Paychex, Inc. (NASDAQ:PAYX) Shares Acquired by Barclays PLC

Barclays PLC increased its stake in Paychex, Inc. (NASDAQ:PAYXFree Report) by 23.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,339,358 shares of the business services provider’s stock after acquiring an additional 250,877 shares during the period. Barclays PLC owned approximately 0.37% of Paychex worth $154,468,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. NBC Securities Inc. acquired a new stake in shares of Paychex in the third quarter valued at $3,311,000. Comerica Bank acquired a new stake in Paychex in the second quarter valued at $8,123,000. Kesler Norman & Wride LLC raised its stake in Paychex by 2.0% in the second quarter. Kesler Norman & Wride LLC now owns 17,985 shares of the business services provider’s stock valued at $2,012,000 after buying an additional 348 shares in the last quarter. Virginia Retirement Systems ET AL acquired a new stake in Paychex in the second quarter valued at $5,940,000. Finally, Dimensional Fund Advisors LP raised its stake in Paychex by 9.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,591,680 shares of the business services provider’s stock valued at $178,040,000 after buying an additional 142,656 shares in the last quarter. 72.18% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Paychex news, Director David J. S. Flaschen sold 16,031 shares of Paychex stock in a transaction that occurred on Thursday, December 28th. The shares were sold at an average price of $119.79, for a total value of $1,920,353.49. Following the completion of the sale, the director now directly owns 5,383 shares of the company’s stock, 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. 11.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PAYX. TD Cowen restated a “market perform” rating and issued a $123.00 price target (down from $132.00) on shares of Paychex in a research note on Friday, December 22nd. Argus raised their price target on Paychex from $125.00 to $130.00 in a research note on Tuesday, October 3rd. Stifel Nicolaus raised their price objective on Paychex from $124.00 to $130.00 and gave the stock a “hold” rating in a report on Friday, December 22nd. JPMorgan Chase & Co. dropped their price objective on Paychex from $134.00 to $126.00 and set an “underweight” rating on the stock in a report on Friday, December 22nd. Finally, StockNews.com started coverage on Paychex in a report on Thursday, October 5th. They set a “hold” rating on the stock. Two analysts have rated the stock with a sell rating and nine have issued a hold rating to the company’s stock. According to data from MarketBeat, Paychex presently has an average rating of “Hold” and a consensus target price of $123.17.

View Our Latest Research Report on PAYX

Paychex Price Performance

PAYX stock opened at $122.42 on Wednesday. The firm has a 50 day moving average of $121.56 and a 200-day moving average of $119.81. Paychex, Inc. has a 12-month low of $104.09 and a 12-month high of $129.70. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.23. The company has a market cap of $44.05 billion, a price-to-earnings ratio of 27.20, a PEG ratio of 3.28 and a beta of 0.96.

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

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

Paychex Dividend Announcement

The company also recently announced 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 annualized dividend and a yield of 2.91%. Paychex’s payout ratio is currently 79.11%.

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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