Smith Salley & Associates decreased its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 6.4% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 30,112 shares of the business services provider’s stock after selling 2,063 shares during the period. Smith Salley & Associates’ holdings in Paychex were worth $2,218,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in the stock. Rehmann Capital Advisory Group boosted its position in shares of Paychex by 18.3% during the second quarter. Rehmann Capital Advisory Group now owns 4,422 shares of the business services provider’s stock valued at $302,000 after buying an additional 684 shares during the last quarter. Independence Bank of Kentucky boosted its position in Paychex by 12.9% in the second quarter. Independence Bank of Kentucky now owns 6,270 shares of the business services provider’s stock worth $429,000 after purchasing an additional 715 shares during the last quarter. Univest Corp of Pennsylvania boosted its position in Paychex by 13.1% in the second quarter. Univest Corp of Pennsylvania now owns 6,242 shares of the business services provider’s stock worth $427,000 after purchasing an additional 725 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in Paychex by 1.2% in the second quarter. Envestnet Asset Management Inc. now owns 61,741 shares of the business services provider’s stock worth $4,220,000 after purchasing an additional 744 shares during the last quarter. Finally, Redmond Asset Management LLC boosted its position in Paychex by 9.0% in the second quarter. Redmond Asset Management LLC now owns 9,056 shares of the business services provider’s stock worth $619,000 after purchasing an additional 750 shares during the last quarter. 67.22% of the stock is currently owned by institutional investors.
Several research analysts have weighed in on PAYX shares. Wolfe Research started coverage on Paychex in a research report on Tuesday, July 17th. They issued a “market perform” rating on the stock. BidaskClub cut Paychex from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 31st. Credit Suisse Group started coverage on Paychex in a research report on Friday, August 10th. They issued a “neutral” rating and a $72.00 price objective on the stock. JPMorgan Chase & Co. cut Paychex from a “neutral” rating to an “underweight” rating and set a $65.00 price objective on the stock. in a research report on Tuesday, August 14th. Finally, Guggenheim started coverage on Paychex in a research report on Monday, August 20th. They issued a “neutral” rating and a $75.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have given a buy rating to the stock. Paychex presently has an average rating of “Hold” and a consensus target price of $72.93.
Paychex (NASDAQ:PAYX) last issued its earnings results on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.02. The firm had revenue of $862.80 million for the quarter, compared to analyst estimates of $850.39 million. Paychex had a return on equity of 42.87% and a net margin of 27.71%. The business’s revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.62 earnings per share. On average, equities research analysts predict that Paychex, Inc. will post 2.85 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Thursday, November 1st will be paid a $0.56 dividend. The ex-dividend date is Wednesday, October 31st. This represents a $2.24 annualized dividend and a dividend yield of 3.25%. Paychex’s payout ratio is presently 87.84%.
In other Paychex news, VP Jennifer R. Vossler sold 4,000 shares of the business’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $70.51, for a total value of $282,040.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP John B. Gibson sold 47,250 shares of the business’s stock in a transaction on Wednesday, September 5th. The shares were sold at an average price of $73.50, for a total value of $3,472,875.00. The disclosure for this sale can be found here. Insiders own 11.80% of the company’s stock.
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Paychex Company Profile
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.
Further Reading: Why is the ex-dividend date different from the record date?
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