Maryland Capital Management boosted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 4.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,225 shares of the business services provider’s stock after buying an additional 1,215 shares during the period. Maryland Capital Management’s holdings in Paychex were worth $2,152,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of the business. Aperio Group LLC boosted its holdings in shares of Paychex by 7.6% during the 2nd quarter. Aperio Group LLC now owns 225,572 shares of the business services provider’s stock worth $15,418,000 after purchasing an additional 15,961 shares during the last quarter. California Public Employees Retirement System boosted its holdings in shares of Paychex by 28.1% during the 2nd quarter. California Public Employees Retirement System now owns 941,092 shares of the business services provider’s stock worth $64,324,000 after purchasing an additional 206,536 shares during the last quarter. Gyroscope Capital Management Group LLC acquired a new position in shares of Paychex during the 3rd quarter worth approximately $337,000. First Quadrant L P CA acquired a new position in shares of Paychex during the 3rd quarter worth approximately $4,181,000. Finally, Bruderman Asset Management LLC boosted its holdings in shares of Paychex by 1,738.6% during the 2nd quarter. Bruderman Asset Management LLC now owns 148,047 shares of the business services provider’s stock worth $10,119,000 after purchasing an additional 139,995 shares during the last quarter. Institutional investors own 69.64% of the company’s stock.
In other news, VP John B. Gibson sold 47,250 shares of the company’s stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $73.50, for a total transaction of $3,472,875.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Joseph Doody acquired 1,000 shares of the business’s stock in a transaction dated Tuesday, October 23rd. The shares were bought at an average cost of $66.50 per share, for a total transaction of $66,500.00. Following the transaction, the director now directly owns 16,639 shares of the company’s stock, valued at approximately $1,106,493.50. The disclosure for this purchase can be found here. 11.80% of the stock is owned by insiders.
Paychex (NASDAQ:PAYX) last announced its earnings results on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.02. The company had revenue of $862.80 million for the quarter, compared to analyst estimates of $850.39 million. Paychex had a return on equity of 42.87% and a net margin of 27.71%. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.62 earnings per share. Equities analysts anticipate that Paychex, Inc. will post 2.85 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, November 15th. Shareholders of record on Thursday, November 1st were given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date was Wednesday, October 31st. Paychex’s payout ratio is 87.84%.
PAYX has been the topic of several recent research reports. Guggenheim initiated coverage on Paychex in a report on Monday, August 20th. They set a “neutral” rating and a $75.00 target price on the stock. Citigroup boosted their target price on Paychex from $67.00 to $73.00 and gave the stock a “neutral” rating in a report on Wednesday, October 3rd. Credit Suisse Group initiated coverage on Paychex in a report on Friday, August 10th. They set a “neutral” rating and a $72.00 target price on the stock. JPMorgan Chase & Co. cut Paychex from a “neutral” rating to an “underweight” rating and set a $65.00 target price on the stock. in a report on Tuesday, August 14th. Finally, BidaskClub cut Paychex from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 29th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Paychex currently has a consensus rating of “Hold” and a consensus price target of $72.93.
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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