Palisade Asset Management LLC acquired a new position in Paychex, Inc. (NASDAQ:PAYX) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 12,300 shares of the business services provider’s stock, valued at approximately $986,000.
A number of other institutional investors have also added to or reduced their stakes in PAYX. Pinnacle Bank lifted its holdings in Paychex by 2.5% in the first quarter. Pinnacle Bank now owns 5,105 shares of the business services provider’s stock worth $409,000 after purchasing an additional 125 shares during the period. Exeter Financial LLC lifted its holdings in Paychex by 1.0% in the first quarter. Exeter Financial LLC now owns 12,805 shares of the business services provider’s stock worth $1,027,000 after purchasing an additional 128 shares during the period. Clifford Swan Investment Counsel LLC lifted its holdings in Paychex by 2.3% in the fourth quarter. Clifford Swan Investment Counsel LLC now owns 6,580 shares of the business services provider’s stock worth $429,000 after purchasing an additional 145 shares during the period. Hollencrest Capital Management lifted its holdings in Paychex by 4.3% in the first quarter. Hollencrest Capital Management now owns 3,537 shares of the business services provider’s stock worth $284,000 after purchasing an additional 146 shares during the period. Finally, Parkside Financial Bank & Trust lifted its holdings in Paychex by 12.6% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,376 shares of the business services provider’s stock worth $89,000 after purchasing an additional 154 shares during the period. 68.83% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ PAYX opened at $83.48 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $29.98 billion, a P/E ratio of 32.74, a PEG ratio of 3.29 and a beta of 1.04. Paychex, Inc. has a one year low of $61.29 and a one year high of $84.85.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Stockholders of record on Wednesday, May 15th will be issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 2.97%. The ex-dividend date of this dividend is Tuesday, May 14th. This is a boost from Paychex’s previous quarterly dividend of $0.56. Paychex’s dividend payout ratio is presently 87.84%.
In other Paychex news, Director Joseph Doody sold 11,489 shares of the firm’s stock in a transaction dated Tuesday, February 12th. The stock was sold at an average price of $74.94, for a total transaction of $860,985.66. Following the transaction, the director now owns 30,128 shares in the company, valued at $2,257,792.32. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Jennifer R. Vossler sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, February 13th. The stock was sold at an average price of $74.98, for a total value of $749,800.00. Following the transaction, the vice president now owns 31,701 shares in the company, valued at approximately $2,376,940.98. The disclosure for this sale can be found here. Insiders have sold 166,671 shares of company stock worth $13,179,821 in the last 90 days. Company insiders own 11.80% of the company’s stock.
Several brokerages have commented on PAYX. Credit Suisse Group boosted their price target on shares of Paychex from $82.00 to $84.00 and gave the stock an “outperform” rating in a research report on Thursday, March 28th. Sanford C. Bernstein downgraded Paychex from a “market perform” rating to an “underperform” rating in a report on Tuesday, April 30th. Barclays boosted their price target on Paychex from $78.00 to $80.00 and gave the company an “equal weight” rating in a research note on Monday, April 1st. Finally, Bank of America raised Paychex from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $64.00 to $68.00 in a research note on Tuesday, January 8th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Paychex has a consensus rating of “Hold” and an average price target of $74.14.
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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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