Dynamic Capital Management Ltd trimmed its holdings in Paychex, Inc. (NASDAQ:PAYX) by 21.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,397 shares of the business services provider’s stock after selling 2,622 shares during the period. Dynamic Capital Management Ltd’s holdings in Paychex were worth $640,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Field & Main Bank bought a new stake in Paychex in the fourth quarter worth approximately $101,000. Acadian Asset Management LLC bought a new stake in Paychex in the fourth quarter worth approximately $109,000. Financial Gravity Companies Inc. bought a new stake in Paychex in the fourth quarter worth approximately $127,000. Calton & Associates Inc. bought a new stake in Paychex in the fourth quarter worth approximately $151,000. Finally, Bank of Nova Scotia Trust Co. bought a new stake in Paychex in the third quarter worth approximately $188,000. 67.94% of the stock is owned by institutional investors.
Shares of Paychex, Inc. (PAYX) opened at $66.52 on Friday. Paychex, Inc. has a 1-year low of $54.20 and a 1-year high of $73.10. The firm has a market cap of $23,720.00, a price-to-earnings ratio of 28.55, a price-to-earnings-growth ratio of 3.46 and a beta of 0.96.
The business also recently declared a quarterly dividend, which was paid on Thursday, February 15th. Shareholders of record on Thursday, February 1st were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date was Wednesday, January 31st. Paychex’s dividend payout ratio (DPR) is presently 85.84%.
In other Paychex news, VP Jennifer R. Vossler sold 10,000 shares of the stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $68.29, for a total value of $682,900.00. Following the completion of the sale, the vice president now directly owns 31,578 shares of the company’s stock, valued at approximately $2,156,461.62. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Michael E. Gioja sold 34,311 shares of the stock in a transaction on Thursday, January 4th. The shares were sold at an average price of $68.91, for a total transaction of $2,364,371.01. Following the completion of the sale, the insider now directly owns 63,374 shares of the company’s stock, valued at $4,367,102.34. The disclosure for this sale can be found here. 11.70% of the stock is owned by corporate insiders.
Several research firms recently issued reports on PAYX. Royal Bank of Canada reaffirmed a “sell” rating and set a $57.00 price objective on shares of Paychex in a report on Wednesday, November 15th. Citigroup raised shares of Paychex from a “sell” rating to a “neutral” rating and set a $67.00 price objective for the company in a report on Monday, December 4th. Bank of America upped their price objective on shares of Paychex from $68.00 to $73.00 and gave the stock a “buy” rating in a report on Tuesday, December 5th. BidaskClub raised shares of Paychex from a “buy” rating to a “strong-buy” rating in a report on Thursday, December 7th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $68.00 price objective on shares of Paychex in a report on Friday, December 22nd. Two analysts have rated the stock with a sell rating and twelve have issued a hold rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $62.77.
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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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