Harvest Fund Management Co. Ltd Acquires New Holdings in Paychex, Inc. (PAYX)

Harvest Fund Management Co. Ltd acquired a new stake in Paychex, Inc. (NASDAQ:PAYX) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 1,560 shares of the business services provider’s stock, valued at approximately $115,000.

Other large investors also recently added to or reduced their stakes in the company. Aperio Group LLC increased its holdings in shares of Paychex by 7.6% in the second quarter. Aperio Group LLC now owns 225,572 shares of the business services provider’s stock valued at $15,418,000 after purchasing an additional 15,961 shares during the last quarter. California Public Employees Retirement System boosted its position in shares of Paychex by 28.1% in the second quarter. California Public Employees Retirement System now owns 941,092 shares of the business services provider’s stock valued at $64,324,000 after acquiring an additional 206,536 shares during the period. Bruderman Asset Management LLC boosted its position in shares of Paychex by 1,738.6% in the second quarter. Bruderman Asset Management LLC now owns 148,047 shares of the business services provider’s stock valued at $10,119,000 after acquiring an additional 139,995 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in shares of Paychex by 7.1% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 57,476 shares of the business services provider’s stock valued at $3,928,000 after acquiring an additional 3,786 shares during the period. Finally, Glen Harbor Capital Management LLC boosted its position in shares of Paychex by 1.7% in the second quarter. Glen Harbor Capital Management LLC now owns 64,872 shares of the business services provider’s stock valued at $4,434,000 after acquiring an additional 1,088 shares during the period. Hedge funds and other institutional investors own 67.14% of the company’s stock.

In other news, Director Joseph Doody acquired 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 23rd. The stock was acquired at an average price of $66.50 per share, with a total value of $66,500.00. Following the completion of the transaction, the director now directly owns 16,639 shares of the company’s stock, valued at approximately $1,106,493.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John B. Gibson sold 47,250 shares of the company’s stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $73.50, for a total transaction of $3,472,875.00. The disclosure for this sale can be found here. Insiders have sold 81,250 shares of company stock valued at $5,885,815 in the last ninety days. 11.80% of the stock is currently owned by company insiders.

PAYX opened at $65.49 on Friday. Paychex, Inc. has a twelve month low of $59.36 and a twelve 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.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.02. Paychex had a net margin of 27.71% and a return on equity of 42.87%. The business had revenue of $862.80 million during the quarter, compared to analysts’ expectations of $850.39 million. During the same quarter in the prior year, the business posted $0.62 earnings per share. Paychex’s revenue was up 8.8% compared to the same quarter last year. On average, analysts expect that Paychex, Inc. will post 2.85 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Thursday, November 1st will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Wednesday, October 31st. This represents a $2.24 annualized dividend and a yield of 3.42%. Paychex’s dividend payout ratio is 87.84%.

A number of brokerages have recently issued reports on PAYX. Moffett Nathanson began coverage on shares of Paychex in a research report on Thursday, October 4th. They issued a “neutral” rating and a $79.00 target price for the company. Morgan Stanley boosted their target price on shares of Paychex from $67.00 to $73.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 3rd. Deutsche Bank boosted their target price on shares of Paychex from $68.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, October 3rd. Stifel Nicolaus boosted their target price on shares of Paychex from $69.00 to $73.00 and gave the company a “hold” rating in a research report on Wednesday, October 3rd. Finally, Citigroup boosted their target price on shares of Paychex from $67.00 to $73.00 and gave the company a “neutral” rating in a research report on Wednesday, October 3rd. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have assigned a buy rating to the stock. Paychex currently has an average rating of “Hold” and an average target price of $72.93.

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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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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