Schaper Benz & Wise Investment Counsel Inc. WI trimmed its holdings in shares of Paychex (NASDAQ:PAYX) by 2.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 203,575 shares of the business services provider’s stock after selling 6,098 shares during the quarter. Paychex accounts for approximately 1.9% of Schaper Benz & Wise Investment Counsel Inc. WI’s portfolio, making the stock its 24th biggest position. Schaper Benz & Wise Investment Counsel Inc. WI’s holdings in Paychex were worth $12,538,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Ontario Teachers Pension Plan Board increased its position in shares of Paychex by 5.1% during the 4th quarter. Ontario Teachers Pension Plan Board now owns 142,422 shares of the business services provider’s stock worth $9,696,000 after purchasing an additional 6,936 shares during the last quarter. Cpwm LLC acquired a new stake in shares of Paychex during the 4th quarter worth about $205,000. Timber Hill LLC acquired a new stake in shares of Paychex during the 4th quarter worth about $1,178,000. Synovus Financial Corp increased its position in shares of Paychex by 22.2% during the 4th quarter. Synovus Financial Corp now owns 8,545 shares of the business services provider’s stock worth $584,000 after purchasing an additional 1,554 shares during the last quarter. Finally, Pitcairn Co. acquired a new stake in shares of Paychex during the 4th quarter worth about $291,000. 68.81% of the stock is owned by hedge funds and other institutional investors.
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Shares of Paychex stock opened at $61.45 on Friday. Paychex has a 12 month low of $54.20 and a 12 month high of $73.10. The stock has a market cap of $21,851.13, a P/E ratio of 28.03, a PEG ratio of 2.98 and a beta of 0.98.
Paychex (NASDAQ:PAYX) last announced its earnings results on Monday, March 26th. The business services provider reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.01. Paychex had a return on equity of 43.42% and a net margin of 27.22%. The company had revenue of $866.50 million during the quarter, compared to analysts’ expectations of $853.99 million. During the same period last year, the business posted $0.55 EPS. Paychex’s revenue for the quarter was up 8.9% on a year-over-year basis. equities analysts anticipate that Paychex will post 2.49 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, May 24th. Investors of record on Wednesday, May 9th will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 3.65%. This is a boost from Paychex’s previous quarterly dividend of $0.50. The ex-dividend date is Tuesday, May 8th. Paychex’s dividend payout ratio (DPR) is 90.91%.
A number of analysts recently issued reports on PAYX shares. Royal Bank of Canada raised Paychex from an “underperform” rating to a “sector perform” rating and set a $63.00 price objective for the company in a research report on Monday, April 2nd. They noted that the move was a valuation call. Bank of America downgraded Paychex from a “buy” rating to a “neutral” rating and set a $73.00 price objective for the company. in a research report on Tuesday, January 9th. Stifel Nicolaus reissued a “hold” rating and set a $66.00 price objective (down from $68.00) on shares of Paychex in a research report on Tuesday, March 27th. Citigroup cut their price objective on Paychex from $67.00 to $64.00 and set a “neutral” rating for the company in a research report on Wednesday, March 28th. Finally, BMO Capital Markets cut their price objective on Paychex from $70.00 to $63.00 and set a “positive” rating for the company in a research report on Tuesday, March 27th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and one has issued a buy rating to the company’s stock. Paychex has an average rating of “Hold” and an average price target of $64.94.
In other news, insider Michael E. Gioja sold 110,000 shares of Paychex stock in a transaction dated Thursday, March 29th. The stock was sold at an average price of $61.63, for a total value of $6,779,300.00. Following the completion of the transaction, the insider now owns 170,974 shares in the company, valued at approximately $10,537,127.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 11.70% of the company’s stock.
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Germany. The company offers payroll processing services that include payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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