JNBA Financial Advisors purchased a new stake in Paychex, Inc. (NASDAQ:PAYX) in the third quarter, Holdings Channel reports. The institutional investor purchased 6,311 shares of the business services provider’s stock, valued at approximately $465,000.
A number of other large investors also recently made changes to their positions in the business. Clarus Wealth Advisors purchased a new stake in Paychex in the 2nd quarter valued at $109,000. Rockland Trust Co. purchased a new position in shares of Paychex during the 2nd quarter worth $396,000. Clinton Group Inc. grew its holdings in shares of Paychex by 23.4% during the 2nd quarter. Clinton Group Inc. now owns 54,411 shares of the business services provider’s stock worth $3,719,000 after purchasing an additional 10,320 shares during the period. First American Trust FSB purchased a new position in shares of Paychex during the 2nd quarter worth $204,000. Finally, IFM Investors Pty Ltd grew its holdings in shares of Paychex by 46.7% during the 2nd quarter. IFM Investors Pty Ltd now owns 14,179 shares of the business services provider’s stock worth $969,000 after purchasing an additional 4,515 shares during the period. 67.14% of the stock is owned by institutional investors.
PAYX opened at $65.49 on Friday. Paychex, Inc. has a 12-month low of $59.36 and a 12-month high of $76.02. The stock has a market cap of $23.52 billion, a P/E ratio of 26.20, a PEG ratio of 2.71 and a beta of 1.02.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Thursday, November 1st will be given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date is Wednesday, October 31st. Paychex’s dividend payout ratio is currently 87.84%.
PAYX has been the topic of several research reports. Jefferies Financial Group initiated coverage on Paychex in a research note on Monday, October 1st. They set a “hold” rating and a $75.00 target price on the stock. Moffett Nathanson initiated coverage on Paychex in a research note on Thursday, October 4th. They set a “neutral” rating and a $79.00 target price on the stock. Credit Suisse Group raised Paychex from a “neutral” rating to a “buy” rating and set a $82.00 target price on the stock in a research note on Tuesday, October 2nd. BidaskClub lowered Paychex from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 31st. Finally, BMO Capital Markets increased their target price on Paychex from $70.00 to $77.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 3rd. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $72.93.
In other Paychex news, VP Mark Anthony Bottini sold 30,000 shares of the stock in a transaction dated Tuesday, August 7th. The stock was sold at an average price of $71.03, for a total value of $2,130,900.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Joseph Doody purchased 1,000 shares of Paychex stock in a transaction on Tuesday, October 23rd. The stock was bought at an average cost of $66.50 per share, for a total transaction of $66,500.00. Following the transaction, the director now directly owns 16,639 shares in the company, valued at $1,106,493.50. The disclosure for this purchase can be found here. Insiders sold a total of 81,250 shares of company stock worth $5,885,815 in the last ninety days. 11.80% of the stock is 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.
Read More: Book Value Per Share – BVPS
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.