Public Employees Retirement Association of Colorado Decreases Holdings in Paychex, Inc. (NASDAQ:PAYX)

Public Employees Retirement Association of Colorado decreased its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.2% during the 3rd quarter, Holdings Channel.com reports. The fund owned 58,865 shares of the business services provider’s stock after selling 137 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Paychex were worth $4,872,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Vigilant Capital Management LLC acquired a new stake in shares of Paychex during the 3rd quarter worth $27,000. Cornerstone Advisors Inc. boosted its stake in Paychex by 91.9% in the 3rd quarter. Cornerstone Advisors Inc. now owns 330 shares of the business services provider’s stock worth $27,000 after purchasing an additional 158 shares during the period. Manchester Financial Inc. acquired a new position in Paychex in the 2nd quarter worth approximately $29,000. Benjamin Edwards Inc. boosted its stake in Paychex by 58.2% in the 3rd quarter. Benjamin Edwards Inc. now owns 348 shares of the business services provider’s stock worth $29,000 after purchasing an additional 128 shares during the period. Finally, Stonebridge Capital Advisors LLC acquired a new position in Paychex in the 2nd quarter worth approximately $32,000. Hedge funds and other institutional investors own 70.02% of the company’s stock.

PAYX has been the subject of a number of recent analyst reports. Argus reaffirmed a “buy” rating and issued a $92.00 price objective on shares of Paychex in a research note on Thursday, October 3rd. Cowen started coverage on shares of Paychex in a research report on Wednesday, September 11th. They issued a “market perform” rating and a $74.00 target price for the company. BidaskClub downgraded shares of Paychex from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Morgan Stanley downgraded shares of Paychex from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $77.00 to $74.00 in a research report on Thursday, August 15th. Finally, ValuEngine downgraded shares of Paychex from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Four analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Paychex presently has a consensus rating of “Hold” and a consensus price target of $79.33.

In related news, CEO Martin Mucci sold 31,865 shares of Paychex stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $84.86, for a total value of $2,704,063.90. Following the transaction, the chief executive officer now owns 362,806 shares in the company, valued at approximately $30,787,717.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David J. S. Flaschen sold 13,052 shares of Paychex stock in a transaction on Friday, October 25th. The stock was sold at an average price of $84.50, for a total transaction of $1,102,894.00. Following the completion of the transaction, the director now owns 43,564 shares in the company, valued at approximately $3,681,158. The disclosure for this sale can be found here. Insiders have sold a total of 67,256 shares of company stock worth $5,707,113 in the last 90 days. 11.70% of the stock is owned by insiders.

Shares of Paychex stock traded up $0.03 during midday trading on Wednesday, reaching $83.07. 29,490 shares of the company’s stock traded hands, compared to its average volume of 1,778,194. The company has a market cap of $29.80 billion, a price-to-earnings ratio of 29.25, a price-to-earnings-growth ratio of 3.83 and a beta of 0.89. The company’s 50 day simple moving average is $83.52 and its 200 day simple moving average is $84.05. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.15 and a current ratio of 1.15. Paychex, Inc. has a 52 week low of $61.32 and a 52 week high of $88.43.

Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Wednesday, October 2nd. The business services provider reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.02. The business had revenue of $992.00 million for the quarter, compared to the consensus estimate of $991.70 million. Paychex had a net margin of 27.04% and a return on equity of 41.07%. Paychex’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.67 EPS. As a group, equities research analysts predict that Paychex, Inc. will post 3.11 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Friday, November 1st will be issued a dividend of $0.62 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.99%. Paychex’s dividend payout ratio is currently 87.32%.

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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