Paychex, Inc. (NASDAQ:PAYX) Shares Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company grew its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 2.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 356,225 shares of the business services provider’s stock after acquiring an additional 8,738 shares during the period. The Manufacturers Life Insurance Company owned about 0.10% of Paychex worth $28,417,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Pratt Collard Advisory Partners LLC grew its holdings in Paychex by 0.5% during the 3rd quarter. Pratt Collard Advisory Partners LLC now owns 24,522 shares of the business services provider’s stock worth $1,957,000 after acquiring an additional 120 shares in the last quarter. Nachman Norwood & Parrott Inc grew its holdings in Paychex by 1.1% during the 3rd quarter. Nachman Norwood & Parrott Inc now owns 12,506 shares of the business services provider’s stock worth $998,000 after acquiring an additional 133 shares in the last quarter. Jacobi Capital Management LLC grew its holdings in Paychex by 7.3% during the 3rd quarter. Jacobi Capital Management LLC now owns 2,177 shares of the business services provider’s stock worth $174,000 after acquiring an additional 149 shares in the last quarter. Holderness Investments Co. grew its holdings in Paychex by 4.3% during the 2nd quarter. Holderness Investments Co. now owns 3,656 shares of the business services provider’s stock worth $277,000 after acquiring an additional 150 shares in the last quarter. Finally, Leelyn Smith LLC grew its holdings in Paychex by 7.9% during the 3rd quarter. Leelyn Smith LLC now owns 2,050 shares of the business services provider’s stock worth $164,000 after acquiring an additional 150 shares in the last quarter. 69.85% of the stock is owned by institutional investors.

Shares of NASDAQ:PAYX opened at $90.64 on Friday. The company has a market cap of $32.59 billion, a PE ratio of 31.26, a P/E/G ratio of 3.63 and a beta of 0.92. The company’s 50-day moving average price is $84.96 and its 200 day moving average price is $76.42. Paychex, Inc. has a fifty-two week low of $47.87 and a fifty-two week high of $94.95. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.29.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Sunday, October 11th. The business services provider reported $0.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.08. Paychex had a net margin of 26.26% and a return on equity of 38.70%. The firm had revenue of $932.20 million for the quarter, compared to the consensus estimate of $888.27 million. During the same period last year, the firm posted $0.71 EPS. Paychex’s quarterly revenue was down 6.0% compared to the same quarter last year. As a group, equities analysts anticipate that Paychex, Inc. will post 2.82 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 24th. Shareholders of record on Monday, November 2nd will be given a dividend of $0.62 per share. The ex-dividend date is Friday, October 30th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.74%. Paychex’s dividend payout ratio (DPR) is 82.67%.

In related news, insider Stephanie L. Schaeffer sold 63,000 shares of the business’s stock in a transaction that occurred on Thursday, October 8th. The shares were sold at an average price of $81.94, for a total value of $5,162,220.00. Following the sale, the insider now directly owns 127,162 shares in the company, valued at approximately $10,419,654.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Mark Anthony Bottini sold 53,911 shares of the business’s stock in a transaction that occurred on Wednesday, November 18th. The stock was sold at an average price of $92.23, for a total transaction of $4,972,211.53. Insiders have sold a total of 556,920 shares of company stock worth $48,110,881 over the last 90 days. 11.70% of the stock is owned by insiders.

PAYX has been the subject of several research reports. JPMorgan Chase & Co. lifted their price target on shares of Paychex from $72.00 to $78.00 and gave the company an “underweight” rating in a report on Monday, August 17th. BMO Capital Markets lifted their price target on shares of Paychex from $74.00 to $82.00 in a report on Wednesday, October 7th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Paychex from $75.00 to $81.00 and gave the company a “hold” rating in a report on Wednesday, October 7th. Barclays lifted their price target on shares of Paychex from $73.00 to $83.00 and gave the company an “equal weight” rating in a report on Monday, October 12th. Finally, Argus lifted their price target on shares of Paychex from $83.00 to $92.00 in a report on Thursday, October 15th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Paychex presently has a consensus rating of “Hold” and an average target price of $75.92.

Paychex Company Profile

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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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