The Manufacturers Life Insurance Company Cuts Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

The Manufacturers Life Insurance Company lessened its position in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 1.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 239,085 shares of the business services provider's stock after selling 2,612 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.07% of Paychex worth $33,524,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PAYX. Monument Capital Management increased its stake in shares of Paychex by 4.4% in the 4th quarter. Monument Capital Management now owns 1,714 shares of the business services provider's stock valued at $240,000 after purchasing an additional 72 shares in the last quarter. Mutual Advisors LLC increased its position in shares of Paychex by 2.6% in the fourth quarter. Mutual Advisors LLC now owns 2,881 shares of the business services provider's stock valued at $423,000 after buying an additional 73 shares in the last quarter. Emerald Advisors LLC raised its stake in shares of Paychex by 2.5% during the 4th quarter. Emerald Advisors LLC now owns 3,017 shares of the business services provider's stock worth $423,000 after buying an additional 74 shares during the period. Weaver Capital Management LLC lifted its position in shares of Paychex by 3.7% during the 4th quarter. Weaver Capital Management LLC now owns 2,121 shares of the business services provider's stock valued at $297,000 after buying an additional 75 shares in the last quarter. Finally, Adero Partners LLC grew its stake in Paychex by 3.2% in the 4th quarter. Adero Partners LLC now owns 2,391 shares of the business services provider's stock valued at $335,000 after acquiring an additional 75 shares during the period. Hedge funds and other institutional investors own 83.47% of the company's stock.

Paychex Trading Up 2.2 %

Paychex stock traded up $3.20 during midday trading on Friday, hitting $149.81. 1,460,405 shares of the stock were exchanged, compared to its average volume of 1,925,535. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.20. The stock's 50-day simple moving average is $147.15 and its 200 day simple moving average is $144.99. Paychex, Inc. has a fifty-two week low of $115.40 and a fifty-two week high of $158.37. The stock has a market capitalization of $53.96 billion, a price-to-earnings ratio of 31.54, a PEG ratio of 4.10 and a beta of 0.88.

Paychex (NASDAQ:PAYX - Get Free Report) last released its quarterly earnings data on Wednesday, March 26th. The business services provider reported $1.49 EPS for the quarter, beating analysts' consensus estimates of $1.48 by $0.01. Paychex had a return on equity of 45.28% and a net margin of 32.02%. The firm had revenue of $1.51 billion for the quarter, compared to analysts' expectations of $1.51 billion. During the same period in the prior year, the firm posted $1.38 earnings per share. The firm's quarterly revenue was up 4.8% on a year-over-year basis. On average, equities analysts anticipate that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 29th. Shareholders of record on Monday, May 12th will be given a dividend of $1.08 per share. This is a boost from Paychex's previous quarterly dividend of $0.98. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.88%. Paychex's dividend payout ratio (DPR) is currently 81.67%.

Analyst Ratings Changes

Several equities analysts have issued reports on PAYX shares. Citigroup increased their price objective on shares of Paychex from $145.00 to $158.00 and gave the company a "neutral" rating in a report on Thursday, March 27th. Barclays lifted their price objective on Paychex from $140.00 to $155.00 and gave the stock an "equal weight" rating in a report on Monday, March 31st. Morgan Stanley raised their target price on Paychex from $137.00 to $142.00 and gave the company an "equal weight" rating in a research report on Thursday, March 27th. Stifel Nicolaus boosted their price target on Paychex from $141.00 to $156.00 and gave the stock a "hold" rating in a research report on Thursday, March 27th. Finally, UBS Group raised their price objective on Paychex from $152.00 to $155.00 and gave the company a "neutral" rating in a report on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating and ten have assigned a hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $141.00.

Insider Activity

In related news, Director Joseph M. Velli sold 3,650 shares of Paychex stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $149.25, for a total value of $544,762.50. Following the completion of the sale, the director now owns 78,455 shares in the company, valued at approximately $11,709,408.75. This trade represents a 4.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 11.40% of the company's stock.

Paychex Company Profile

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.