Wrapmanager Inc. lowered its stake in Paychex, Inc. (NASDAQ:PAYX) by 0.4% during the fourth quarter, Holdings Channel reports. The fund owned 4,318 shares of the company’s stock after selling 17 shares during the period. Wrapmanager Inc.’s holdings in Paychex were worth $263,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Zions Bancorporation increased its position in Paychex by 683.0% in the second quarter. Zions Bancorporation now owns 1,754 shares of the company’s stock valued at $105,000 after buying an additional 1,530 shares during the last quarter. Motco increased its position in Paychex by 17.4% in the third quarter. Motco now owns 1,861 shares of the company’s stock valued at $108,000 after buying an additional 276 shares during the last quarter. Financial Architects Inc increased its position in Paychex by 4.1% in the third quarter. Financial Architects Inc now owns 1,914 shares of the company’s stock valued at $111,000 after buying an additional 76 shares during the last quarter. Ropes Wealth Advisors LLC increased its position in Paychex by 4.2% in the third quarter. Ropes Wealth Advisors LLC now owns 1,921 shares of the company’s stock valued at $111,000 after buying an additional 78 shares during the last quarter. Finally, Kernodle & Katon Asset Management Group LLC increased its position in Paychex by 4.6% in the third quarter. Kernodle & Katon Asset Management Group LLC now owns 2,068 shares of the company’s stock valued at $120,000 after buying an additional 90 shares during the last quarter. Institutional investors own 69.28% of the company’s stock.
Paychex, Inc. (NASDAQ:PAYX) opened at 59.04 on Tuesday. The firm has a market cap of $21.19 billion, a PE ratio of 27.46 and a beta of 0.86. Paychex, Inc. has a one year low of $48.63 and a one year high of $62.18. The stock has a 50 day moving average price of $60.36 and a 200 day moving average price of $58.85.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, December 21st. The company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.01. Paychex had a net margin of 25.40% and a return on equity of 41.00%. The business earned $771.40 million during the quarter, compared to the consensus estimate of $778.99 million. During the same quarter in the prior year, the firm earned $0.52 EPS. The company’s revenue for the quarter was up 6.7% compared to the same quarter last year. Equities research analysts expect that Paychex, Inc. will post $2.22 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 15th. Investors of record on Wednesday, February 1st will be given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend is Monday, January 30th. Paychex’s dividend payout ratio is presently 85.58%.
This piece was reported by sleekmoney and is the sole property of of sleekmoney. If you are viewing this piece on another site, it was copied illegally and reposted in violation of international trademark and copyright laws. The correct version of this piece can be read at http://sleekmoney.com/wrapmanager-inc-decreases-stake-in-paychex-inc-payx/1659999.html.
Several research analysts have commented on the company. Royal Bank Of Canada raised their price objective on Paychex from $53.00 to $54.00 and gave the stock an “underperform” rating in a report on Thursday, December 22nd. Deutsche Bank AG reiterated a “hold” rating and issued a $62.00 price target (up from $56.00) on shares of Paychex in a report on Friday, December 23rd. Wells Fargo & Company reiterated a “market perform” rating and issued a $61.00 price target (up from $57.00) on shares of Paychex in a report on Friday, December 23rd. RBC Capital Markets set a $55.00 price target on Paychex and gave the company a “sell” rating in a report on Saturday, January 21st. Finally, Compass Point lifted their price target on Paychex from $45.00 to $48.00 and gave the company a “sell” rating in a report on Thursday, December 22nd. Seven equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $57.00.
In other Paychex news, VP Jennifer R. Vossler sold 5,876 shares of the company’s stock in a transaction dated Wednesday, January 25th. The shares were sold at an average price of $62.01, for a total value of $364,370.76. Following the completion of the transaction, the vice president now owns 23,483 shares in the company, valued at approximately $1,456,180.83. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Michael E. Gioja sold 24,726 shares of the company’s stock in a transaction dated Tuesday, January 17th. The stock was sold at an average price of $60.72, for a total transaction of $1,501,362.72. Following the completion of the transaction, the insider now owns 55,984 shares of the company’s stock, valued at approximately $3,399,348.48. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 70,202 shares of company stock valued at $4,290,754. Insiders own 11.60% of the company’s stock.
Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.
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).
This story was originally published by sleekmoney (http://sleekmoney.com) and is the sole property of sleekmoney. If you are reading this article on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. You can view the original version of this story at http://sleekmoney.com/wrapmanager-inc-decreases-stake-in-paychex-inc-payx/1659999.html
Receive News & Ratings for Paychex Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex Inc. and related companies with MarketBeat.com's FREE daily email newsletter.