Paychex, Inc. (NASDAQ:PAYX) Shares Purchased by National Pension Service

National Pension Service raised its stake in shares of Paychex, Inc. (NASDAQ:PAYXGet Rating) by 0.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 529,567 shares of the business services provider’s stock after acquiring an additional 1,059 shares during the period. National Pension Service owned approximately 0.15% of Paychex worth $72,270,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in PAYX. Bank of New York Mellon Corp increased its position in shares of Paychex by 33.5% during the first quarter. Bank of New York Mellon Corp now owns 12,443,301 shares of the business services provider’s stock valued at $1,698,137,000 after acquiring an additional 3,122,688 shares during the last quarter. Norges Bank acquired a new position in shares of Paychex in the fourth quarter valued at approximately $185,510,000. Envestnet Asset Management Inc. grew its holdings in shares of Paychex by 89.0% in the first quarter. Envestnet Asset Management Inc. now owns 1,594,238 shares of the business services provider’s stock valued at $217,566,000 after purchasing an additional 750,928 shares in the last quarter. State Street Corp grew its holdings in shares of Paychex by 4.2% in the fourth quarter. State Street Corp now owns 13,889,507 shares of the business services provider’s stock valued at $1,895,918,000 after purchasing an additional 553,659 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its holdings in shares of Paychex by 72.9% in the first quarter. Robeco Institutional Asset Management B.V. now owns 1,105,739 shares of the business services provider’s stock valued at $150,901,000 after purchasing an additional 466,218 shares in the last quarter. 71.80% of the stock is currently owned by institutional investors and hedge funds.

Paychex Stock Up 1.1 %

Shares of NASDAQ:PAYX opened at $125.23 on Friday. The company has a market capitalization of $45.12 billion, a PE ratio of 32.61, a P/E/G ratio of 3.99 and a beta of 1.00. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.26. Paychex, Inc. has a twelve month low of $106.55 and a twelve month high of $141.92. The firm has a 50 day simple moving average of $125.40 and a 200-day simple moving average of $125.14.

Paychex (NASDAQ:PAYXGet Rating) last issued its quarterly earnings data on Wednesday, June 29th. The business services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.02. The business had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.11 billion. Paychex had a net margin of 30.20% and a return on equity of 43.65%. The company’s revenue was up 9.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.72 EPS. On average, equities analysts predict that Paychex, Inc. will post 4.14 EPS for the current fiscal year.

Paychex Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 25th. Stockholders of record on Thursday, August 11th were given a dividend of $0.79 per share. The ex-dividend date was Wednesday, August 10th. This represents a $3.16 annualized dividend and a dividend yield of 2.52%. Paychex’s dividend payout ratio is presently 82.29%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Barclays dropped their price objective on shares of Paychex from $140.00 to $127.00 and set an “equal weight” rating for the company in a report on Thursday, June 30th. Credit Suisse Group dropped their price objective on shares of Paychex from $165.00 to $140.00 and set an “outperform” rating for the company in a report on Thursday, June 30th. Citigroup dropped their price objective on shares of Paychex from $145.00 to $125.00 and set a “neutral” rating for the company in a report on Thursday, July 7th. William Blair restated a “market perform” rating on shares of Paychex in a report on Wednesday, June 29th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of Paychex from $145.00 to $123.00 and set a “hold” rating for the company in a research note on Thursday, June 30th. Ten investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Paychex presently has a consensus rating of “Hold” and an average price target of $130.75.

Insider Activity

In other news, Director Joseph M. Velli sold 4,184 shares of Paychex stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $113.34, for a total value of $474,214.56. Following the transaction, the director now directly owns 60,531 shares of the company’s stock, valued at approximately $6,860,583.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Joseph M. Velli sold 4,184 shares of Paychex stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $113.34, for a total value of $474,214.56. Following the transaction, the director now directly owns 60,531 shares of the company’s stock, valued at approximately $6,860,583.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO John B. Gibson sold 2,842 shares of Paychex stock in a transaction on Friday, July 15th. The shares were sold at an average price of $115.00, for a total transaction of $326,830.00. Following the completion of the transaction, the chief operating officer now directly owns 45,845 shares in the company, valued at $5,272,175. The disclosure for this sale can be found here. Insiders have sold 90,837 shares of company stock valued at $10,539,336 in the last ninety days. 11.50% of the stock is currently owned by company insiders.

About Paychex

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Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services for small to medium-sized businesses in the United States, Europe, and India. It 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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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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