Norinchukin Bank The Sells 2,020 Shares of Paychex, Inc. (NASDAQ:PAYX)

Norinchukin Bank The reduced its holdings in Paychex, Inc. (NASDAQ:PAYXGet Rating) by 6.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 30,403 shares of the business services provider’s stock after selling 2,020 shares during the period. Norinchukin Bank The’s holdings in Paychex were worth $4,150,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Cape Cod Five Cents Savings Bank acquired a new position in Paychex in the fourth quarter valued at approximately $214,000. Pinebridge Investments L.P. raised its holdings in Paychex by 397.3% in the fourth quarter. Pinebridge Investments L.P. now owns 68,979 shares of the business services provider’s stock worth $9,416,000 after purchasing an additional 55,109 shares during the period. Industrial Alliance Investment Management Inc. acquired a new stake in Paychex in the fourth quarter worth $38,000. Rafferty Asset Management LLC raised its holdings in Paychex by 3.1% in the fourth quarter. Rafferty Asset Management LLC now owns 99,916 shares of the business services provider’s stock worth $13,639,000 after purchasing an additional 2,962 shares during the period. Finally, Glenview Trust Co raised its holdings in Paychex by 75.8% in the fourth quarter. Glenview Trust Co now owns 19,245 shares of the business services provider’s stock worth $2,627,000 after purchasing an additional 8,300 shares during the period. Institutional investors and hedge funds own 80.43% of the company’s stock.

PAYX opened at $119.69 on Friday. Paychex, Inc. has a fifty-two week low of $97.23 and a fifty-two week high of $141.92. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.27 and a quick ratio of 1.27. The firm has a market capitalization of $43.21 billion, a price-to-earnings ratio of 31.92, a PEG ratio of 4.20 and a beta of 0.98. The company’s 50 day moving average price is $129.87 and its two-hundred day moving average price is $125.64.

Paychex (NASDAQ:PAYXGet Rating) last posted its earnings results on Wednesday, March 30th. The business services provider reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.11. Paychex had a net margin of 30.23% and a return on equity of 43.02%. The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period in the previous year, the firm posted $0.96 EPS. The company’s revenue for the quarter was up 14.8% compared to the same quarter last year. As a group, equities research analysts predict that Paychex, Inc. will post 3.75 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 26th. Stockholders of record on Thursday, May 12th will be paid a $0.79 dividend. This is a positive change from Paychex’s previous quarterly dividend of $0.66. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date of this dividend is Wednesday, May 11th. Paychex’s dividend payout ratio is currently 84.27%.

In related news, VP Michael E. Gioja sold 26,000 shares of the business’s stock in a transaction on Tuesday, April 5th. The shares were sold at an average price of $141.26, for a total transaction of $3,672,760.00. Following the transaction, the vice president now owns 52,349 shares in the company, valued at approximately $7,394,819.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Karen E. Saunders-Mcclendon sold 203 shares of the business’s stock in a transaction on Friday, April 15th. The shares were sold at an average price of $136.69, for a total transaction of $27,748.07. Following the transaction, the vice president now owns 2,994 shares in the company, valued at approximately $409,249.86. The disclosure for this sale can be found here. 11.50% of the stock is owned by insiders.

A number of equities research analysts recently commented on the stock. Robert W. Baird raised their price objective on shares of Paychex from $137.00 to $142.00 in a report on Thursday, March 31st. Citigroup raised their price objective on shares of Paychex from $140.00 to $145.00 and gave the stock a “neutral” rating in a report on Wednesday, April 6th. Morgan Stanley raised their target price on shares of Paychex from $135.00 to $140.00 and gave the company an “equal weight” rating in a research report on Thursday, March 31st. Bank of America raised shares of Paychex from an “underperform” rating to a “neutral” rating and set a $125.00 target price for the company in a research report on Wednesday, March 9th. Finally, StockNews.com began coverage on shares of Paychex in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Two analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $127.14.

About Paychex (Get Rating)

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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