Great West Life Assurance Co. Can decreased its holdings in Paychex, Inc. (NASDAQ:PAYX – Free Report) by 7.7% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 401,896 shares of the business services provider’s stock after selling 33,373 shares during the period. Great West Life Assurance Co. Can owned about 0.11% of Paychex worth $45,188,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the business. Ritholtz Wealth Management raised its position in shares of Paychex by 113.2% in the second quarter. Ritholtz Wealth Management now owns 19,006 shares of the business services provider’s stock valued at $2,126,000 after purchasing an additional 10,092 shares during the period. Kesler Norman & Wride LLC lifted its position in Paychex by 2.0% during the second quarter. Kesler Norman & Wride LLC now owns 17,985 shares of the business services provider’s stock worth $2,012,000 after acquiring an additional 348 shares during the last quarter. LPL Financial LLC boosted its holdings in shares of Paychex by 8.1% during the first quarter. LPL Financial LLC now owns 432,146 shares of the business services provider’s stock worth $49,520,000 after acquiring an additional 32,276 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Paychex by 9.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,591,680 shares of the business services provider’s stock valued at $178,040,000 after purchasing an additional 142,656 shares during the last quarter. Finally, Shelton Capital Management increased its stake in shares of Paychex by 8.7% during the first quarter. Shelton Capital Management now owns 30,907 shares of the business services provider’s stock worth $3,542,000 after purchasing an additional 2,479 shares during the period. 72.18% of the stock is owned by institutional investors and hedge funds.
Paychex Stock Up 1.1 %
Shares of NASDAQ PAYX opened at $118.77 on Tuesday. The company has a market cap of $42.90 billion, a price-to-earnings ratio of 26.93, a PEG ratio of 3.16 and a beta of 0.97. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.22. Paychex, Inc. has a 12 month low of $104.09 and a 12 month high of $129.70. The stock has a 50-day moving average price of $115.44 and a two-hundred day moving average price of $116.00.
Paychex Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 28th. Investors of record on Tuesday, November 14th will be issued a dividend of $0.89 per share. This represents a $3.56 annualized dividend and a dividend yield of 3.00%. The ex-dividend date is Monday, November 13th. Paychex’s dividend payout ratio (DPR) is 80.73%.
Insider Buying and Selling
In related news, VP Michael E. Gioja sold 41,329 shares of Paychex stock in a transaction that occurred on Friday, October 6th. The shares were sold at an average price of $115.79, for a total transaction of $4,785,484.91. Following the sale, the vice president now directly owns 19,800 shares in the company, valued at approximately $2,292,642. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 11.50% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
PAYX has been the topic of several recent research reports. JPMorgan Chase & Co. increased their price objective on Paychex from $114.00 to $134.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 22nd. TD Cowen raised their price target on shares of Paychex from $130.00 to $131.00 and gave the stock an “outperform” rating in a research report on Thursday, September 28th. Morgan Stanley boosted their price objective on shares of Paychex from $125.00 to $127.00 and gave the company an “equal weight” rating in a report on Thursday, September 28th. UBS Group initiated coverage on shares of Paychex in a report on Tuesday, November 7th. They set a “neutral” rating and a $120.00 target price on the stock. Finally, StockNews.com initiated coverage on Paychex in a research note on Thursday, October 5th. They issued a “hold” rating for the company. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Paychex currently has a consensus rating of “Hold” and an average price target of $121.63.
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, Europe, and India. It 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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