Carillon Tower Advisers Inc. trimmed its position in Paychex, Inc. (NASDAQ:PAYX) by 4.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 126,200 shares of the business services provider’s stock after selling 5,800 shares during the quarter. Carillon Tower Advisers Inc.’s holdings in Paychex were worth $10,446,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of PAYX. Cox Capital Mgt LLC raised its stake in shares of Paychex by 1.3% in the second quarter. Cox Capital Mgt LLC now owns 16,083 shares of the business services provider’s stock valued at $1,323,000 after purchasing an additional 210 shares in the last quarter. First Financial Bank Trust Division raised its stake in shares of Paychex by 1.3% in the second quarter. First Financial Bank Trust Division now owns 73,949 shares of the business services provider’s stock valued at $6,085,000 after purchasing an additional 981 shares in the last quarter. Thomasville National Bank acquired a new position in shares of Paychex in the second quarter valued at $203,000. Woodstock Corp raised its stake in shares of Paychex by 4.6% in the second quarter. Woodstock Corp now owns 4,877 shares of the business services provider’s stock valued at $401,000 after purchasing an additional 215 shares in the last quarter. Finally, Rockland Trust Co. raised its stake in shares of Paychex by 2.6% in the second quarter. Rockland Trust Co. now owns 5,497 shares of the business services provider’s stock valued at $452,000 after purchasing an additional 138 shares in the last quarter. Institutional investors and hedge funds own 69.98% of the company’s stock.
Shares of NASDAQ:PAYX opened at $82.83 on Tuesday. The business’s fifty day moving average price is $83.51 and its two-hundred day moving average price is $84.06. Paychex, Inc. has a fifty-two week low of $61.32 and a fifty-two week high of $88.43. The stock has a market capitalization of $29.56 billion, a price-to-earnings ratio of 29.17, a price-to-earnings-growth ratio of 3.80 and a beta of 0.89. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.15 and a quick ratio of 1.15.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Friday, November 1st will be issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 2.99%. The ex-dividend date is Thursday, October 31st. Paychex’s payout ratio is presently 87.32%.
A number of brokerages have weighed in on PAYX. Cowen began coverage on Paychex in a research report on Wednesday, September 11th. They issued a “market perform” rating and a $74.00 price target on the stock. Argus reiterated a “buy” rating and issued a $92.00 price target on shares of Paychex in a research report on Thursday, October 3rd. Barclays upped their price target on Paychex from $80.00 to $84.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Morgan Stanley cut Paychex from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $77.00 to $74.00 in a research report on Thursday, August 15th. Finally, BidaskClub cut Paychex from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. Paychex has an average rating of “Hold” and an average target price of $79.33.
In other news, Director Pamela A. Joseph sold 22,339 shares of the stock in a transaction on Friday, October 11th. The stock was sold at an average price of $85.06, for a total transaction of $1,900,155.34. Following the sale, the director now owns 17,587 shares in the company, valued at $1,495,950.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Martin Mucci sold 31,865 shares of the stock in a transaction on 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 sale, the chief executive officer now owns 362,806 shares in the company, valued at approximately $30,787,717.16. The disclosure for this sale can be found here. Insiders have sold 67,256 shares of company stock worth $5,707,113 in the last 90 days. Company 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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