First Republic Investment Management Inc. grew its position in Paychex, Inc. (NASDAQ:PAYX) by 0.9% in the third quarter, Holdings Channel reports. The fund owned 360,092 shares of the business services provider’s stock after buying an additional 3,079 shares during the quarter. First Republic Investment Management Inc.’s holdings in Paychex were worth $26,521,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Advisors Preferred LLC raised its position in Paychex by 116.4% in the 2nd quarter. Advisors Preferred LLC now owns 1,567 shares of the business services provider’s stock worth $107,000 after purchasing an additional 843 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new position in Paychex in the 3rd quarter worth approximately $115,000. Fort L.P. bought a new position in Paychex in the 2nd quarter worth approximately $121,000. TRUE Private Wealth Advisors bought a new position in Paychex in the 3rd quarter worth approximately $137,000. Finally, Rational Advisors LLC bought a new position in Paychex in the 2nd quarter worth approximately $151,000. Institutional investors own 69.64% of the company’s stock.
PAYX has been the subject of several research analyst reports. BidaskClub cut shares of Paychex from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 29th. Credit Suisse Group upgraded shares of Paychex from a “neutral” rating to a “buy” rating and set a $82.00 price objective for the company in a research report on Tuesday, October 2nd. Morgan Stanley boosted their price objective on shares of Paychex from $67.00 to $73.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 3rd. Barclays initiated coverage on shares of Paychex in a research report on Wednesday, November 14th. They issued an “equal weight” rating and a $70.00 price objective for the company. Finally, Jefferies Financial Group initiated coverage on shares of Paychex in a research report on Monday, October 1st. They issued a “hold” rating and a $75.00 price objective for the company. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Paychex currently has an average rating of “Hold” and an average price target of $72.93.
Shares of Paychex stock opened at $67.68 on Friday. The firm has a market cap of $24.84 billion, a price-to-earnings ratio of 26.54, a price-to-earnings-growth ratio of 2.86 and a beta of 1.03. Paychex, Inc. has a 52 week low of $59.36 and a 52 week high of $76.02.
Paychex (NASDAQ:PAYX) last issued its earnings results on Tuesday, October 2nd. The business services provider reported $0.67 EPS for the quarter, beating the consensus estimate of $0.65 by $0.02. The company had revenue of $862.80 million during the quarter, compared to analysts’ expectations of $850.39 million. Paychex had a net margin of 27.71% and a return on equity of 42.87%. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.62 EPS. On average, equities research analysts forecast that Paychex, Inc. will post 2.85 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 15th. Shareholders of record on Thursday, November 1st were given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 3.31%. The ex-dividend date of this dividend was Wednesday, October 31st. Paychex’s payout ratio is 87.84%.
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.
Featured Article: Cost of Debt
Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex, Inc. (NASDAQ:PAYX).
Receive News & Ratings for Paychex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex and related companies with MarketBeat.com's FREE daily email newsletter.