Martingale Asset Management L P Sells 8,242 Shares of Paychex, Inc. (NASDAQ:PAYX)

Martingale Asset Management L P trimmed its holdings in Paychex, Inc. (NASDAQ:PAYXGet Rating) by 75.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,639 shares of the business services provider’s stock after selling 8,242 shares during the period. Martingale Asset Management L P’s holdings in Paychex were worth $301,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PAYX. Bank of New York Mellon Corp raised its position in shares of Paychex by 33.5% in the first quarter. Bank of New York Mellon Corp now owns 12,443,301 shares of the business services provider’s stock valued at $1,698,137,000 after buying an additional 3,122,688 shares in the last quarter. Capital International Investors raised its position in shares of Paychex by 9.7% in the first quarter. Capital International Investors now owns 16,362,480 shares of the business services provider’s stock valued at $2,233,017,000 after buying an additional 1,445,699 shares in the last quarter. Los Angeles Capital Management LLC raised its position in Paychex by 1,186.2% during the second quarter. Los Angeles Capital Management LLC now owns 777,360 shares of the business services provider’s stock valued at $88,518,000 after purchasing an additional 716,921 shares in the last quarter. National Bank of Canada FI raised its position in Paychex by 614.3% during the second quarter. National Bank of Canada FI now owns 648,626 shares of the business services provider’s stock valued at $73,871,000 after purchasing an additional 557,825 shares in the last quarter. Finally, Ardevora Asset Management LLP acquired a new position in Paychex during the second quarter valued at approximately $53,224,000. 71.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Paychex

In other Paychex news, CFO Efrain Rivera sold 298 shares of the stock in a transaction dated Thursday, October 20th. The shares were sold at an average price of $111.06, for a total value of $33,095.88. Following the completion of the sale, the chief financial officer now owns 79,275 shares in the company, valued at approximately $8,804,281.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 11.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. StockNews.com assumed coverage on shares of Paychex in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Cowen boosted their target price on shares of Paychex from $125.00 to $132.00 and gave the stock an “outperform” rating in a research note on Thursday, September 29th. Cowen boosted their target price on shares of Paychex from $125.00 to $132.00 and gave the stock an “outperform” rating in a research note on Thursday, September 29th. Credit Suisse Group decreased their target price on shares of Paychex from $150.00 to $138.00 and set an “outperform” rating on the stock in a research note on Thursday, September 29th. Finally, Robert W. Baird boosted their target price on shares of Paychex to $134.00 in a research note on Wednesday, October 5th. Eight equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $130.45.

Paychex Price Performance

Shares of NASDAQ PAYX opened at $123.16 on Thursday. The firm’s 50-day moving average price is $115.85 and its 200-day moving average price is $120.46. Paychex, Inc. has a 1-year low of $105.66 and a 1-year high of $141.92. The firm has a market capitalization of $44.39 billion, a P/E ratio of 31.02, a P/E/G ratio of 3.85 and a beta of 0.98. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25.

Paychex (NASDAQ:PAYXGet Rating) last posted its earnings results on Wednesday, September 28th. The business services provider reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.06. Paychex had a net margin of 30.38% and a return on equity of 44.87%. The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the prior year, the business posted $0.89 EPS. The firm’s revenue was up 11.4% compared to the same quarter last year. Equities research analysts anticipate that Paychex, Inc. will post 4.21 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 23rd. Shareholders of record on Wednesday, November 9th were paid a $0.79 dividend. The ex-dividend date was Tuesday, November 8th. This represents a $3.16 annualized dividend and a yield of 2.57%. Paychex’s dividend payout ratio (DPR) is 79.60%.

Paychex 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.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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