PNC Financial Services Group Inc. Has $93.25 Million Stock Position in Paychex, Inc. (NASDAQ:PAYX)

PNC Financial Services Group Inc. lifted its holdings in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 2.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 694,922 shares of the business services provider's stock after buying an additional 19,431 shares during the quarter. PNC Financial Services Group Inc. owned 0.19% of Paychex worth $93,252,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Capital International Investors grew its position in Paychex by 12.8% during 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 buying an additional 2,373,894 shares during the period. Capital World Investors boosted its position in shares of Paychex by 155.6% in the 1st quarter. Capital World Investors now owns 2,478,325 shares of the business services provider's stock worth $304,338,000 after buying an additional 1,508,681 shares in the last quarter. International Assets Investment Management LLC boosted its position in shares of Paychex by 38,655.2% in the 3rd quarter. International Assets Investment Management LLC now owns 799,907 shares of the business services provider's stock worth $107,340,000 after buying an additional 797,843 shares in the last quarter. Epoch Investment Partners Inc. increased its holdings in Paychex by 30.9% during the 1st quarter. Epoch Investment Partners Inc. now owns 1,676,521 shares of the business services provider's stock valued at $205,877,000 after acquiring an additional 395,343 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of 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 worth $279,351,000 after purchasing an additional 384,184 shares during the last quarter. Institutional investors and hedge funds own 83.47% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. TD Cowen lifted their price target on shares of Paychex from $126.00 to $131.00 and gave the stock a "hold" rating in a report on Wednesday, October 2nd. UBS Group upped their price objective on Paychex from $125.00 to $142.00 and gave the stock a "neutral" rating in a report on Wednesday, October 2nd. Morgan Stanley lifted their price objective on Paychex from $122.00 to $133.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 2nd. Citigroup increased their price objective on shares of Paychex from $125.00 to $145.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 25th. Finally, Stifel Nicolaus boosted their price objective on Paychex from $130.00 to $141.00 and gave the stock a "hold" rating in a research note on Wednesday, October 2nd. Two equities research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $131.62.

Paychex Stock Performance

Paychex stock traded up $1.17 during mid-day trading on Wednesday, hitting $141.83. 1,348,724 shares of the company's stock traded hands, compared to its average volume of 1,784,786. Paychex, Inc. has a one year low of $114.72 and a one year high of $150.71. The company has a market cap of $51.04 billion, a PE ratio of 30.24, a price-to-earnings-growth ratio of 3.93 and a beta of 0.99. The firm has a 50 day moving average price of $139.80 and a 200 day moving average price of $129.65. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21.

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

Paychex Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 7th will be issued a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a dividend yield of 2.76%. The ex-dividend date of this dividend is Thursday, November 7th. Paychex's dividend payout ratio is currently 83.58%.

Insider Transactions at Paychex

In other news, VP Michael E. Gioja sold 26,428 shares of Paychex stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $139.03, for a total value 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. This trade represents a 64.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Robert L. Schrader sold 13,015 shares of the firm's stock in a transaction dated 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 sale, the chief financial officer now directly owns 17,362 shares in the company, valued at approximately $2,471,480.70. This represents a 42.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 54,174 shares of company stock valued at $7,577,231. 11.40% of the stock is owned by insiders.

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.