Gulf International Bank UK Ltd lifted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 78,976 shares of the business services provider’s stock after purchasing an additional 303 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Paychex were worth $6,333,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of the company. Oakbrook Investments LLC purchased a new stake in shares of Paychex during the 1st quarter valued at $1,393,000. IFM Investors Pty Ltd boosted its stake in Paychex by 15.7% in the 1st quarter. IFM Investors Pty Ltd now owns 20,792 shares of the business services provider’s stock worth $1,668,000 after purchasing an additional 2,828 shares during the period. Carroll Financial Associates Inc. boosted its stake in Paychex by 31.9% in the 1st quarter. Carroll Financial Associates Inc. now owns 2,757 shares of the business services provider’s stock worth $221,000 after purchasing an additional 667 shares during the period. Stock Yards Bank & Trust Co. boosted its stake in Paychex by 1.8% in the 1st quarter. Stock Yards Bank & Trust Co. now owns 255,218 shares of the business services provider’s stock worth $20,468,000 after purchasing an additional 4,470 shares during the period. Finally, Appleton Partners Inc. MA boosted its stake in Paychex by 4.2% in the 1st quarter. Appleton Partners Inc. MA now owns 20,332 shares of the business services provider’s stock worth $1,631,000 after purchasing an additional 821 shares during the period. 68.83% of the stock is currently owned by institutional investors.
Paychex stock traded up $0.77 during trading hours on Friday, reaching $85.08. The company had a trading volume of 1,591,543 shares, compared to its average volume of 1,475,639. 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 stock has a market capitalization of $30.27 billion, a P/E ratio of 33.36, a price-to-earnings-growth ratio of 3.28 and a beta of 1.04. Paychex, Inc. has a 12-month low of $61.32 and a 12-month high of $85.17.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 30th. Stockholders of record on Wednesday, May 15th will be given a $0.62 dividend. This is a positive change from Paychex’s previous quarterly dividend of $0.56. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date of this dividend is Tuesday, May 14th. Paychex’s dividend payout ratio (DPR) is currently 87.84%.
In related news, CEO Martin Mucci sold 50,000 shares of Paychex stock in a transaction that occurred on Friday, February 15th. The stock was sold at an average price of $76.00, for a total transaction of $3,800,000.00. Following the sale, the chief executive officer now directly owns 349,929 shares in the company, valued at $26,594,604. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Laurie L. Zaucha sold 5,534 shares of Paychex stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $80.89, for a total value of $447,645.26. Following the sale, the vice president now owns 43,955 shares in the company, valued at $3,555,519.95. The disclosure for this sale can be found here. Over the last quarter, insiders sold 176,671 shares of company stock worth $14,022,221. Corporate insiders own 11.80% of the company’s stock.
Several research analysts have commented on the company. Sanford C. Bernstein downgraded Paychex from a “market perform” rating to an “underperform” rating in a research note on Tuesday, April 30th. Barclays lifted their price target on Paychex from $78.00 to $80.00 and gave the company an “equal weight” rating in a research report on Monday, April 1st. Finally, Credit Suisse Group lifted their price target on Paychex from $82.00 to $84.00 and gave the company an “outperform” rating in a research report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $74.14.
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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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