Mission Creek Capital Partners Inc. lowered its position in Paychex, Inc. (NASDAQ:PAYX – Free Report) by 7.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,435 shares of the business services provider’s stock after selling 581 shares during the period. Mission Creek Capital Partners Inc.’s holdings in Paychex were worth $998,000 as of its most recent SEC filing.
A number of other institutional investors also recently bought and sold shares of the company. Czech National Bank raised its stake in shares of Paychex by 8.3% during the 2nd quarter. Czech National Bank now owns 61,049 shares of the business services provider’s stock worth $7,238,000 after buying an additional 4,703 shares during the last quarter. BDF Gestion acquired a new position in Paychex during the second quarter worth about $2,796,000. PGGM Investments lifted its holdings in shares of Paychex by 57.7% in the second quarter. PGGM Investments now owns 21,703 shares of the business services provider’s stock valued at $2,573,000 after purchasing an additional 7,943 shares in the last quarter. Raymond James & Associates grew its position in shares of Paychex by 27.4% in the third quarter. Raymond James & Associates now owns 988,417 shares of the business services provider’s stock valued at $132,636,000 after purchasing an additional 212,700 shares during the last quarter. Finally, Guinness Asset Management LTD grew its position in shares of Paychex by 4.6% in the third quarter. Guinness Asset Management LTD now owns 1,567,667 shares of the business services provider’s stock valued at $210,282,000 after purchasing an additional 68,627 shares during the last quarter. 83.47% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling
In related news, CFO Robert L. Schrader sold 13,015 shares of Paychex stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total transaction of $1,852,685.25. Following the sale, the chief financial officer now owns 17,362 shares of the company’s stock, valued at $2,471,480.70. The trade was a 42.84 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Michael E. Gioja sold 26,428 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $139.03, for a total value of $3,674,284.84. Following the sale, the vice president now owns 14,515 shares of the company’s stock, valued at $2,018,020.45. This represents a 64.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 54,174 shares of company stock valued at $7,577,231. Corporate insiders own 11.40% of the company’s stock.
Paychex Stock Performance
Paychex (NASDAQ:PAYX – Get Free Report) last posted its quarterly earnings results on Tuesday, October 1st. The business services provider reported $1.16 EPS for the quarter, beating the consensus estimate of $1.14 by $0.02. Paychex had a net margin of 31.98% and a return on equity of 45.97%. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same quarter last year, the firm posted $1.14 earnings per share. Paychex’s revenue for the quarter was up 2.5% compared to the same quarter last year. As a group, research analysts forecast that Paychex, Inc. will post 4.98 earnings per share for the current year.
Paychex Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Thursday, November 7th were issued a dividend of $0.98 per share. The ex-dividend date was Thursday, November 7th. This represents a $3.92 annualized dividend and a dividend yield of 2.71%. Paychex’s payout ratio is currently 83.58%.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on PAYX shares. Morgan Stanley upped their target price on Paychex from $122.00 to $133.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Citigroup increased their price objective on Paychex from $125.00 to $145.00 and gave the company a “neutral” rating in a research note on Wednesday, September 25th. Barclays lifted their price objective on Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a research report on Monday, September 23rd. Stifel Nicolaus upped their price objective on shares of Paychex from $130.00 to $141.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. Finally, Royal Bank of Canada lifted their target price on shares of Paychex from $130.00 to $148.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 2nd. Two investment analysts have rated the stock with a sell rating and eleven have issued a hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $131.62.
View Our Latest Report on Paychex
Paychex Profile
Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), 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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