Tredje AP fonden decreased its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 60.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,587 shares of the business services provider’s stock after selling 36,715 shares during the period. Tredje AP fonden’s holdings in Paychex were worth $3,594,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PAYX. Norges Bank acquired a new stake in Paychex during the fourth quarter valued at $266,992,000. Swiss National Bank grew its stake in shares of Paychex by 26.5% in the 1st quarter. Swiss National Bank now owns 2,205,609 shares of the business services provider’s stock valued at $138,777,000 after purchasing an additional 462,600 shares during the period. UBS Asset Management Americas Inc. grew its stake in shares of Paychex by 24.4% in the 4th quarter. UBS Asset Management Americas Inc. now owns 2,170,908 shares of the business services provider’s stock valued at $184,657,000 after purchasing an additional 425,338 shares during the period. Samlyn Capital LLC bought a new stake in shares of Paychex in the 4th quarter valued at approximately $30,793,000. Finally, Alley Co LLC grew its stake in shares of Paychex by 267.1% in the 1st quarter. Alley Co LLC now owns 462,141 shares of the business services provider’s stock valued at $29,078,000 after purchasing an additional 336,262 shares during the period. 67.99% of the stock is owned by hedge funds and other institutional investors.
NASDAQ:PAYX traded up $0.18 during trading hours on Friday, hitting $67.58. 1,370,639 shares of the stock were exchanged, compared to its average volume of 2,460,043. The company’s 50 day moving average is $65.71 and its two-hundred day moving average is $78.00. Paychex, Inc. has a twelve month low of $47.87 and a twelve month high of $90.54. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $24.18 billion, a P/E ratio of 22.01, a price-to-earnings-growth ratio of 2.81 and a beta of 0.96.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 28th. Shareholders of record on Friday, May 15th will be issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 3.67%. The ex-dividend date is Thursday, May 14th. Paychex’s dividend payout ratio is 87.32%.
PAYX has been the topic of several analyst reports. Cowen upped their price objective on Paychex from $60.00 to $65.00 and gave the company a “market perform” rating in a research note on Wednesday. Stifel Nicolaus reduced their target price on Paychex from $87.00 to $55.00 and set a “hold” rating on the stock in a report on Tuesday, March 24th. Citigroup downgraded Paychex from a “buy” rating to a “neutral” rating and set a $65.00 target price on the stock. in a report on Wednesday, March 18th. BMO Capital Markets reduced their target price on Paychex from $87.00 to $70.00 and set a “market perform” rating on the stock in a report on Thursday, March 26th. Finally, BidaskClub downgraded Paychex from a “hold” rating to a “sell” rating in a report on Thursday, March 19th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $70.82.
In other news, Director Tom Bonadio acquired 1,650 shares of Paychex stock in a transaction on Friday, March 27th. The shares were purchased at an average price of $60.59 per share, with a total value of $99,973.50. Following the acquisition, the director now owns 15,157 shares in the company, valued at $918,362.63. The transaction was disclosed in a document filed with the SEC, which is available through this link. 11.70% of the stock is currently owned by corporate insiders.
Paychex Company Profile
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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