Burns J W & Co. Inc. NY Has $7.64 Million Stock Position in Paychex, Inc. (NASDAQ:PAYX)

Burns J W & Co. Inc. NY lowered its stake in Paychex, Inc. (NASDAQ:PAYX) by 3.7% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 56,947 shares of the business services provider’s stock after selling 2,189 shares during the period. Paychex makes up 1.0% of Burns J W & Co. Inc. NY’s investment portfolio, making the stock its 28th biggest position. Burns J W & Co. Inc. NY’s holdings in Paychex were worth $7,642,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Czech National Bank boosted its position in Paychex by 8.3% in the second quarter. Czech National Bank now owns 61,049 shares of the business services provider’s stock valued at $7,238,000 after buying an additional 4,703 shares in the last quarter. Virtu Financial LLC acquired a new stake in Paychex in the fourth quarter valued at approximately $1,400,000. Nordea Investment Management AB boosted its position in Paychex by 85.1% in the first quarter. Nordea Investment Management AB now owns 1,259,393 shares of the business services provider’s stock valued at $154,263,000 after buying an additional 579,136 shares in the last quarter. Sanibel Captiva Trust Company Inc. acquired a new position in shares of Paychex during the fourth quarter worth $23,330,000. Finally, Nomura Holdings Inc. acquired a new position in shares of Paychex during the fourth quarter worth $774,000. Institutional investors and hedge funds own 83.47% of the company’s stock.

Paychex Trading Down 0.5 %

PAYX stock traded down $0.71 during midday trading on Friday, hitting $138.65. The stock had a trading volume of 1,776,714 shares, compared to its average volume of 1,834,330. The firm has a market cap of $49.91 billion, a P/E ratio of 29.69, a price-to-earnings-growth ratio of 3.52 and a beta of 1.00. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.21. Paychex, Inc. has a 1-year low of $106.27 and a 1-year high of $142.04. The business has a fifty day moving average price of $130.45 and a two-hundred day moving average price of $124.83.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.02. Paychex had a net margin of 32.03% and a return on equity of 46.63%. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the previous year, the firm posted $1.14 earnings per share. The business’s revenue was up 2.5% compared to the same quarter last year. On average, sell-side analysts predict that Paychex, Inc. will post 4.99 earnings per share for the current fiscal year.

Paychex Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Thursday, August 8th were paid a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 2.83%. The ex-dividend date of this dividend was Thursday, August 8th. Paychex’s dividend payout ratio (DPR) is currently 83.94%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PAYX. Stifel Nicolaus lifted their price target on shares of Paychex from $130.00 to $141.00 and gave the stock a “hold” rating in a report on Wednesday. TD Cowen lifted their price target on shares of Paychex from $126.00 to $131.00 and gave the stock a “hold” rating in a report on Wednesday. Bank of America lifted their price target on shares of Paychex from $111.00 to $113.00 and gave the stock an “underperform” rating in a report on Thursday, June 27th. UBS Group lifted their price target on shares of Paychex from $125.00 to $142.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Jefferies Financial Group lifted their price target on shares of Paychex from $120.00 to $130.00 and gave the stock a “hold” rating in a report on Wednesday. Two research analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $130.77.

Insider Buying and Selling at Paychex

In other Paychex news, VP Mark Anthony Bottini sold 8,954 shares of Paychex stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $123.60, for a total value of $1,106,714.40. Following the completion of the sale, the vice president now directly owns 79,232 shares of the company’s stock, valued at approximately $9,793,075.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO John B. Gibson sold 12,670 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $119.53, for a total transaction of $1,514,445.10. Following the completion of the sale, the chief executive officer now directly owns 55,745 shares of the company’s stock, valued at $6,663,199.85. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Mark Anthony Bottini sold 8,954 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $123.60, for a total transaction of $1,106,714.40. Following the sale, the vice president now directly owns 79,232 shares of the company’s stock, valued at approximately $9,793,075.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 45,673 shares of company stock valued at $5,636,085. Corporate insiders own 11.50% of the company’s stock.

Paychex Company Profile

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), 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.