue of $826.50 million for the quarter, compared to the consensus estimate of $823.48 million. During the same quarter in the previous year, the firm earned $0.56 earnings per share. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. analysts anticipate that Paychex, Inc. will post 2.39 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Thursday, February 1st will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.06%. The ex-dividend date of this dividend is Wednesday, January 31st. Paychex’s dividend payout ratio (DPR) is presently 85.84%.

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

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About Paychex

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.

Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex, Inc. (NASDAQ:PAYX).

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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