Paychex, Inc. (PAYX) Holdings Raised by American Century Companies Inc.

American Century Companies Inc. boosted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.4% during the third quarter, HoldingsChannel.com reports. The fund owned 1,222,009 shares of the business services provider’s stock after acquiring an additional 4,302 shares during the quarter. American Century Companies Inc.’s holdings in Paychex were worth $90,001,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Aperio Group LLC raised its stake in Paychex by 7.6% during 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 period. California Public Employees Retirement System raised its stake in Paychex by 28.1% during 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 period. Bruderman Asset Management LLC raised its stake in Paychex by 1,738.6% during 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 period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in Paychex by 7.1% during 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 period. Finally, Glen Harbor Capital Management LLC raised its stake in Paychex by 1.7% during 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 acquiring an additional 1,088 shares during the period. Institutional investors own 67.22% of the company’s stock.

In other news, VP John B. Gibson sold 47,250 shares of Paychex 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Jennifer R. Vossler sold 4,000 shares of Paychex 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 disclosure for this sale can be found here. Company insiders own 11.80% of the company’s stock.

Paychex stock opened at $69.02 on Friday. The company has a market cap of $24.59 billion, a PE ratio of 27.07, a P/E/G ratio of 2.83 and a beta of 1.02. Paychex, Inc. has a 1 year low of $59.36 and a 1 year high of $76.02.

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

The business also recently disclosed 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 annualized dividend and a dividend yield of 3.25%. The ex-dividend date of this dividend is Wednesday, October 31st. Paychex’s payout ratio is currently 87.84%.

A number of equities research analysts have commented on the stock. BidaskClub upgraded shares of Paychex from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 10th. Credit Suisse Group upgraded shares of Paychex from a “neutral” rating to a “buy” rating and set a $82.00 target price on the stock in a research note on Tuesday, October 2nd. Wolfe Research assumed coverage on shares of Paychex in a research note on Tuesday, July 17th. They set a “market perform” rating on the stock. BMO Capital Markets raised their target price on shares of Paychex from $70.00 to $77.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 3rd. Finally, Stifel Nicolaus raised their target price on shares of Paychex from $69.00 to $73.00 and gave the stock a “hold” rating in a research note on Wednesday, October 3rd. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the stock. Paychex presently has an average rating of “Hold” and a consensus price target of $72.93.

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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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