Commonwealth Bank of Australia Boosts Stake in Paychex, Inc. (PAYX)

Commonwealth Bank of Australia grew its holdings in Paychex, Inc. (NASDAQ:PAYX) by 17.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,567 shares of the business services provider’s stock after acquiring an additional 3,100 shares during the quarter. Commonwealth Bank of Australia’s holdings in Paychex were worth $1,510,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. boosted its position in shares of Paychex by 1.4% in the second quarter. BlackRock Inc. now owns 24,771,984 shares of the business services provider’s stock valued at $1,693,166,000 after acquiring an additional 351,899 shares during the period. Wells Fargo & Company MN boosted its position in shares of Paychex by 2.9% in the third quarter. Wells Fargo & Company MN now owns 8,429,147 shares of the business services provider’s stock valued at $620,806,000 after acquiring an additional 238,854 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Paychex by 2.3% in the second quarter. Bank of New York Mellon Corp now owns 7,812,772 shares of the business services provider’s stock valued at $534,003,000 after acquiring an additional 173,029 shares during the period. Schwab Charles Investment Management Inc. boosted its position in shares of Paychex by 3.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,997,181 shares of the business services provider’s stock valued at $136,508,000 after acquiring an additional 61,326 shares during the period. Finally, Swiss National Bank boosted its position in shares of Paychex by 2.1% in the second quarter. Swiss National Bank now owns 1,858,403 shares of the business services provider’s stock valued at $127,022,000 after acquiring an additional 37,600 shares during the period. 68.04% of the stock is owned by institutional investors.

Several research firms have recently weighed in on PAYX. Barclays began coverage on Paychex in a research report on Wednesday, November 14th. They issued an “equal weight” rating and a $70.00 price objective for the company. BidaskClub raised Paychex from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 10th. Credit Suisse Group raised Paychex from a “neutral” rating to a “buy” rating and set a $82.00 price objective for the company in a research report on Tuesday, October 2nd. BMO Capital Markets raised their target price on Paychex from $70.00 to $77.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 3rd. Finally, Stifel Nicolaus raised their target price on Paychex from $69.00 to $73.00 and gave the stock a “hold” rating in a research report on Wednesday, October 3rd. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $72.93.

In other Paychex news, VP John B. Gibson sold 47,250 shares of Paychex stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $73.50, for a total transaction of $3,472,875.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph Doody acquired 1,000 shares of the business’s stock in a transaction on Tuesday, October 23rd. The shares were bought at an average cost of $66.50 per share, with a total value of $66,500.00. Following the completion of the acquisition, the director now owns 16,639 shares of the company’s stock, valued at approximately $1,106,493.50. The disclosure for this purchase can be found here. 11.80% of the stock is owned by company insiders.

Shares of PAYX stock opened at $67.33 on Friday. The firm has a market capitalization of $24.17 billion, a P/E ratio of 26.40, a PEG ratio of 2.78 and a beta of 1.02. Paychex, Inc. has a one year low of $59.36 and a one year high of $76.02.

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

The company also recently announced a quarterly dividend, which was paid on Thursday, November 15th. Investors of record on Thursday, November 1st were given a $0.56 dividend. The ex-dividend date of this dividend was Wednesday, October 31st. This represents a $2.24 annualized dividend and a yield of 3.33%. Paychex’s dividend payout ratio (DPR) 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.

Further Reading: Market Capitalization in the Stock Market

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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