Freestone Capital Holdings LLC reduced its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 21.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 52,308 shares of the business services provider’s stock after selling 13,972 shares during the period. Freestone Capital Holdings LLC’s holdings in Paychex were worth $4,195,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of PAYX. Lunia Capital LP raised its holdings in Paychex by 8,881.0% during the fourth quarter. Lunia Capital LP now owns 10,859,007 shares of the business services provider’s stock worth $10,859,000 after purchasing an additional 10,738,096 shares in the last quarter. Oregon Public Employees Retirement Fund increased its holdings in Paychex by 5,734.9% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 5,458,853 shares of the business services provider’s stock valued at $84,000 after buying an additional 5,365,298 shares in the last quarter. Ronna Sue Cohen increased its holdings in Paychex by 7,736.0% in the first quarter. Ronna Sue Cohen now owns 4,003,822 shares of the business services provider’s stock valued at $4,004,000 after buying an additional 3,952,727 shares in the last quarter. Norges Bank purchased a new position in Paychex in the fourth quarter valued at about $191,026,000. Finally, BlackRock Inc. increased its holdings in Paychex by 5.9% in the fourth quarter. BlackRock Inc. now owns 28,030,198 shares of the business services provider’s stock valued at $1,826,167,000 after buying an additional 1,560,669 shares in the last quarter. 68.97% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have issued reports on PAYX shares. Sanford C. Bernstein cut shares of Paychex from a “market perform” rating to an “underperform” rating in a report on Tuesday, April 30th. Barclays increased their target price on shares of Paychex from $78.00 to $80.00 and gave the company an “equal weight” rating in a report on Monday, April 1st. Finally, Credit Suisse Group increased their target price on shares of Paychex from $82.00 to $84.00 and gave the company an “outperform” rating in a report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $74.14.
Shares of Paychex stock opened at $86.06 on Friday. The stock has a market capitalization of $31.28 billion, a price-to-earnings ratio of 33.75, a P/E/G ratio of 3.39 and a beta of 1.04. Paychex, Inc. has a 12-month low of $61.32 and a 12-month high of $87.75. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.11 and a quick ratio of 1.11.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Wednesday, March 27th. The business services provider reported $0.89 EPS for the quarter, meeting the consensus estimate of $0.89. The business had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.07 billion. Paychex had a net margin of 28.19% and a return on equity of 43.20%. The company’s quarterly revenue was up 14.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.63 earnings per share. As a group, sell-side analysts predict that Paychex, Inc. will post 2.85 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Stockholders of record on Wednesday, May 15th will be given a $0.62 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This is a positive change from Paychex’s previous quarterly dividend of $0.56. This represents a $2.48 annualized dividend and a dividend yield of 2.88%. Paychex’s dividend payout ratio is currently 97.25%.
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.
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