QRG Capital Management Inc. Has $8.31 Million Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

QRG Capital Management Inc. grew its holdings in Paychex, Inc. (NASDAQ:PAYX) by 6.6% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 61,894 shares of the business services provider’s stock after buying an additional 3,817 shares during the quarter. QRG Capital Management Inc.’s holdings in Paychex were worth $8,306,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Capital International Investors increased its position in Paychex by 12.8% in the first quarter. Capital International Investors now owns 20,878,283 shares of the business services provider’s stock worth $2,563,853,000 after purchasing an additional 2,373,894 shares during the period. Capital World Investors increased its position in Paychex by 155.6% in the first quarter. Capital World Investors now owns 2,478,325 shares of the business services provider’s stock worth $304,338,000 after purchasing an additional 1,508,681 shares during the period. International Assets Investment Management LLC increased its position in Paychex by 38,655.2% in the third quarter. International Assets Investment Management LLC now owns 799,907 shares of the business services provider’s stock worth $107,340,000 after purchasing an additional 797,843 shares during the period. TD Asset Management Inc increased its position in Paychex by 57.2% in the first quarter. TD Asset Management Inc now owns 2,179,930 shares of the business services provider’s stock worth $267,695,000 after purchasing an additional 793,468 shares during the period. Finally, Epoch Investment Partners Inc. increased its position in Paychex by 30.9% in the first quarter. Epoch Investment Partners Inc. now owns 1,676,521 shares of the business services provider’s stock worth $205,877,000 after purchasing an additional 395,343 shares during the period. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Paychex Trading Up 0.4 %

NASDAQ:PAYX opened at $139.68 on Tuesday. Paychex, Inc. has a fifty-two week low of $109.98 and a fifty-two week high of $144.17. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The stock has a market capitalization of $50.27 billion, a PE ratio of 29.78, a price-to-earnings-growth ratio of 3.82 and a beta of 0.99. The business’s 50-day simple moving average is $136.50 and its 200-day simple moving average is $127.64.

Paychex (NASDAQ:PAYX) last released its earnings results on Tuesday, October 1st. The business services provider reported $1.16 EPS for the quarter, beating the consensus estimate of $1.14 by $0.02. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Paychex had a return on equity of 45.97% and a net margin of 31.98%. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.14 EPS. Sell-side analysts expect that Paychex, Inc. will post 4.98 earnings per share for the current fiscal year.

Paychex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 7th will be paid a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 2.81%. The ex-dividend date of this dividend is Thursday, November 7th. Paychex’s payout ratio is 83.58%.

Analysts Set New Price Targets

PAYX has been the subject of a number of research reports. Citigroup lifted their price objective on Paychex from $125.00 to $145.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 25th. Barclays lifted their price objective on Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a research report on Monday, September 23rd. TD Cowen boosted their target price on Paychex from $126.00 to $131.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. UBS Group boosted their target price on Paychex from $125.00 to $142.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Finally, Royal Bank of Canada boosted their target price on Paychex from $130.00 to $148.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $130.77.

Insider Buying and Selling at Paychex

In other Paychex news, CFO Robert L. Schrader sold 13,015 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $142.35, for a total value of $1,852,685.25. Following the sale, the chief financial officer now owns 17,362 shares in the company, valued at approximately $2,471,480.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Paychex news, VP Michael E. Gioja sold 26,428 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $139.03, for a total transaction of $3,674,284.84. Following the transaction, the vice president now owns 14,515 shares of the company’s stock, valued at $2,018,020.45. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Robert L. Schrader sold 13,015 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $142.35, for a total value of $1,852,685.25. Following the transaction, the chief financial officer now directly owns 17,362 shares in the company, valued at $2,471,480.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 54,174 shares of company stock worth $7,577,231. Corporate insiders own 11.40% of the company’s stock.

About Paychex

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.