OLD National Bancorp IN Has $1.70 Million Holdings in Paychex, Inc. (PAYX)
OLD National Bancorp IN decreased its stake in Paychex, Inc. (NASDAQ:PAYX) by 8.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 28,399 shares of the business services provider’s stock after selling 2,594 shares during the quarter. OLD National Bancorp IN’s holdings in Paychex were worth $1,703,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors also recently added to or reduced their stakes in PAYX. Rafferty Asset Management LLC lifted its stake in Paychex by 11.3% in the first quarter. Rafferty Asset Management LLC now owns 18,297 shares of the business services provider’s stock valued at $1,078,000 after buying an additional 1,856 shares during the period. Credit Agricole S A lifted its stake in Paychex by 56.0% in the first quarter. Credit Agricole S A now owns 298,462 shares of the business services provider’s stock valued at $17,581,000 after buying an additional 107,104 shares during the period. Van ECK Associates Corp lifted its stake in Paychex by 7.7% in the first quarter. Van ECK Associates Corp now owns 6,609 shares of the business services provider’s stock valued at $389,000 after buying an additional 472 shares during the period. Gofen & Glossberg LLC IL lifted its stake in Paychex by 0.6% in the first quarter. Gofen & Glossberg LLC IL now owns 40,685 shares of the business services provider’s stock valued at $2,396,000 after buying an additional 234 shares during the period. Finally, OppenheimerFunds Inc. lifted its stake in Paychex by 7.0% in the first quarter. OppenheimerFunds Inc. now owns 5,977 shares of the business services provider’s stock valued at $352,000 after buying an additional 390 shares during the period. 67.13% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Paychex, Inc. (NASDAQ PAYX) opened at 63.64 on Wednesday. The company has a 50-day moving average price of $61.74 and a 200-day moving average price of $58.78. The firm has a market cap of $22.85 billion, a price-to-earnings ratio of 27.91 and a beta of 0.98. Paychex, Inc. has a 12 month low of $52.78 and a 12 month high of $65.62.
Paychex (NASDAQ:PAYX) last announced its earnings results on Tuesday, October 3rd. The business services provider reported $0.62 EPS for the quarter, beating the consensus estimate of $0.60 by $0.02. Paychex had a return on equity of 43.01% and a net margin of 26.01%. The company had revenue of $816.80 million for the quarter, compared to analyst estimates of $816.34 million. During the same quarter in the prior year, the company earned $0.60 EPS. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. Analysts forecast that Paychex, Inc. will post $2.38 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date is Tuesday, October 31st. Paychex’s dividend payout ratio (DPR) is currently 87.34%.
PAYX has been the topic of several analyst reports. Bank of America Corporation increased their target price on Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, October 4th. Royal Bank Of Canada reissued an “underperform” rating and issued a $57.00 target price (up previously from $54.00) on shares of Paychex in a research note on Wednesday, October 4th. BidaskClub raised Paychex from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. William Blair lowered Paychex from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $59.00 price target (up previously from $55.00) on shares of Paychex in a research report on Wednesday, October 4th. Five investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $60.07.
In related news, VP Laurie L. Zaucha sold 17,354 shares of the company’s stock in a transaction that occurred on Tuesday, October 10th. The stock was sold at an average price of $64.00, for a total transaction of $1,110,656.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Laurie L. Zaucha sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $62.00, for a total value of $930,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 88,395 shares of company stock worth $5,532,183. 11.70% of the stock is owned by company insiders.
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Paychex Company Profile
Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.
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