Paychex, Inc. (NASDAQ:PAYX) is Lafayette Investments Inc.’s 9th Largest Position

Lafayette Investments Inc. raised its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.3% in the third quarter, HoldingsChannel reports. The institutional investor owned 86,583 shares of the business services provider’s stock after acquiring an additional 289 shares during the period. Paychex makes up about 2.6% of Lafayette Investments Inc.’s holdings, making the stock its 9th largest holding. Lafayette Investments Inc.’s holdings in Paychex were worth $7,166,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Amundi Pioneer Asset Management Inc. lifted its stake in shares of Paychex by 7.8% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 503,544 shares of the business services provider’s stock worth $40,384,000 after purchasing an additional 36,460 shares in the last quarter. Cox Capital Mgt LLC lifted its stake in shares of Paychex by 1.3% during the second quarter. Cox Capital Mgt LLC now owns 16,083 shares of the business services provider’s stock worth $1,323,000 after purchasing an additional 210 shares in the last quarter. First Financial Bank Trust Division lifted its stake in shares of Paychex by 1.3% during the second quarter. First Financial Bank Trust Division now owns 73,949 shares of the business services provider’s stock worth $6,085,000 after purchasing an additional 981 shares in the last quarter. Thomasville National Bank acquired a new position in shares of Paychex during the second quarter worth about $203,000. Finally, Woodstock Corp lifted its stake in shares of Paychex by 4.6% during the second quarter. Woodstock Corp now owns 4,877 shares of the business services provider’s stock worth $401,000 after purchasing an additional 215 shares in the last quarter. 69.89% of the stock is owned by institutional investors and hedge funds.

Several research analysts recently commented on the company. William Blair reiterated a “market perform” rating on shares of Paychex in a research note on Thursday, June 27th. BidaskClub cut Paychex from a “buy” rating to a “hold” rating in a research note on Saturday, August 24th. Argus reiterated a “buy” rating and issued a $92.00 price target on shares of Paychex in a research note on Thursday, October 3rd. ValuEngine cut Paychex from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Cowen assumed coverage on Paychex in a research note on Wednesday, September 11th. They issued a “market perform” rating and a $74.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $79.33.

In related news, CEO Martin Mucci sold 31,865 shares of the business’s stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $84.86, for a total value of $2,704,063.90. Following the completion of the sale, the chief executive officer now directly owns 362,806 shares of the company’s stock, valued at $30,787,717.16. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Robert L. Schrader sold 609 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $83.88, for a total value of $51,082.92. Following the completion of the sale, the vice president now directly owns 9,166 shares of the company’s stock, valued at $768,844.08. The disclosure for this sale can be found here. Over the last three months, insiders sold 55,564 shares of company stock valued at $4,718,304. 11.70% of the stock is owned by corporate insiders.

Shares of NASDAQ:PAYX traded up $0.31 during trading on Thursday, hitting $84.38. The company’s stock had a trading volume of 30,355 shares, compared to its average volume of 1,507,137. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.15 and a current ratio of 1.15. Paychex, Inc. has a fifty-two week low of $61.32 and a fifty-two week high of $88.43. The stock’s 50-day moving average price is $82.99 and its two-hundred day moving average price is $83.86. The company has a market capitalization of $29.81 billion, a PE ratio of 29.73, a PEG ratio of 3.83 and a beta of 0.90.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, October 2nd. The business services provider reported $0.71 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.02. The firm had revenue of $992.00 million during the quarter, compared to analyst estimates of $991.70 million. Paychex had a return on equity of 41.07% and a net margin of 27.04%. Paychex’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.67 earnings per share. On average, equities analysts predict that Paychex, Inc. will post 3.11 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Friday, November 1st will be issued a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 2.94%. The ex-dividend date of this dividend is Thursday, October 31st. Paychex’s dividend payout ratio is currently 87.32%.

About Paychex

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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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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