Verition Fund Management LLC Invests $1.88 Million in Paychex, Inc. (PAYX) Stock

Verition Fund Management LLC acquired a new position in Paychex, Inc. (NASDAQ:PAYX) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 33,070 shares of the business services provider’s stock, valued at approximately $1,883,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Salem Investment Counselors Inc. boosted its stake in Paychex by 0.6% in the 2nd quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock worth $102,000 after purchasing an additional 11 shares during the period. Bruderman Asset Management LLC boosted its stake in Paychex by 0.3% in the 1st quarter. Bruderman Asset Management LLC now owns 6,794 shares of the business services provider’s stock worth $400,000 after purchasing an additional 20 shares during the period. Alps Advisors Inc. boosted its stake in Paychex by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 7,685 shares of the business services provider’s stock worth $438,000 after purchasing an additional 20 shares during the period. Northwest Quadrant Wealth Management LLC boosted its stake in Paychex by 0.6% in the 1st quarter. Northwest Quadrant Wealth Management LLC now owns 3,923 shares of the business services provider’s stock worth $228,000 after purchasing an additional 24 shares during the period. Finally, King Wealth Management Group LLC boosted its stake in Paychex by 0.8% in the 1st quarter. King Wealth Management Group LLC now owns 3,793 shares of the business services provider’s stock worth $223,000 after purchasing an additional 30 shares during the period. 67.31% of the stock is owned by hedge funds and other institutional investors.

In other Paychex news, CEO Martin Mucci sold 29,786 shares of the company’s stock in a transaction on Thursday, October 5th. The shares were sold at an average price of $63.17, for a total transaction of $1,881,581.62. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Laurie L. Zaucha sold 15,000 shares of the company’s stock in a transaction on Monday, September 25th. The stock was sold at an average price of $60.00, for a total transaction of $900,000.00. Following the sale, the vice president now directly owns 51,360 shares in the company, valued at $3,081,600. The disclosure for this sale can be found here. Insiders have sold 88,395 shares of company stock worth $5,532,183 over the last ninety days. Insiders own 11.70% of the company’s stock.

Paychex, Inc. (NASDAQ:PAYX) traded down 0.54% on Friday, hitting $64.07. 704,619 shares of the stock were exchanged. Paychex, Inc. has a one year low of $52.78 and a one year high of $64.75. The company has a 50 day moving average of $59.20 and a 200 day moving average of $58.30. The stock has a market capitalization of $23.03 billion, a P/E ratio of 28.48 and a beta of 0.98.

Paychex (NASDAQ:PAYX) last announced its earnings results on Tuesday, October 3rd. The business services provider reported $0.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.02. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The business had revenue of $816.80 million during the quarter, compared to analysts’ expectations of $816.34 million. During the same quarter in the prior year, the company posted $0.60 earnings per share. The firm’s revenue was up 4.0% on a year-over-year basis. On average, equities research analysts forecast that Paychex, Inc. will post $2.38 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.10%. The ex-dividend date is Tuesday, October 31st. Paychex’s dividend payout ratio (DPR) is currently 87.34%.

A number of research firms recently commented on PAYX. Morgan Stanley reaffirmed an “equal weight” rating and issued a $59.00 price objective (up previously from $55.00) on shares of Paychex in a research note on Wednesday, October 4th. Robert W. Baird reiterated a “hold” rating and issued a $64.00 target price on shares of Paychex in a research report on Wednesday, October 4th. Royal Bank Of Canada reiterated an “underperform” rating and issued a $57.00 target price (up previously from $54.00) on shares of Paychex in a research report on Wednesday, October 4th. Citigroup Inc. reiterated a “sell” rating and issued a $53.00 target price on shares of Paychex in a research report on Monday, October 2nd. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $62.00 target price (up previously from $60.00) on shares of Paychex in a research report on Wednesday, October 4th. Five investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $60.07.

ILLEGAL ACTIVITY WARNING: “Verition Fund Management LLC Invests $1.88 Million in Paychex, Inc. (PAYX) Stock” was posted by Ticker Report and is the property of of Ticker Report. If you are reading this story on another site, it was illegally stolen and republished in violation of United States and international trademark and copyright legislation. The original version of this story can be viewed at https://www.tickerreport.com/banking-finance/2957778/verition-fund-management-llc-invests-1-88-million-in-paychex-inc-payx-stock.html.

Paychex Profile

Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.

Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex, Inc. (NASDAQ:PAYX).

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

Receive News & Ratings for Paychex Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

How to Trade on Forex – 8 Steps for Beginners
How to Trade on Forex – 8 Steps for Beginners
Super Nintendo World Theme Park Officially Starts Construction
Super Nintendo World Theme Park Officially Starts Construction
Amazon and Apple Join Foxconn to Secure Chip Business of Toshiba
Amazon and Apple Join Foxconn to Secure Chip Business of Toshiba
Camera Zooms In and Can Recognize Faces
Camera Zooms In and Can Recognize Faces
Netflix Could See 150 Million Worldwide Subscribers
Netflix Could See 150 Million Worldwide Subscribers
LeEco Cutting Over 70% of Staff in U.S. Amidst Pull Back
LeEco Cutting Over 70% of Staff in U.S. Amidst Pull Back


Leave a Reply

© 2006-2017 Ticker Report. Google+.