Paychex, Inc. (NASDAQ:PAYX) Shares Bought by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 13.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 297,626 shares of the business services provider's stock after purchasing an additional 35,981 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.08% of Paychex worth $39,581,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Paychex by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 30,541,306 shares of the business services provider's stock valued at $3,750,472,000 after purchasing an additional 123,268 shares during the last quarter. Capital International Investors boosted its holdings in Paychex by 12.8% during the 1st quarter. Capital International Investors now owns 20,878,283 shares of the business services provider's stock valued at $2,563,853,000 after acquiring an additional 2,373,894 shares during the period. Capital World Investors boosted its holdings in Paychex by 155.6% during the 1st quarter. Capital World Investors now owns 2,478,325 shares of the business services provider's stock valued at $304,338,000 after acquiring an additional 1,508,681 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Paychex by 19.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,356,262 shares of the business services provider's stock valued at $279,351,000 after acquiring an additional 384,184 shares during the period. Finally, TD Asset Management Inc boosted its holdings in Paychex by 57.2% during the 1st quarter. TD Asset Management Inc now owns 2,179,930 shares of the business services provider's stock valued at $267,695,000 after acquiring an additional 793,468 shares during the period. Institutional investors own 83.47% of the company's stock.

Analyst Ratings Changes

PAYX has been the subject of several research reports. UBS Group upped their target price on Paychex from $125.00 to $142.00 and gave the stock a "neutral" rating in a report on Wednesday, October 2nd. Morgan Stanley boosted their price target on Paychex from $122.00 to $133.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 2nd. Jefferies Financial Group boosted their price target on Paychex from $120.00 to $130.00 and gave the stock a "hold" rating in a research report on Wednesday, October 2nd. Barclays boosted their price target on Paychex from $118.00 to $132.00 and gave the stock an "equal weight" rating in a research report on Monday, September 23rd. Finally, Royal Bank of Canada boosted their price target 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 equities 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, Paychex currently has an average rating of "Hold" and a consensus price target of $130.77.

Insider Transactions at Paychex

In other Paychex news, Director David J. S. Flaschen sold 14,434 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $125.21, for a total transaction of $1,807,281.14. Following the transaction, the director now owns 5,383 shares in the company, valued at approximately $674,005.43. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director David J. S. Flaschen sold 14,434 shares of the firm's stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $125.21, for a total value of $1,807,281.14. Following the transaction, the director now owns 5,383 shares in the company, valued at $674,005.43. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Robert L. Schrader sold 13,015 shares of the firm's stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total value of $1,852,685.25. Following the completion of the transaction, the chief financial officer now owns 17,362 shares in the company, valued at approximately $2,471,480.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 68,608 shares of company stock worth $9,384,512 over the last quarter. 11.40% of the stock is currently owned by insiders.

Paychex Stock Performance

Shares of PAYX stock traded down $1.35 during mid-day trading on Friday, reaching $140.33. The stock had a trading volume of 1,237,610 shares, compared to its average volume of 1,788,984. The business's fifty day moving average is $134.98 and its 200-day moving average is $126.82. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The firm has a market cap of $50.50 billion, a price-to-earnings ratio of 29.92, a PEG ratio of 3.88 and a beta of 1.00. Paychex, Inc. has a 1-year low of $106.27 and a 1-year high of $144.17.

Paychex (NASDAQ:PAYX - Get Free Report) last announced its quarterly earnings data on Tuesday, October 1st. The business services provider reported $1.16 earnings per share for the quarter, beating analysts' consensus estimates of $1.14 by $0.02. Paychex had a return on equity of 45.97% and a net margin of 31.98%. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same period in the prior year, the company earned $1.14 earnings per share. The company's revenue was up 2.5% on a year-over-year basis. On average, research analysts forecast that Paychex, Inc. will post 4.98 earnings per share for the current year.

Paychex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 7th will be paid a $0.98 dividend. The ex-dividend date is Thursday, November 7th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.79%. Paychex's payout ratio is 83.58%.

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.