Baxter Bros Inc. increased its position in Paychex, Inc. (NASDAQ:PAYX) by 0.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 105,513 shares of the business services provider’s stock after purchasing an additional 847 shares during the quarter. Paychex makes up 2.0% of Baxter Bros Inc.’s portfolio, making the stock its 14th biggest position. Baxter Bros Inc.’s holdings in Paychex were worth $8,733,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in PAYX. Vigilant Capital Management LLC bought a new position in Paychex during the third quarter worth about $27,000. Manchester Financial Inc. bought a new position in shares of Paychex during the 2nd quarter valued at about $29,000. Stonebridge Capital Advisors LLC bought a new position in shares of Paychex during the 2nd quarter valued at about $32,000. Meeder Asset Management Inc. lifted its holdings in shares of Paychex by 96.8% during the 3rd quarter. Meeder Asset Management Inc. now owns 437 shares of the business services provider’s stock valued at $36,000 after purchasing an additional 215 shares in the last quarter. Finally, Lowe Wealth Advisors LLC lifted its holdings in shares of Paychex by 466.3% during the 2nd quarter. Lowe Wealth Advisors LLC now owns 453 shares of the business services provider’s stock valued at $37,000 after purchasing an additional 373 shares in the last quarter. Hedge funds and other institutional investors own 69.89% of the company’s stock.
Paychex stock traded up $0.11 during midday trading on Monday, reaching $84.36. The stock had a trading volume of 19,400 shares, compared to its average volume of 1,588,265. The firm’s fifty day simple moving average is $82.76 and its 200-day simple moving average is $83.77. Paychex, Inc. has a 1-year low of $61.32 and a 1-year high of $88.43. The stock has a market capitalization of $30.33 billion, a P/E ratio of 29.65, a price-to-earnings-growth ratio of 3.03 and a beta of 0.90. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.15 and a current ratio of 1.15.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Friday, November 1st will be given a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 2.94%. The ex-dividend date of this dividend is Thursday, October 31st. Paychex’s dividend payout ratio (DPR) is 87.32%.
PAYX has been the topic of several recent analyst reports. William Blair reiterated a “market perform” rating on shares of Paychex in a report on Thursday, June 27th. Morgan Stanley lowered Paychex from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $77.00 to $74.00 in a research report on Thursday, August 15th. Cowen initiated coverage on Paychex in a research report on Wednesday, September 11th. They issued a “market perform” rating and a $74.00 target price on the stock. Bank of America lowered Paychex from a “neutral” rating to an “underperform” rating in a research report on Wednesday, June 26th. They noted that the move was a valuation call. Finally, Barclays lifted their target price on Paychex from $80.00 to $84.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $79.33.
In other Paychex news, CEO Martin Mucci sold 31,865 shares of the business’s stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $84.86, for a total transaction of $2,704,063.90. Following the transaction, the chief executive officer now owns 362,806 shares of the company’s stock, valued at approximately $30,787,717.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Robert L. Schrader sold 609 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $83.88, for a total value of $51,082.92. Following the transaction, the vice president now directly owns 9,166 shares in the company, valued at $768,844.08. The disclosure for this sale can be found here. Insiders have sold a total of 55,564 shares of company stock worth $4,718,304 in the last ninety days. Insiders own 11.70% of the company’s stock.
Paychex Company Profile
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company 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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