Shell Asset Management Co. Buys 10,217 Shares of Paychex, Inc. (NASDAQ:PAYX)

Shell Asset Management Co. raised its stake in shares of Paychex, Inc. (NASDAQ:PAYXFree Report) by 511.9% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 12,213 shares of the business services provider’s stock after purchasing an additional 10,217 shares during the period. Shell Asset Management Co.’s holdings in Paychex were worth $1,455,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. raised its position in Paychex by 0.6% during the third quarter. Vanguard Group Inc. now owns 29,931,007 shares of the business services provider’s stock valued at $3,451,943,000 after purchasing an additional 170,453 shares during the period. Capital International Investors raised its position in Paychex by 9.0% during the fourth quarter. Capital International Investors now owns 18,504,389 shares of the business services provider’s stock valued at $2,204,115,000 after purchasing an additional 1,523,520 shares during the period. Northern Trust Corp raised its position in Paychex by 5.8% during the third quarter. Northern Trust Corp now owns 4,481,555 shares of the business services provider’s stock valued at $516,858,000 after purchasing an additional 246,791 shares during the period. Morgan Stanley raised its position in Paychex by 5.3% during the third quarter. Morgan Stanley now owns 3,598,560 shares of the business services provider’s stock valued at $415,022,000 after purchasing an additional 182,648 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in Paychex by 2.2% during the fourth quarter. Envestnet Asset Management Inc. now owns 2,687,859 shares of the business services provider’s stock valued at $320,151,000 after purchasing an additional 56,793 shares during the period. Institutional investors own 83.47% of the company’s stock.

Wall Street Analyst Weigh In

PAYX has been the topic of several recent analyst reports. Bank of America increased their price target on Paychex from $108.00 to $111.00 and gave the stock an “underperform” rating in a report on Wednesday, April 3rd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $130.00 price target on shares of Paychex in a report on Tuesday, May 21st. TD Cowen reduced their price target on Paychex from $122.00 to $121.00 and set a “hold” rating on the stock in a report on Wednesday, April 3rd. Evercore ISI reiterated an “in-line” rating and issued a $118.00 price target on shares of Paychex in a report on Tuesday, March 26th. Finally, Wedbush restated a “neutral” rating and set a $115.00 price objective on shares of Paychex in a report on Wednesday, April 3rd. Two research analysts have rated the stock with a sell rating and ten have given a hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $123.00.

Read Our Latest Research Report on Paychex

Paychex Stock Down 0.5 %

Shares of NASDAQ PAYX opened at $121.94 on Tuesday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $43.89 billion, a PE ratio of 26.57, a price-to-earnings-growth ratio of 3.40 and a beta of 0.96. The stock’s fifty day simple moving average is $122.06 and its two-hundred day simple moving average is $121.91. Paychex, Inc. has a 12-month low of $106.27 and a 12-month high of $129.70.

Paychex (NASDAQ:PAYXGet Free Report) last posted its quarterly earnings data on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.37 by $0.01. The firm had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.46 billion. Paychex had a return on equity of 46.14% and a net margin of 31.86%. The business’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.29 EPS. As a group, analysts expect that Paychex, Inc. will post 4.71 EPS for the current fiscal year.

Paychex Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 30th. Stockholders of record on Friday, May 10th were given a $0.98 dividend. This is a boost from Paychex’s previous quarterly dividend of $0.89. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 3.21%. Paychex’s dividend payout ratio (DPR) is presently 85.40%.

Insider Transactions at Paychex

In other news, Director David J. S. Flaschen sold 19,709 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $124.55, for a total value of $2,454,755.95. Following the completion of the sale, the director now owns 5,383 shares of the company’s stock, valued at approximately $670,452.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 11.50% of the company’s stock.

Paychex Profile

(Free Report)

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.

Recommended Stories

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:PAYXFree Report).

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

Receive News & Ratings for Paychex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex and related companies with MarketBeat.com's FREE daily email newsletter.