Howland Capital Management LLC Has $13,363,000 Stake in Paychex Inc. (PAYX)
Howland Capital Management LLC reduced its stake in Paychex Inc. (NASDAQ:PAYX) by 1.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 230,915 shares of the company’s stock after selling 4,330 shares during the period. Howland Capital Management LLC’s holdings in Paychex were worth $13,363,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the company. Global X Management Co. LLC raised its stake in shares of Paychex by 65.1% in the second quarter. Global X Management Co. LLC now owns 1,699 shares of the company’s stock valued at $101,000 after buying an additional 670 shares in the last quarter. Zions Bancorporation raised its stake in shares of Paychex by 683.0% in the second quarter. Zions Bancorporation now owns 1,754 shares of the company’s stock valued at $105,000 after buying an additional 1,530 shares in the last quarter. Jolley Asset Management LLC raised its stake in shares of Paychex by 19.5% in the second quarter. Jolley Asset Management LLC now owns 1,835 shares of the company’s stock valued at $109,000 after buying an additional 300 shares in the last quarter. Financial Architects Inc raised its stake in shares of 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 in the last quarter. Finally, Ropes Wealth Advisors LLC raised its stake in shares of Paychex by 371.4% in the second quarter. Ropes Wealth Advisors LLC now owns 1,843 shares of the company’s stock valued at $110,000 after buying an additional 1,452 shares in the last quarter. 67.66% of the stock is currently owned by institutional investors and hedge funds.
Paychex Inc. (NASDAQ:PAYX) traded down 0.54% during trading on Wednesday, reaching $59.14. 956,993 shares of the company’s stock were exchanged. The stock’s 50-day moving average is $55.88 and its 200-day moving average is $57.42. Paychex Inc. has a 12-month low of $45.76 and a 12-month high of $61.87. The company has a market cap of $21.39 billion, a P/E ratio of 28.03 and a beta of 0.86.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, September 28th. The company reported $0.60 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.03. Paychex had a net margin of 25.38% and a return on equity of 40.10%. The firm had revenue of $785.50 million for the quarter, compared to analysts’ expectations of $782.80 million. During the same quarter in the prior year, the business earned $0.52 EPS. The business’s quarterly revenue was up 8.6% on a year-over-year basis. Analysts predict that Paychex Inc. will post $2.22 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 22nd. Stockholders of record on Tuesday, November 1st were paid a $0.46 dividend. This represents a $1.84 annualized dividend 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 have recently weighed in on the stock. Morgan Stanley reiterated an “underweight” rating and issued a $49.00 target price on shares of Paychex in a research note on Tuesday, August 23rd. Zacks Investment Research upgraded shares of Paychex from a “sell” rating to a “hold” rating in a research note on Tuesday, September 6th. Finally, Wedbush assumed coverage on shares of Paychex in a research note on Thursday, September 8th. They issued a “neutral” rating and a $65.00 target price for the company. Seven analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $54.00.
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.
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