Paychex, Inc. (NASDAQ:PAYX) Shares Bought by Morgan Stanley

Morgan Stanley lifted its position in shares of Paychex, Inc. (NASDAQ:PAYXFree Report) by 5.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 3,598,560 shares of the business services provider’s stock after acquiring an additional 182,648 shares during the period. Morgan Stanley owned 1.00% of Paychex worth $415,022,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Integrated Wealth Concepts LLC increased its position in Paychex by 14.4% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 11,025 shares of the business services provider’s stock valued at $1,271,000 after acquiring an additional 1,388 shares during the period. Ramirez Asset Management Inc. acquired a new position in shares of Paychex during the third quarter valued at $601,000. WealthPlan Investment Management LLC bought a new stake in shares of Paychex during the third quarter valued at about $235,000. Mercer Global Advisors Inc. ADV lifted its holdings in Paychex by 7.4% in the third quarter. Mercer Global Advisors Inc. ADV now owns 51,699 shares of the business services provider’s stock worth $5,962,000 after purchasing an additional 3,567 shares during the period. Finally, iA Global Asset Management Inc. grew its position in Paychex by 98.5% in the 3rd quarter. iA Global Asset Management Inc. now owns 69,164 shares of the business services provider’s stock valued at $7,977,000 after buying an additional 34,319 shares in the last quarter. 72.18% of the stock is currently owned by institutional investors.

Paychex Trading Down 0.3 %

Paychex stock opened at $120.82 on Monday. Paychex, Inc. has a 52 week low of $104.09 and a 52 week high of $129.70. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.23 and a current ratio of 1.23. The firm has a market capitalization of $43.47 billion, a price-to-earnings ratio of 26.85, a P/E/G ratio of 3.27 and a beta of 0.94. The company has a 50 day moving average price of $121.33 and a 200 day moving average price of $119.53.

Paychex (NASDAQ:PAYXGet Free Report) last released its earnings results on Thursday, December 21st. The business services provider reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.07 by $0.01. Paychex had a return on equity of 46.37% and a net margin of 31.62%. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the prior year, the company earned $0.99 earnings per share. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. Research analysts forecast that Paychex, Inc. will post 4.72 EPS for the current year.

Paychex Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 27th. Stockholders of record on Tuesday, February 13th were issued a $0.89 dividend. The ex-dividend date was Monday, February 12th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.95%. Paychex’s dividend payout ratio is 79.11%.

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

Analyst Ratings Changes

A number of analysts have commented on PAYX shares. TD Cowen restated a “market perform” rating and set a $123.00 price target (down from $132.00) on shares of Paychex in a research report on Friday, December 22nd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $130.00 price target on shares of Paychex in a research note on Friday, December 22nd. Barclays decreased their target price on Paychex from $126.00 to $120.00 and set an “equal weight” rating for the company in a research note on Friday, December 22nd. Citigroup dropped their price target on shares of Paychex from $130.00 to $125.00 and set a “neutral” rating on the stock in a research report on Tuesday, December 26th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Paychex from $134.00 to $126.00 and set an “underweight” rating for the company in a research report on Friday, December 22nd. Two investment analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. Based on data from MarketBeat, Paychex presently has an average rating of “Hold” and an average target price of $123.17.

Check Out Our Latest Research Report on Paychex

Insider Transactions at Paychex

In other Paychex news, VP Mark Anthony Bottini sold 15,481 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $120.53, for a total value of $1,865,924.93. Following the transaction, the vice president now owns 82,690 shares in the company, valued at approximately $9,966,625.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Paychex news, VP Mark Anthony Bottini sold 15,481 shares of the business’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $120.53, for a total value of $1,865,924.93. Following the transaction, the vice president now owns 82,690 shares in the company, valued at $9,966,625.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David J. S. Flaschen sold 16,031 shares of the company’s stock in a transaction dated Thursday, December 28th. The stock was sold at an average price of $119.79, for a total value of $1,920,353.49. Following the completion of the transaction, the director now directly owns 5,383 shares in the company, valued at $644,829.57. The disclosure for this sale can be found here. 11.50% of the stock is owned by insiders.

Paychex Profile

(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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