Oregon Public Employees Retirement Fund decreased its stake in Paychex, Inc. (NASDAQ:PAYX) by 0.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 83,028 shares of the business services provider’s stock after selling 761 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in Paychex were worth $6,659,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors also recently added to or reduced their stakes in PAYX. Lunia Capital LP boosted its position in shares of Paychex by 8,881.0% in the 4th quarter. Lunia Capital LP now owns 10,859,007 shares of the business services provider’s stock valued at $10,859,000 after purchasing an additional 10,738,096 shares during the period. Ronna Sue Cohen lifted its stake in Paychex by 7,736.0% in the 1st quarter. Ronna Sue Cohen now owns 4,003,822 shares of the business services provider’s stock worth $4,004,000 after acquiring an additional 3,952,727 shares in the last quarter. Norges Bank purchased a new stake in Paychex in the 4th quarter worth about $191,026,000. BlackRock Inc. lifted its stake in Paychex by 5.9% in the 4th quarter. BlackRock Inc. now owns 28,030,198 shares of the business services provider’s stock worth $1,826,167,000 after acquiring an additional 1,560,669 shares in the last quarter. Finally, Pennsylvania Trust Co lifted its stake in Paychex by 6,076.7% in the 1st quarter. Pennsylvania Trust Co now owns 1,222,308 shares of the business services provider’s stock worth $51,110,000 after acquiring an additional 1,202,519 shares in the last quarter. Institutional investors and hedge funds own 68.77% of the company’s stock.
In other news, insider Stephanie L. Schaeffer sold 14,893 shares of the firm’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $86.76, for a total transaction of $1,292,116.68. Following the completion of the sale, the insider now directly owns 63,039 shares of the company’s stock, valued at approximately $5,469,263.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael E. Gioja sold 29,840 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $80.58, for a total value of $2,404,507.20. The disclosure for this sale can be found here. Insiders have sold a total of 135,127 shares of company stock valued at $11,173,791 over the last ninety days. Company insiders own 11.80% of the company’s stock.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, March 27th. The business services provider reported $0.89 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.89. Paychex had a return on equity of 43.20% and a net margin of 28.19%. The company had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same period last year, the business earned $0.63 EPS. The business’s quarterly revenue was up 14.3% on a year-over-year basis. On average, research analysts forecast that Paychex, Inc. will post 2.85 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Stockholders of record on Wednesday, May 15th will be paid a dividend of $0.62 per share. The ex-dividend date is Tuesday, May 14th. This is an increase from Paychex’s previous quarterly dividend of $0.56. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.87%. Paychex’s dividend payout ratio (DPR) is 97.25%.
Several equities research analysts recently issued reports on PAYX shares. Credit Suisse Group increased their price objective on Paychex from $82.00 to $84.00 and gave the stock an “outperform” rating in a research note on Thursday, March 28th. Barclays increased their price objective on Paychex from $78.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Monday, April 1st. Finally, Sanford C. Bernstein downgraded Paychex from a “market perform” rating to an “underperform” rating in a research note on Tuesday, April 30th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price 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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