Catalyst Capital Advisors LLC grew its position in shares of Paychex, Inc. (NASDAQ:PAYX – Free Report) by 105.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 714 shares of the business services provider’s stock after buying an additional 366 shares during the period. Catalyst Capital Advisors LLC’s holdings in Paychex were worth $96,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Paychex by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 30,541,306 shares of the business services provider’s stock worth $3,750,472,000 after purchasing an additional 123,268 shares in the last quarter. Capital International Investors lifted its holdings in Paychex by 12.8% during the 1st quarter. Capital International Investors now owns 20,878,283 shares of the business services provider’s stock worth $2,563,853,000 after purchasing an additional 2,373,894 shares in the last quarter. Capital World Investors lifted its holdings in Paychex by 155.6% during the 1st quarter. Capital World Investors now owns 2,478,325 shares of the business services provider’s stock worth $304,338,000 after purchasing an additional 1,508,681 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Paychex by 19.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,356,262 shares of the business services provider’s stock worth $279,351,000 after purchasing an additional 384,184 shares in the last quarter. Finally, TD Asset Management Inc lifted its holdings in Paychex by 57.2% during the 1st quarter. TD Asset Management Inc now owns 2,179,930 shares of the business services provider’s stock worth $267,695,000 after purchasing an additional 793,468 shares in the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s stock.
Wall Street Analyst Weigh In
PAYX has been the topic of a number of recent research reports. UBS Group increased their price objective on Paychex from $125.00 to $142.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Jefferies Financial Group upped their target price on Paychex from $120.00 to $130.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Stifel Nicolaus upped their target price on Paychex from $130.00 to $141.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Barclays upped their target price on Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Monday, September 23rd. Finally, TD Cowen upped their target price on Paychex from $126.00 to $131.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $130.77.
View Our Latest Stock Report on Paychex
Paychex Trading Up 6.3 %
Shares of PAYX stock opened at $148.59 on Thursday. The stock has a market capitalization of $53.48 billion, a PE ratio of 31.68, a P/E/G ratio of 3.84 and a beta of 0.99. Paychex, Inc. has a 1-year low of $110.82 and a 1-year high of $149.26. The business has a 50-day moving average of $137.06 and a 200 day moving average of $127.93. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38.
Paychex (NASDAQ:PAYX – Get Free Report) last issued its earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.02. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Paychex had a return on equity of 45.97% and a net margin of 31.98%. Paychex’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.14 EPS. As a group, sell-side analysts anticipate that Paychex, Inc. will post 4.98 earnings per share for the current year.
Paychex Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 7th will be issued a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 2.64%. The ex-dividend date is Thursday, November 7th. Paychex’s dividend payout ratio (DPR) is currently 83.58%.
Insiders Place Their Bets
In other Paychex news, VP Michael E. Gioja sold 26,428 shares of the stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $139.03, for a total value of $3,674,284.84. Following the completion of the sale, the vice president now owns 14,515 shares in the company, valued at approximately $2,018,020.45. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Paychex news, VP Michael E. Gioja sold 26,428 shares of the stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $139.03, for a total value of $3,674,284.84. Following the completion of the sale, the vice president now owns 14,515 shares in the company, valued at approximately $2,018,020.45. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Robert L. Schrader sold 13,015 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total value of $1,852,685.25. Following the completion of the transaction, the chief financial officer now owns 17,362 shares of the company’s stock, valued at approximately $2,471,480.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 54,174 shares of company stock worth $7,577,231. 11.40% of the stock is currently owned by company insiders.
About Paychex
(Free Report)
Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), 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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