GW&K Investment Management LLC Sells 17,724 Shares of Paychex, Inc. (PAYX)
GW&K Investment Management LLC cut its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 2.9% during the 4th quarter, Holdings Channel reports. The firm owned 599,730 shares of the business services provider’s stock after selling 17,724 shares during the period. GW&K Investment Management LLC’s holdings in Paychex were worth $40,830,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Carnick & Kubik Group LLC bought a new position in shares of Paychex during the 3rd quarter valued at about $1,332,000. Paragon Capital Management LLC increased its position in shares of Paychex by 2.4% during the 2nd quarter. Paragon Capital Management LLC now owns 213,047 shares of the business services provider’s stock valued at $12,130,000 after purchasing an additional 4,921 shares during the last quarter. Schaper Benz & Wise Investment Counsel Inc. WI increased its position in shares of Paychex by 1.4% during the 3rd quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 213,833 shares of the business services provider’s stock valued at $12,821,000 after purchasing an additional 2,855 shares during the last quarter. Reliance Trust Co. of Delaware boosted its holdings in Paychex by 11.3% during the 3rd quarter. Reliance Trust Co. of Delaware now owns 16,686 shares of the business services provider’s stock valued at $1,000,000 after acquiring an additional 1,691 shares during the period. Finally, Bank of the Ozarks boosted its holdings in Paychex by 25.9% during the 3rd quarter. Bank of the Ozarks now owns 8,035 shares of the business services provider’s stock valued at $482,000 after acquiring an additional 1,655 shares during the period. Hedge funds and other institutional investors own 67.88% of the company’s stock.
In other Paychex news, insider Michael E. Gioja sold 34,311 shares of the stock in a transaction that occurred on Thursday, January 4th. The stock was sold at an average price of $68.91, for a total value of $2,364,371.01. Following the completion of the sale, the insider now owns 63,374 shares in the company, valued at approximately $4,367,102.34. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Jennifer R. Vossler sold 10,000 shares of the stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $68.29, for a total value of $682,900.00. Following the completion of the sale, the vice president now owns 31,578 shares of the company’s stock, valued at approximately $2,156,461.62. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,311 shares of company stock valued at $3,429,471. Company insiders own 11.70% of the company’s stock.
Paychex, Inc. (PAYX) traded up $0.58 during midday trading on Friday, reaching $69.49. The company’s stock had a trading volume of 2,559,512 shares, compared to its average volume of 2,090,000. Paychex, Inc. has a 1-year low of $54.20 and a 1-year high of $70.39. The stock has a market cap of $24,950.00, a PE ratio of 29.82, a P/E/G ratio of 3.75 and a beta of 0.99.
Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Thursday, December 21st. The business services provider reported $0.59 earnings per share for the quarter, hitting the consensus estimate of $0.59. Paychex had a return on equity of 42.80% and a net margin of 26.02%. The business had revenue of $826.50 million during the quarter, compared to analysts’ expectations of $823.48 million. During the same quarter last year, the business posted $0.56 EPS. The business’s revenue was up 7.1% on a year-over-year basis. equities analysts expect that Paychex, Inc. will post 2.38 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Thursday, February 1st will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.88%. Paychex’s dividend payout ratio (DPR) is currently 60.94%.
Several brokerages recently weighed in on PAYX. BidaskClub cut Paychex from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. Bank of America cut Paychex from a “buy” rating to a “neutral” rating and set a $73.00 target price for the company. in a report on Tuesday, January 9th. BMO Capital Markets restated a “market perform” rating and set a $62.00 target price (up from $60.00) on shares of Paychex in a report on Wednesday, October 4th. Robert W. Baird restated a “hold” rating and set a $64.00 target price on shares of Paychex in a report on Wednesday, October 4th. Finally, Citigroup restated a “sell” rating and set a $53.00 target price on shares of Paychex in a report on Monday, October 2nd. Two research analysts have rated the stock with a sell rating and twelve have issued a hold rating to the company’s stock. Paychex currently has an average rating of “Hold” and an average price target of $62.10.
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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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