Russell Investments Group Ltd. Cuts Holdings in Paychex, Inc. (PAYX)

Russell Investments Group Ltd. reduced its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 34.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 101,548 shares of the business services provider’s stock after selling 53,259 shares during the period. Russell Investments Group Ltd.’s holdings in Paychex were worth $6,089,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of PAYX. Rothschild Asset Management Inc. increased its stake in Paychex by 20.1% during the 2nd quarter. Rothschild Asset Management Inc. now owns 8,815 shares of the business services provider’s stock worth $502,000 after buying an additional 1,474 shares in the last quarter. YHB Investment Advisors Inc. increased its stake in Paychex by 14.6% during the 2nd quarter. YHB Investment Advisors Inc. now owns 69,045 shares of the business services provider’s stock worth $3,931,000 after buying an additional 8,821 shares in the last quarter. Stratos Wealth Partners LTD. increased its stake in Paychex by 6.1% during the 2nd quarter. Stratos Wealth Partners LTD. now owns 28,123 shares of the business services provider’s stock worth $1,601,000 after buying an additional 1,608 shares in the last quarter. Candriam Luxembourg S.C.A. increased its stake in Paychex by 2.0% during the 2nd quarter. Candriam Luxembourg S.C.A. now owns 35,748 shares of the business services provider’s stock worth $2,036,000 after buying an additional 688 shares in the last quarter. Finally, Korea Investment CORP increased its stake in Paychex by 2.9% during the 2nd quarter. Korea Investment CORP now owns 153,720 shares of the business services provider’s stock worth $8,753,000 after buying an additional 4,375 shares in the last quarter. Institutional investors own 68.02% of the company’s stock.

In related news, VP Laurie L. Zaucha sold 17,354 shares of the company’s stock in a transaction that occurred on Tuesday, October 10th. The stock was sold at an average price of $64.00, for a total value of $1,110,656.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Laurie L. Zaucha sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 3rd. The shares were sold at an average price of $62.00, for a total value of $930,000.00. The disclosure for this sale can be found here. Insiders sold 94,395 shares of company stock worth $5,914,383 over the last quarter. 11.70% of the stock is currently owned by insiders.

Several research firms have commented on PAYX. Wells Fargo & Company boosted their price objective on Paychex from $58.00 to $60.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 4th. Royal Bank Of Canada reiterated a “sell” rating and set a $57.00 price objective on shares of Paychex in a research note on Wednesday, November 15th. Bank of America boosted their target price on Paychex from $64.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, October 4th. Citigroup restated a “sell” rating and set a $53.00 target price on shares of Paychex in a report on Monday, October 2nd. Finally, Morgan Stanley restated an “equal weight” rating and set a $59.00 target price (up from $55.00) on shares of Paychex in a report on Wednesday, October 4th. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $61.19.

Paychex, Inc. (PAYX) opened at $69.01 on Monday. The firm has a market capitalization of $24,797.31, a P/E ratio of 30.40, a PEG ratio of 3.74 and a beta of 0.99. Paychex, Inc. has a twelve month low of $54.20 and a twelve month high of $69.14.

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

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend was Tuesday, October 31st. Paychex’s dividend payout ratio is presently 87.34%.

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Paychex 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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