Callahan Advisors LLC reduced its stake in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 7.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 76,386 shares of the business services provider's stock after selling 6,408 shares during the quarter. Callahan Advisors LLC's holdings in Paychex were worth $11,785,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in PAYX. Meeder Asset Management Inc. lifted its position in Paychex by 220.7% in the 4th quarter. Meeder Asset Management Inc. now owns 186 shares of the business services provider's stock valued at $26,000 after acquiring an additional 128 shares in the last quarter. WealthTrak Capital Management LLC bought a new position in Paychex in the 4th quarter valued at approximately $28,000. Millstone Evans Group LLC bought a new position in Paychex in the 4th quarter valued at approximately $33,000. Alpine Bank Wealth Management bought a new position in Paychex in the 1st quarter valued at approximately $34,000. Finally, MorganRosel Wealth Management LLC bought a new position in Paychex in the 1st quarter valued at approximately $34,000. 83.47% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of equities research analysts have weighed in on PAYX shares. Stifel Nicolaus decreased their target price on shares of Paychex from $156.00 to $152.00 and set a "hold" rating for the company in a research note on Thursday, June 26th. Cfra Research upgraded shares of Paychex to a "hold" rating in a research note on Thursday, March 27th. Royal Bank Of Canada set a $165.00 target price on shares of Paychex and gave the company a "sector perform" rating in a research note on Tuesday, June 24th. UBS Group reduced their price objective on Paychex from $155.00 to $145.00 and set a "neutral" rating for the company in a research note on Thursday, June 26th. Finally, Barclays set a $155.00 price objective on Paychex and gave the stock an "equal weight" rating in a research note on Tuesday, June 24th. One investment analyst has rated the stock with a sell rating and ten have given a hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $150.20.
View Our Latest Analysis on PAYX
Insiders Place Their Bets
In related news, Director Joseph M. Velli sold 3,650 shares of the business's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $149.25, for a total transaction of $544,762.50. Following the transaction, the director directly owned 78,455 shares in the company, valued at approximately $11,709,408.75. The trade was a 4.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Martin Mucci sold 97,526 shares of the business's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $145.17, for a total transaction of $14,157,849.42. Following the transaction, the chairman owned 446,917 shares in the company, valued at $64,878,940.89. The trade was a 17.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. 11.40% of the stock is currently owned by insiders.
Paychex Stock Performance
Shares of PAYX traded up $1.02 during trading hours on Monday, reaching $144.31. 2,416,049 shares of the company traded hands, compared to its average volume of 1,983,235. The stock has a market capitalization of $51.98 billion, a P/E ratio of 31.58, a P/E/G ratio of 3.28 and a beta of 0.88. The company has a quick ratio of 1.39, a current ratio of 1.28 and a debt-to-equity ratio of 1.10. Paychex, Inc. has a 12-month low of $118.58 and a 12-month high of $161.24. The business has a fifty day moving average price of $151.92 and a 200-day moving average price of $148.26.
Paychex (NASDAQ:PAYX - Get Free Report) last posted its earnings results on Wednesday, June 25th. The business services provider reported $1.19 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.19. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.38 billion. Paychex had a net margin of 29.75% and a return on equity of 45.01%. During the same period in the previous year, the firm posted $1.12 earnings per share. Equities analysts anticipate that Paychex, Inc. will post 4.99 EPS for the current fiscal year.
Paychex Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Monday, July 21st will be issued a $1.08 dividend. The ex-dividend date is Monday, July 21st. This represents a $4.32 dividend on an annualized basis and a yield of 2.99%. Paychex's payout ratio is 94.53%.
Paychex Company Profile
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Free Report)
Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), and insurance services for small to medium-sized businesses in the United States, Europe, and India. It 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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