TIAA CREF Trust Co. FSB MO decreased its position in shares of Paychex Inc. (NASDAQ:PAYX) by 11.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,679 shares of the company’s stock after selling 1,936 shares during the period. TIAA CREF Trust Co. FSB MO’s holdings in Paychex were worth $907,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. GW&K Investment Management LLC raised its stake in Paychex by 6.5% in the second quarter. GW&K Investment Management LLC now owns 515,086 shares of the company’s stock worth $30,648,000 after buying an additional 31,217 shares during the last quarter. Sabal Trust CO raised its stake in Paychex by 1.7% in the second quarter. Sabal Trust CO now owns 432,155 shares of the company’s stock worth $25,713,000 after buying an additional 7,236 shares during the last quarter. OLD Republic International Corp raised its stake in Paychex by 19.5% in the second quarter. OLD Republic International Corp now owns 232,800 shares of the company’s stock worth $13,852,000 after buying an additional 38,000 shares during the last quarter. UMB Bank N A MO raised its stake in Paychex by 3.3% in the second quarter. UMB Bank N A MO now owns 378,956 shares of the company’s stock worth $22,548,000 after buying an additional 11,964 shares during the last quarter. Finally, Shell Asset Management Co. raised its stake in Paychex by 0.4% in the second quarter. Shell Asset Management Co. now owns 247,375 shares of the company’s stock worth $14,719,000 after buying an additional 1,006 shares during the last quarter. Institutional investors and hedge funds own 68.80% of the company’s stock.
Shares of Paychex Inc. (NASDAQ:PAYX) traded down 0.12% during midday trading on Friday, hitting $57.98. 725,117 shares of the stock were exchanged. Paychex Inc. has a 12-month low of $45.76 and a 12-month high of $61.87. The firm has a 50-day moving average price of $55.83 and a 200 day moving average price of $57.26. The firm has a market cap of $20.97 billion, a PE ratio of 27.48 and a beta of 0.86.
Paychex (NASDAQ:PAYX) last announced its earnings results on Wednesday, September 28th. The company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. The business had revenue of $785.50 million for the quarter, compared to analysts’ expectations of $782.80 million. Paychex had a net margin of 25.38% and a return on equity of 40.10%. The company’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.52 EPS. Analysts predict that Paychex Inc. will post $2.22 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 22nd. Shareholders of record on Tuesday, November 1st were paid a $0.46 dividend. The ex-dividend date of this dividend was Friday, October 28th. This represents a $1.84 annualized dividend and a yield of 3.17%. Paychex’s dividend payout ratio is currently 87.20%.
A number of analysts have recently weighed in on the stock. Wedbush assumed coverage on shares of Paychex in a research note on Thursday, September 8th. They issued a “neutral” rating and a $65.00 price objective on the stock. Zacks Investment Research raised shares of Paychex from a “sell” rating to a “hold” rating in a report on Tuesday, September 6th. Finally, Morgan Stanley reissued an “underweight” rating and set a $49.00 price target on shares of Paychex in a report on Tuesday, August 23rd. Seven research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $54.00.
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.