Capstone Asset Management Co. cut its position in Paychex Inc. (NASDAQ:PAYX) by 6.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 67,560 shares of the company’s stock after selling 4,762 shares during the period. Capstone Asset Management Co.’s holdings in Paychex were worth $3,910,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of PAYX. Financial Architects Inc increased its position in Paychex by 0.7% in the second quarter. Financial Architects Inc now owns 1,838 shares of the company’s stock valued at $109,000 after buying an additional 12 shares during the period. IFC Holdings Incorporated FL increased its position in Paychex by 0.6% in the second quarter. IFC Holdings Incorporated FL now owns 4,712 shares of the company’s stock valued at $278,000 after buying an additional 27 shares during the period. Carroll Financial Associates Inc. increased its position in Paychex by 0.3% in the third quarter. Carroll Financial Associates Inc. now owns 8,963 shares of the company’s stock valued at $518,000 after buying an additional 29 shares during the period. Synovus Financial Corp increased its position in Paychex by 0.3% in the second quarter. Synovus Financial Corp now owns 8,692 shares of the company’s stock valued at $517,000 after buying an additional 30 shares during the period. Finally, Davis R M Inc. increased its position in Paychex by 0.7% in the second quarter. Davis R M Inc. now owns 7,200 shares of the company’s stock valued at $428,000 after buying an additional 50 shares during the period. 67.66% of the stock is owned by institutional investors and hedge funds.

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

Paychex Inc. (NASDAQ:PAYX) traded up 2.53% on Tuesday, hitting $59.46. The stock had a trading volume of 4,045,865 shares. Paychex Inc. has a 12 month low of $45.76 and a 12 month high of $61.87. The firm’s 50 day moving average price is $55.88 and its 200-day moving average price is $57.42. The stock has a market cap of $21.50 billion, a PE ratio of 28.18 and a beta of 0.86.

Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, September 28th. The company reported $0.60 EPS for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.03. Paychex had a return on equity of 40.10% and a net margin of 25.38%. The firm had revenue of $785.50 million for the quarter, compared to analysts’ expectations of $782.80 million. During the same period last year, the firm earned $0.52 EPS. The company’s quarterly revenue was up 8.6% on a year-over-year basis. On average, analysts forecast that Paychex Inc. will post $2.22 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 22nd. Stockholders of record on Tuesday, November 1st were given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date was Friday, October 28th. Paychex’s dividend payout ratio (DPR) is presently 87.20%.

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Several equities analysts recently weighed in on the company. Zacks Investment Research upgraded Paychex from a “sell” rating to a “hold” rating in a research report on Tuesday, September 6th. Wedbush assumed coverage on Paychex in a research report on Thursday, September 8th. They issued a “neutral” rating and a $65.00 price objective on the stock. Finally, Morgan Stanley restated an “underweight” rating and issued a $49.00 price objective on shares of Paychex in a research report on Tuesday, August 23rd. Seven equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $54.00.

About Paychex

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.

5 Day Chart for NASDAQ:PAYX

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