Covington Capital Management grew its stake in Paychex, Inc. (NASDAQ:PAYX) by 0.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 127,605 shares of the business services provider’s stock after buying an additional 926 shares during the quarter. Covington Capital Management’s holdings in Paychex were worth $8,687,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in PAYX. Victory Capital Management Inc. grew its stake in Paychex by 12.6% in the 3rd quarter. Victory Capital Management Inc. now owns 175,571 shares of the business services provider’s stock worth $10,527,000 after buying an additional 19,715 shares in the last quarter. New York State Common Retirement Fund grew its stake in Paychex by 2.7% in the 3rd quarter. New York State Common Retirement Fund now owns 944,900 shares of the business services provider’s stock worth $56,656,000 after buying an additional 25,100 shares in the last quarter. Toronto Dominion Bank grew its stake in Paychex by 12.0% in the 3rd quarter. Toronto Dominion Bank now owns 131,063 shares of the business services provider’s stock worth $7,860,000 after buying an additional 14,007 shares in the last quarter. Rhumbline Advisers grew its stake in Paychex by 1.3% in the 3rd quarter. Rhumbline Advisers now owns 739,215 shares of the business services provider’s stock worth $44,323,000 after buying an additional 9,798 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale grew its stake in Paychex by 5.8% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 402,737 shares of the business services provider’s stock worth $22,722,000 after buying an additional 22,109 shares in the last quarter. 68.74% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have commented on PAYX shares. Royal Bank of Canada reissued a “sell” rating and issued a $57.00 price target on shares of Paychex in a research note on Wednesday, November 15th. Citigroup raised shares of Paychex from a “sell” rating to a “neutral” rating and set a $67.00 price target for the company in a research note on Monday, December 4th. Bank of America boosted their price target on shares of Paychex from $68.00 to $73.00 and gave the stock a “buy” rating in a research note on Tuesday, December 5th. BidaskClub raised shares of Paychex from a “buy” rating to a “strong-buy” rating in a research note on Thursday, December 7th. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $68.00 price target on shares of Paychex in a research note on Friday, December 22nd. Two equities research analysts have rated the stock with a sell rating and twelve have given a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $62.77.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Thursday, December 21st. The business services provider reported $0.59 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.59. The firm had revenue of $826.50 million during the quarter, compared to analyst estimates of $823.48 million. Paychex had a net margin of 26.02% and a return on equity of 42.80%. The business’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.56 EPS. analysts expect that Paychex, Inc. will post 2.4 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 15th. Stockholders of record on Thursday, February 1st were issued a $0.50 dividend. The ex-dividend date was Wednesday, January 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.02%. Paychex’s payout ratio is 85.84%.
In other news, VP Jennifer R. Vossler sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $68.29, for a total value of $682,900.00. Following the completion of the sale, the vice president now directly owns 31,578 shares in the company, valued at approximately $2,156,461.62. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael E. Gioja sold 34,311 shares of the business’s stock in a transaction that occurred on Thursday, January 4th. The stock was sold at an average price of $68.91, for a total transaction of $2,364,371.01. Following the completion of the sale, the insider now owns 63,374 shares of the company’s stock, valued at $4,367,102.34. The disclosure for this sale can be found here. Insiders own 11.70% of the company’s stock.
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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.
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