53,098 Shares in Paychex, Inc. (NASDAQ:PAYX) Bought by Virginia Retirement Systems ET AL
Virginia Retirement Systems ET AL bought a new position in shares of Paychex, Inc. (NASDAQ:PAYX – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 53,098 shares of the business services provider’s stock, valued at approximately $5,940,000.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. NewSquare Capital LLC boosted its position in shares of Paychex by 91.7% during the 2nd quarter. NewSquare Capital LLC now owns 255 shares of the business services provider’s stock worth $29,000 after acquiring an additional 122 shares in the last quarter. Hexagon Capital Partners LLC boosted its position in shares of Paychex by 80.9% during the 2nd quarter. Hexagon Capital Partners LLC now owns 275 shares of the business services provider’s stock worth $31,000 after acquiring an additional 123 shares in the last quarter. HWG Holdings LP acquired a new position in shares of Paychex during the 2nd quarter worth about $34,000. Atlantic Private Wealth LLC acquired a new position in shares of Paychex during the 1st quarter worth about $36,000. Finally, Cambridge Trust Co. boosted its position in shares of Paychex by 254.4% during the 1st quarter. Cambridge Trust Co. now owns 319 shares of the business services provider’s stock worth $37,000 after acquiring an additional 229 shares in the last quarter. 72.18% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several research firms have recently issued reports on PAYX. Morgan Stanley upped their price objective on Paychex from $125.00 to $127.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 28th. Royal Bank of Canada reissued a “sector perform” rating and issued a $130.00 target price on shares of Paychex in a report on Thursday, September 28th. Barclays raised Paychex from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $107.00 to $126.00 in a report on Thursday. JPMorgan Chase & Co. boosted their target price on Paychex from $114.00 to $134.00 and gave the company an “underweight” rating in a report on Tuesday, August 22nd. Finally, Wedbush reissued a “neutral” rating and issued a $115.00 target price on shares of Paychex in a report on Tuesday, September 26th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $122.40.
Read Our Latest Report on Paychex
Paychex Stock Up 0.0 %
PAYX opened at $126.84 on Friday. The company has a market cap of $45.82 billion, a PE ratio of 28.76, a P/E/G ratio of 3.48 and a beta of 0.97. The business has a 50 day moving average price of $118.13 and a two-hundred day moving average price of $117.87. Paychex, Inc. has a 52 week low of $104.09 and a 52 week high of $129.70. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.22.
Paychex (NASDAQ:PAYX – Get Free Report) last issued its earnings results on Wednesday, September 27th. The business services provider reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.02. The business had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.28 billion. Paychex had a return on equity of 46.51% and a net margin of 31.40%. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.03 EPS. As a group, research analysts anticipate that Paychex, Inc. will post 4.7 EPS for the current year.
Paychex Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 28th. Stockholders of record on Tuesday, November 14th were paid a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date was Monday, November 13th. Paychex’s dividend payout ratio (DPR) is 80.73%.
Insider Transactions at Paychex
In other news, VP Michael E. Gioja sold 41,329 shares of the stock in a transaction that occurred on Friday, October 6th. The stock was sold at an average price of $115.79, for a total transaction of $4,785,484.91. Following the completion of the transaction, the vice president now directly owns 19,800 shares of the company’s stock, valued at approximately $2,292,642. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 11.50% of the company’s stock.
About Paychex (Free Report)
Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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