Dimensional Fund Advisors LP Grows Stake in Paychex, Inc. (PAYX)

Dimensional Fund Advisors LP lifted its position in Paychex, Inc. (NASDAQ:PAYX) by 0.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 984,218 shares of the business services provider’s stock after buying an additional 9,132 shares during the period. Dimensional Fund Advisors LP owned approximately 0.27% of Paychex worth $56,041,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the company. Bruderman Asset Management LLC boosted its stake in shares of Paychex by 0.3% in the 1st quarter. Bruderman Asset Management LLC now owns 6,794 shares of the business services provider’s stock worth $400,000 after buying an additional 20 shares during the last quarter. Alps Advisors Inc. boosted its stake in shares of Paychex by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 7,685 shares of the business services provider’s stock worth $438,000 after buying an additional 20 shares during the last quarter. Northwest Quadrant Wealth Management LLC boosted its stake in shares of Paychex by 0.6% in the 1st quarter. Northwest Quadrant Wealth Management LLC now owns 3,923 shares of the business services provider’s stock worth $228,000 after buying an additional 24 shares during the last quarter. King Wealth Management Group LLC boosted its stake in shares of Paychex by 0.8% in the 1st quarter. King Wealth Management Group LLC now owns 3,793 shares of the business services provider’s stock worth $223,000 after buying an additional 30 shares during the last quarter. Finally, Washington Trust Bank boosted its stake in shares of Paychex by 0.4% in the 2nd quarter. Washington Trust Bank now owns 7,344 shares of the business services provider’s stock worth $418,000 after buying an additional 31 shares during the last quarter. Hedge funds and other institutional investors own 67.36% of the company’s stock.

Shares of Paychex, Inc. (PAYX) opened at 62.90 on Wednesday. The firm’s 50-day moving average price is $59.53 and its 200-day moving average price is $58.30. Paychex, Inc. has a 12-month low of $52.78 and a 12-month high of $64.75. The company has a market capitalization of $22.61 billion, a PE ratio of 27.96 and a beta of 0.98.

Paychex (NASDAQ:PAYX) last posted its earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.02. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The business had revenue of $816.80 million for the quarter, compared to analyst estimates of $816.34 million. During the same period in the prior year, the company posted $0.60 EPS. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. On average, analysts expect that Paychex, Inc. will post $2.38 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.18%. The ex-dividend date is Tuesday, October 31st. Paychex’s payout ratio is currently 87.34%.

In other news, VP Laurie L. Zaucha sold 17,354 shares of the stock in a transaction dated Tuesday, October 10th. The shares were sold at an average price of $64.00, for a total transaction of $1,110,656.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Jennifer R. Vossler sold 11,155 shares of the stock in a transaction dated Friday, October 6th. The stock was sold at an average price of $63.07, for a total transaction of $703,545.85. The disclosure for this sale can be found here. Over the last three months, insiders have sold 88,395 shares of company stock worth $5,532,183. Corporate insiders own 11.70% of the company’s stock.

Several equities analysts recently weighed in on the company. Morgan Stanley lowered their target price on Paychex from $56.00 to $55.00 and set an “underweight” rating on the stock in a research report on Friday, June 30th. William Blair downgraded Paychex from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. BidaskClub downgraded Paychex from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 1st. BMO Capital Markets reiterated a “hold” rating and set a $60.00 target price on shares of Paychex in a research report on Thursday, June 29th. Finally, J P Morgan Chase & Co reiterated a “neutral” rating and set a $60.00 target price (down from $62.00) on shares of Paychex in a research report on Friday, June 30th. Five equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $60.07.

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Paychex Company Profile

Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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