New Mexico Educational Retirement Board trimmed its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 2.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,698 shares of the business services provider’s stock after selling 600 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Paychex were worth $2,141,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of the company. Meeder Asset Management Inc. purchased a new stake in shares of Paychex during the 1st quarter valued at $247,000. BTIM Corp. boosted its stake in Paychex by 12.1% in the 1st quarter. BTIM Corp. now owns 122,251 shares of the business services provider’s stock worth $9,804,000 after purchasing an additional 13,217 shares during the period. Armbruster Capital Management Inc. boosted its stake in Paychex by 11.1% in the 1st quarter. Armbruster Capital Management Inc. now owns 25,442 shares of the business services provider’s stock worth $2,040,000 after purchasing an additional 2,547 shares during the period. Asset Advisors Investment Management LLC boosted its stake in Paychex by 1.0% in the 1st quarter. Asset Advisors Investment Management LLC now owns 230,625 shares of the business services provider’s stock worth $18,496,000 after purchasing an additional 2,265 shares during the period. Finally, Weatherstone Capital Management boosted its stake in Paychex by 3.2% in the 1st quarter. Weatherstone Capital Management now owns 5,342 shares of the business services provider’s stock worth $428,000 after purchasing an additional 168 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.
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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