2,883 Shares in Paychex, Inc. (PAYX) Acquired by D.B. Root & Company LLC

D.B. Root & Company LLC acquired a new stake in shares of Paychex, Inc. (NASDAQ:PAYX) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,883 shares of the business services provider’s stock, valued at approximately $212,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Aperio Group LLC raised its holdings in shares of Paychex by 7.6% in the 2nd quarter. Aperio Group LLC now owns 225,572 shares of the business services provider’s stock worth $15,418,000 after acquiring an additional 15,961 shares during the last quarter. California Public Employees Retirement System raised its holdings in shares of Paychex by 28.1% in the 2nd quarter. California Public Employees Retirement System now owns 941,092 shares of the business services provider’s stock worth $64,324,000 after acquiring an additional 206,536 shares during the last quarter. Bruderman Asset Management LLC raised its holdings in shares of Paychex by 1,738.6% in the 2nd quarter. Bruderman Asset Management LLC now owns 148,047 shares of the business services provider’s stock worth $10,119,000 after acquiring an additional 139,995 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its holdings in shares of Paychex by 7.1% in the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 57,476 shares of the business services provider’s stock worth $3,928,000 after acquiring an additional 3,786 shares during the last quarter. Finally, Glen Harbor Capital Management LLC grew its position in Paychex by 1.7% in the 2nd quarter. Glen Harbor Capital Management LLC now owns 64,872 shares of the business services provider’s stock worth $4,434,000 after purchasing an additional 1,088 shares in the last quarter. Hedge funds and other institutional investors own 67.22% of the company’s stock.

A number of brokerages have issued reports on PAYX. Wolfe Research began coverage on shares of Paychex in a research report on Tuesday, July 17th. They issued a “market perform” rating for the company. JPMorgan Chase & Co. downgraded shares of Paychex from a “neutral” rating to an “underweight” rating and set a $65.00 price objective for the company. in a research report on Tuesday, August 14th. Guggenheim began coverage on shares of Paychex in a research report on Monday, August 20th. They issued a “neutral” rating and a $75.00 price objective for the company. BidaskClub raised shares of Paychex from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 10th. Finally, Credit Suisse Group began coverage on shares of Paychex in a research report on Friday, August 10th. They issued a “neutral” rating and a $72.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $72.93.

In other news, VP Jennifer R. Vossler sold 4,000 shares of the stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $70.51, for a total transaction of $282,040.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP John B. Gibson sold 47,250 shares of the stock in a transaction that occurred on Wednesday, September 5th. The shares were sold at an average price of $73.50, for a total transaction of $3,472,875.00. The disclosure for this sale can be found here. 11.80% of the stock is owned by corporate insiders.

Paychex stock opened at $68.48 on Thursday. Paychex, Inc. has a twelve month low of $59.36 and a twelve month high of $76.02. The company has a market cap of $24.12 billion, a PE ratio of 26.87, a P/E/G ratio of 2.78 and a beta of 1.02.

Paychex (NASDAQ:PAYX) last released its earnings results on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.02. Paychex had a net margin of 27.71% and a return on equity of 42.87%. The firm had revenue of $862.80 million during the quarter, compared to the consensus estimate of $850.39 million. During the same period in the prior year, the firm earned $0.62 EPS. The company’s revenue was up 8.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Paychex, Inc. will post 2.85 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Thursday, November 1st will be given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date is Wednesday, October 31st. Paychex’s dividend payout ratio is currently 87.84%.

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About Paychex

Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company 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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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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