Capital Group Private Client Services Inc. Purchases 975 Shares of Paychex, Inc. (NASDAQ:PAYX)

Capital Group Private Client Services Inc. raised its position in Paychex, Inc. (NASDAQ:PAYXGet Rating) by 3.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 27,669 shares of the business services provider’s stock after buying an additional 975 shares during the quarter. Capital Group Private Client Services Inc.’s holdings in Paychex were worth $3,776,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of PAYX. Bank of New York Mellon Corp grew its holdings in shares of Paychex by 33.5% during the 1st 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 purchasing an additional 3,122,688 shares during the last quarter. Norges Bank bought a new stake in shares of Paychex during the 4th quarter valued at approximately $185,510,000. Envestnet Asset Management Inc. grew its holdings in shares of Paychex by 89.0% during the 1st 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 during the last quarter. State Street Corp grew its holdings in shares of Paychex by 4.2% during the 4th 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 during the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its holdings in shares of Paychex by 72.9% during the 1st 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 during the last quarter. 71.80% of the stock is owned by institutional investors.

Paychex Stock Up 1.3 %

Shares of NASDAQ PAYX opened at $126.83 on Monday. The company has a market capitalization of $45.70 billion, a P/E ratio of 33.03, a price-to-earnings-growth ratio of 4.08 and a beta of 1.00. Paychex, Inc. has a 52-week low of $106.55 and a 52-week high of $141.92. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.25 and a current ratio of 1.25. The company’s 50 day moving average price is $125.61 and its 200-day moving average price is $125.37.

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

Paychex Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 25th. Investors 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 dividend on an annualized basis and a dividend yield of 2.49%. Paychex’s payout ratio is presently 82.29%.

Insider Activity at Paychex

In related news, VP Michael E. Gioja sold 1,227 shares of the business’s stock in a transaction on Wednesday, July 6th. The shares were sold at an average price of $117.81, for a total transaction of $144,552.87. Following the transaction, the vice president now owns 51,122 shares in the company, valued at approximately $6,022,682.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Paychex news, insider Stephanie L. Schaeffer sold 1,631 shares of the company’s stock in a transaction on Friday, July 8th. The shares were sold at an average price of $116.80, for a total transaction of $190,500.80. Following the transaction, the insider now owns 66,334 shares in the company, valued at $7,747,811.20. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Michael E. Gioja sold 1,227 shares of the company’s stock in a transaction on Wednesday, July 6th. The stock was sold at an average price of $117.81, for a total transaction of $144,552.87. Following the transaction, the vice president now owns 51,122 shares in the company, valued at approximately $6,022,682.82. The disclosure for this sale can be found here. Insiders have sold 90,837 shares of company stock worth $10,539,336 in the last quarter. Company insiders own 11.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PAYX. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Paychex from $145.00 to $123.00 and set a “hold” rating on the stock in a report on Thursday, June 30th. Bank of America reduced their target price on shares of Paychex from $138.00 to $124.00 in a report on Wednesday, June 29th. Cowen reduced their target price on shares of Paychex from $140.00 to $135.00 and set an “outperform” rating on the stock in a report on Thursday, June 30th. Morgan Stanley reduced their target price on shares of Paychex from $140.00 to $130.00 and set an “equal weight” rating on the stock in a report on Thursday, June 30th. Finally, Credit Suisse Group reduced their target price on shares of Paychex from $165.00 to $140.00 and set an “outperform” rating on the stock in a report on Thursday, June 30th. Ten equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $130.75.

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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