Engineers Gate Manager LP acquired a new stake in Paychex, Inc. (NASDAQ:PAYX) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 10,211 shares of the business services provider’s stock, valued at approximately $581,000.
Other large investors also recently added to or reduced their stakes in the company. Dupont Capital Management Corp purchased a new position in Paychex in the second quarter valued at about $129,000. Parkside Financial Bank & Trust raised its position in Paychex by 23.8% in the first quarter. Parkside Financial Bank & Trust now owns 2,935 shares of the business services provider’s stock valued at $173,000 after purchasing an additional 564 shares during the period. Kernodle & Katon Asset Management Group LLC raised its position in Paychex by 37.7% in the first quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock valued at $186,000 after purchasing an additional 867 shares during the period. Koshinski Asset Management Inc. purchased a new position in Paychex in the second quarter valued at about $201,000. Finally, Sfmg LLC purchased a new position in Paychex in the second quarter valued at about $203,000. 67.33% of the stock is currently owned by institutional investors.
Shares of Paychex, Inc. (PAYX) opened at 57.85 on Friday. The stock’s 50 day moving average price is $56.37 and its 200 day moving average price is $58.47. The firm has a market capitalization of $20.79 billion, a P/E ratio of 25.71 and a beta of 0.96. Paychex, Inc. has a 52 week low of $52.78 and a 52 week high of $63.03.
Paychex (NASDAQ:PAYX) last released its earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.01. The firm had revenue of $799.00 million during the quarter, compared to analyst estimates of $797.70 million. Paychex had a net margin of 25.93% and a return on equity of 42.48%. The business’s revenue was up 6.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.49 EPS. On average, analysts predict that Paychex, Inc. will post $2.37 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st were given a dividend of $0.50 per share. This is a positive change from Paychex’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend was Friday, July 28th. This represents a $2.00 dividend on an annualized basis and a yield of 3.46%. Paychex’s payout ratio is currently 88.50%.
In other Paychex news, VP Mark Anthony Bottini sold 7,139 shares of the business’s stock in a transaction on Sunday, July 9th. The shares were sold at an average price of $57.39, for a total transaction of $409,707.21. Following the completion of the transaction, the vice president now owns 46,548 shares of the company’s stock, valued at approximately $2,671,389.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joseph M. Tucci sold 6,000 shares of the business’s stock in a transaction on Monday, July 10th. The stock was sold at an average price of $57.82, for a total transaction of $346,920.00. Following the transaction, the director now directly owns 53,621 shares of the company’s stock, valued at approximately $3,100,366.22. The disclosure for this sale can be found here. In the last three months, insiders have sold 92,497 shares of company stock valued at $5,300,889. Company insiders own 11.60% of the company’s stock.
Several research firms have commented on PAYX. Stifel Nicolaus reissued a “hold” rating and issued a $61.00 price objective on shares of Paychex in a research report on Friday, August 18th. BidaskClub lowered Paychex from a “sell” rating to a “strong sell” rating in a research report on Sunday, August 6th. Goldman Sachs Group, Inc. (The) lowered Paychex from a “buy” rating to a “neutral” rating and cut their price objective for the company from $68.00 to $64.00 in a research report on Tuesday, June 20th. Robert W. Baird cut their price objective on Paychex from $63.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, June 30th. Finally, J P Morgan Chase & Co reissued a “neutral” rating and issued a $60.00 price objective (down from $62.00) on shares of Paychex in a research report on Friday, June 30th. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and one has assigned a buy rating to the company’s stock. Paychex presently has a consensus rating of “Hold” and an average price target of $59.28.
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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