Benin Management CORP Decreases Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

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Benin Management CORP reduced its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 4.7% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 6,100 shares of the business services provider’s stock after selling 300 shares during the period. Benin Management CORP’s holdings in Paychex were worth $519,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Quantum Capital Management bought a new position in Paychex during the 3rd quarter valued at $26,000. Vigilant Capital Management LLC bought a new position in Paychex during the 3rd quarter valued at $27,000. Cornerstone Advisors Inc. boosted its stake in Paychex by 91.9% during the 3rd quarter. Cornerstone Advisors Inc. now owns 330 shares of the business services provider’s stock valued at $27,000 after acquiring an additional 158 shares during the last quarter. Benjamin Edwards Inc. boosted its stake in Paychex by 58.2% during the 3rd quarter. Benjamin Edwards Inc. now owns 348 shares of the business services provider’s stock valued at $29,000 after acquiring an additional 128 shares during the last quarter. Finally, Manchester Financial Inc. bought a new position in Paychex during the 4th quarter valued at $30,000. Institutional investors own 69.38% of the company’s stock.

A number of research analysts have commented on PAYX shares. BidaskClub upgraded shares of Paychex from a “strong sell” rating to a “sell” rating in a research note on Thursday, January 16th. Jefferies Financial Group reiterated a “hold” rating and set a $84.00 price objective on shares of Paychex in a research note on Wednesday, December 18th. Robert W. Baird increased their price objective on shares of Paychex from $83.00 to $87.00 and gave the company a “neutral” rating in a research note on Thursday, December 19th. Argus reiterated a “buy” rating and set a $92.00 price objective on shares of Paychex in a research note on Thursday, October 3rd. Finally, Barclays increased their target price on shares of Paychex from $80.00 to $84.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $84.50.

Shares of PAYX opened at $89.65 on Friday. The firm has a market cap of $32.07 billion, a PE ratio of 29.98, a PEG ratio of 4.12 and a beta of 0.87. The firm’s 50 day moving average price is $85.68 and its 200 day moving average price is $84.13. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.17 and a current ratio of 1.17. Paychex, Inc. has a twelve month low of $69.38 and a twelve month high of $89.94.

Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Wednesday, December 18th. The business services provider reported $0.70 EPS for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.02. Paychex had a net margin of 26.72% and a return on equity of 41.21%. The company had revenue of $990.70 million for the quarter, compared to analyst estimates of $988.26 million. During the same quarter last year, the firm posted $0.65 earnings per share. The company’s quarterly revenue was up 15.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Paychex, Inc. will post 3.11 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 20th. Stockholders of record on Monday, February 3rd will be given a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date is Friday, January 31st. Paychex’s dividend payout ratio is 87.32%.

In other news, VP Laurie L. Zaucha sold 19,579 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $89.72, for a total value of $1,756,627.88. Following the sale, the vice president now owns 48,086 shares in the company, valued at $4,314,275.92. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Michael E. Gioja sold 17,881 shares of the firm’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $85.81, for a total transaction of $1,534,368.61. Following the completion of the sale, the vice president now owns 70,023 shares in the company, valued at approximately $6,008,673.63. The disclosure for this sale can be found here. In the last three months, insiders sold 87,823 shares of company stock worth $7,609,568. Insiders own 11.70% of the company’s stock.

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: What is a stock buyback?

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)

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