New York Life Investment Management LLC Has $5.75 Million Stock Position in Paychex, Inc. (NASDAQ:PAYX)

New York Life Investment Management LLC lessened its stake in shares of Paychex, Inc. (NASDAQ:PAYXFree Report) by 0.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 49,827 shares of the business services provider’s stock after selling 317 shares during the quarter. New York Life Investment Management LLC’s holdings in Paychex were worth $5,747,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fairfield Bush & CO. acquired a new position in shares of Paychex during the first quarter worth $269,000. Vontobel Holding Ltd. lifted its holdings in shares of Paychex by 35.7% during the first quarter. Vontobel Holding Ltd. now owns 5,455 shares of the business services provider’s stock worth $747,000 after purchasing an additional 1,436 shares during the period. Sei Investments Co. lifted its holdings in shares of Paychex by 118.3% during the first quarter. Sei Investments Co. now owns 91,985 shares of the business services provider’s stock worth $12,554,000 after purchasing an additional 49,851 shares during the period. Prudential PLC acquired a new position in shares of Paychex during the first quarter worth $1,019,000. Finally, Brighton Jones LLC acquired a new position in shares of Paychex during the first quarter worth $237,000. Institutional investors own 72.18% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on PAYX. Royal Bank of Canada reiterated a “sector perform” rating and set a $130.00 price target on shares of Paychex in a report on Friday, December 22nd. JPMorgan Chase & Co. dropped their target price on shares of Paychex from $134.00 to $126.00 and set an “underweight” rating on the stock in a report on Friday, December 22nd. UBS Group started coverage on shares of Paychex in a report on Tuesday, November 7th. They set a “neutral” rating and a $120.00 price objective on the stock. Citigroup dropped their price objective on shares of Paychex from $130.00 to $125.00 and set a “neutral” rating on the stock in a report on Tuesday, December 26th. Finally, Barclays dropped their price objective on shares of Paychex from $126.00 to $120.00 and set an “equal weight” rating on the stock in a report on Friday, December 22nd. Two research analysts have rated the stock with a sell rating and nine have issued a hold rating to the company. According to data from MarketBeat, Paychex has an average rating of “Hold” and a consensus target price of $123.17.

Read Our Latest Stock Report on PAYX

Paychex Stock Performance

Shares of PAYX stock opened at $121.77 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.23 and a quick ratio of 1.23. The firm has a 50-day moving average of $121.72 and a 200-day moving average of $119.82. Paychex, Inc. has a one year low of $104.09 and a one year high of $129.70. The company has a market cap of $43.82 billion, a P/E ratio of 27.06, a P/E/G ratio of 3.29 and a beta of 0.95.

Paychex (NASDAQ:PAYXGet Free Report) last released its quarterly earnings results on Thursday, December 21st. The business services provider reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.01. Paychex had a net margin of 31.62% and a return on equity of 46.37%. The business had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same period in the previous year, the company earned $0.99 earnings per share. The firm’s revenue for the quarter was up 5.7% compared to the same quarter last year. Equities research analysts forecast that Paychex, Inc. will post 4.72 EPS for the current fiscal year.

Paychex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 27th. Shareholders of record on Tuesday, February 13th will be paid a $0.89 dividend. The ex-dividend date is Monday, February 12th. This represents a $3.56 dividend on an annualized basis and a yield of 2.92%. Paychex’s dividend payout ratio (DPR) is presently 79.11%.

Paychex announced that its Board of Directors has initiated a share repurchase program on Friday, January 19th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the business services provider to buy up to 0.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Paychex

In other news, Director David J. S. Flaschen sold 16,031 shares of the stock in a transaction on Thursday, December 28th. The stock was sold at an average price of $119.79, for a total transaction of $1,920,353.49. Following the completion of the transaction, the director now owns 5,383 shares in the company, valued at approximately $644,829.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director David J. S. Flaschen sold 16,031 shares of the stock in a transaction on Thursday, December 28th. The stock was sold at an average price of $119.79, for a total transaction of $1,920,353.49. Following the completion of the transaction, the director now owns 5,383 shares in the company, valued at approximately $644,829.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Mark Anthony Bottini sold 15,481 shares of the stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $120.53, for a total value of $1,865,924.93. Following the sale, the vice president now directly owns 82,690 shares in the company, valued at approximately $9,966,625.70. The disclosure for this sale can be found here. Corporate insiders own 11.50% of the company’s stock.

About Paychex

(Free Report)

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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