Paychex, Inc. (NASDAQ:PAYX) Position Boosted by Neuberger Berman Group LLC

Neuberger Berman Group LLC raised its position in shares of Paychex, Inc. (NASDAQ:PAYXGet Rating) by 2.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 631,913 shares of the business services provider’s stock after buying an additional 13,221 shares during the quarter. Neuberger Berman Group LLC’s holdings in Paychex were worth $86,250,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. BlackRock Inc. grew its stake in shares of Paychex by 0.6% in the first quarter. BlackRock Inc. now owns 30,565,936 shares of the business services provider’s stock worth $4,171,334,000 after acquiring an additional 185,683 shares during the last quarter. Vanguard Group Inc. increased its position in Paychex by 0.8% in the first quarter. Vanguard Group Inc. now owns 29,343,942 shares of the business services provider’s stock worth $4,004,568,000 after purchasing an additional 222,549 shares during the period. Capital International Investors increased its position in Paychex by 9.7% in the first quarter. Capital International Investors now owns 16,362,480 shares of the business services provider’s stock worth $2,233,017,000 after purchasing an additional 1,445,699 shares during the period. State Street Corp grew its position in shares of Paychex by 4.2% during the 4th quarter. State Street Corp now owns 13,889,507 shares of the business services provider’s stock worth $1,895,918,000 after buying an additional 553,659 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of Paychex by 33.5% during the 1st quarter. Bank of New York Mellon Corp now owns 12,443,301 shares of the business services provider’s stock worth $1,698,137,000 after buying an additional 3,122,688 shares during the period. 71.80% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Paychex

In related news, Director Joseph M. Velli sold 4,184 shares of the stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $113.34, for a total value of $474,214.56. Following the completion of the sale, the director now owns 60,531 shares of the company’s stock, valued at $6,860,583.54. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, COO John B. Gibson sold 2,842 shares of Paychex stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $115.00, for a total transaction of $326,830.00. Following the completion of the transaction, the chief operating officer now directly owns 45,845 shares in the company, valued at approximately $5,272,175. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph M. Velli sold 4,184 shares of the company’s stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $113.34, for a total value of $474,214.56. Following the sale, the director now owns 60,531 shares of the company’s stock, valued at $6,860,583.54. The disclosure for this sale can be found here. Insiders have sold 90,837 shares of company stock worth $10,539,336 over the last quarter. 11.50% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Barclays decreased their price objective on Paychex from $140.00 to $127.00 and set an “equal weight” rating for the company in a research report on Thursday, June 30th. Citigroup reduced their target price on Paychex from $145.00 to $125.00 and set a “neutral” rating on the stock in a report on Thursday, July 7th. Jefferies Financial Group reduced their target price on Paychex from $140.00 to $130.00 in a report on Monday, May 23rd. Cowen dropped their price objective on Paychex from $140.00 to $135.00 and set an “outperform” rating for the company in a research report on Thursday, June 30th. Finally, Cowen dropped their target price on Paychex from $140.00 to $135.00 and set an “outperform” rating for the company in a research report on Thursday, June 30th. Ten research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $130.75.

Paychex Trading Up 1.0 %

Paychex stock opened at $120.13 on Friday. The stock has a market capitalization of $43.28 billion, a PE ratio of 31.28, a price-to-earnings-growth ratio of 3.83 and a beta of 1.00. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.25 and a quick ratio of 1.25. The business’s fifty day moving average is $126.15 and its 200 day moving average is $125.40. Paychex, Inc. has a one year low of $106.55 and a one year high of $141.92.

Paychex (NASDAQ:PAYXGet Rating) last released its quarterly earnings data on Wednesday, June 29th. The business services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.02. The business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.11 billion. Paychex had a return on equity of 43.65% and a net margin of 30.20%. The company’s revenue was up 9.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.72 EPS. On average, sell-side analysts predict that Paychex, Inc. will post 4.14 EPS for the current year.

Paychex Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 25th. Shareholders of record on Thursday, August 11th were paid a dividend of $0.79 per share. The ex-dividend date was Wednesday, August 10th. This represents a $3.16 annualized dividend and a yield of 2.63%. Paychex’s payout ratio is presently 82.29%.

Paychex Company Profile

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Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

Further Reading

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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