Marino Stram & Associates LLC acquired a new stake in Paychex, Inc. (NASDAQ:PAYX) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,185 shares of the business services provider’s stock, valued at approximately $583,000.
Several other institutional investors and hedge funds have also recently made changes to their positions in PAYX. Prentice Wealth Management LLC purchased a new position in Paychex during the first quarter worth about $25,000. American National Bank boosted its stake in Paychex by 1,135.0% during the third quarter. American National Bank now owns 247 shares of the business services provider’s stock worth $28,000 after buying an additional 227 shares during the period. Disciplined Investments LLC purchased a new position in Paychex during the second quarter worth about $30,000. Exchange Traded Concepts LLC purchased a new position in Paychex during the second quarter worth about $30,000. Finally, Sound Income Strategies LLC boosted its stake in Paychex by 820.0% during the second quarter. Sound Income Strategies LLC now owns 322 shares of the business services provider’s stock worth $34,000 after buying an additional 287 shares during the period. 69.69% of the stock is owned by hedge funds and other institutional investors.
In other Paychex news, VP Michael E. Gioja sold 8,000 shares of the company’s stock in a transaction that occurred on Friday, October 15th. The stock was sold at an average price of $118.94, for a total value of $951,520.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 11.50% of the stock is owned by corporate insiders.
Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, September 29th. The business services provider reported $0.89 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.09. Paychex had a return on equity of 40.40% and a net margin of 28.98%. The business had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the previous year, the business earned $0.63 EPS. The company’s revenue for the quarter was up 16.8% on a year-over-year basis. Analysts predict that Paychex, Inc. will post 3.47 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 29th. Shareholders of record on Monday, November 1st will be issued a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date is Friday, October 29th. Paychex’s dividend payout ratio is presently 78.34%.
Several analysts recently weighed in on PAYX shares. Deutsche Bank Aktiengesellschaft raised their target price on shares of Paychex from $103.00 to $115.00 and gave the company a “hold” rating in a report on Friday, October 1st. Barclays raised their price objective on shares of Paychex from $106.00 to $115.00 and gave the stock an “equal weight” rating in a report on Monday, October 4th. Stifel Nicolaus raised their price objective on shares of Paychex from $114.00 to $118.00 and gave the stock a “hold” rating in a report on Thursday, September 30th. JPMorgan Chase & Co. raised their price objective on shares of Paychex from $105.00 to $111.00 and gave the stock an “underweight” rating in a report on Tuesday, August 17th. Finally, BMO Capital Markets raised their price objective on shares of Paychex from $112.00 to $118.00 and gave the stock a “market perform” rating in a report on Friday, October 1st. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Paychex has a consensus rating of “Hold” and a consensus price target of $109.83.
Paychex Company Profile
Paychex, Inc engages in the provision of human capital management solutions for payroll, human resource, insurance and retirement for small and medium sized businesses. Its solutions include payroll services, hiring services, business insurance, time and attendance, employee benefits, finance and payments, human resources services and startup services.
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