Castleark Management LLC trimmed its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 97.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 360 shares of the business services provider’s stock after selling 13,430 shares during the quarter. Castleark Management LLC’s holdings in Paychex were worth $30,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Hawaiian Bank raised its stake in shares of Paychex by 96.4% in the second quarter. First Hawaiian Bank now owns 5,435 shares of the business services provider’s stock valued at $447,000 after acquiring an additional 2,667 shares during the last quarter. NEXT Financial Group Inc raised its stake in shares of Paychex by 55.7% in the second quarter. NEXT Financial Group Inc now owns 2,044 shares of the business services provider’s stock valued at $168,000 after acquiring an additional 731 shares during the last quarter. AE Wealth Management LLC raised its stake in shares of Paychex by 105.8% in the second quarter. AE Wealth Management LLC now owns 19,316 shares of the business services provider’s stock valued at $1,590,000 after acquiring an additional 9,929 shares during the last quarter. Manchester Financial Inc. bought a new position in Paychex in the 2nd quarter worth approximately $29,000. Finally, Commerzbank Aktiengesellschaft FI raised its position in Paychex by 77.0% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 39,377 shares of the business services provider’s stock worth $3,240,000 after purchasing an additional 17,134 shares during the last quarter. 69.26% of the stock is currently owned by institutional investors.
Several research firms recently weighed in on PAYX. ValuEngine cut shares of Paychex from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Morgan Stanley cut shares of Paychex from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $77.00 to $74.00 in a research report on Thursday, August 15th. BidaskClub upgraded shares of Paychex from a “sell” rating to a “hold” rating in a research report on Friday, November 15th. Argus restated a “buy” rating and issued a $92.00 price objective on shares of Paychex in a research report on Thursday, October 3rd. Finally, Cowen initiated coverage on shares of Paychex in a research report on Wednesday, September 11th. They set a “market perform” rating and a $74.00 target price for the company. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $79.33.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Wednesday, October 2nd. The business services provider reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.02. Paychex had a net margin of 27.04% and a return on equity of 41.07%. The company had revenue of $992.00 million during the quarter, compared to analyst estimates of $991.70 million. During the same quarter in the previous year, the business earned $0.67 EPS. The firm’s revenue was up 15.0% on a year-over-year basis. Research analysts expect that Paychex, Inc. will post 3.11 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Friday, November 1st were issued a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 2.88%. The ex-dividend date of this dividend was Thursday, October 31st. Paychex’s dividend payout ratio (DPR) is 87.32%.
In other news, Director David J. S. Flaschen sold 13,052 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $84.50, for a total value of $1,102,894.00. Following the completion of the transaction, the director now owns 43,564 shares of the company’s stock, valued at approximately $3,681,158. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Pamela A. Joseph sold 22,339 shares of the business’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $85.06, for a total transaction of $1,900,155.34. Following the completion of the transaction, the director now directly owns 17,587 shares of the company’s stock, valued at approximately $1,495,950.22. The disclosure for this sale can be found here. Insiders sold a total of 67,256 shares of company stock valued at $5,707,113 in the last three months. 11.70% of the stock is owned by company insiders.
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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