Shamrock Asset Management LLC reduced its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 7.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,231 shares of the business services provider’s stock after selling 844 shares during the period. Shamrock Asset Management LLC’s holdings in Paychex were worth $594,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Achmea Investment Management B.V. bought a new position in shares of Paychex during the first quarter valued at $4,519,000. Cambridge Trust Co. boosted its position in shares of Paychex by 1.1% in the first quarter. Cambridge Trust Co. now owns 4,118 shares of the business services provider’s stock valued at $243,000 after buying an additional 44 shares during the period. Bank of Nova Scotia boosted its position in shares of Paychex by 79.7% in the first quarter. Bank of Nova Scotia now owns 148,433 shares of the business services provider’s stock valued at $8,743,000 after buying an additional 65,842 shares during the period. Financial Advisors Network Inc. boosted its position in shares of Paychex by 7.4% in the first quarter. Financial Advisors Network Inc. now owns 5,999 shares of the business services provider’s stock valued at $344,000 after buying an additional 413 shares during the period. Finally, Green Square Capital LLC bought a new position in shares of Paychex during the first quarter valued at $386,000. 68.60% of the stock is owned by institutional investors and hedge funds.
Shares of Paychex, Inc. (PAYX) opened at 54.24 on Friday. Paychex, Inc. has a one year low of $52.78 and a one year high of $63.03. The stock has a market cap of $19.49 billion, a price-to-earnings ratio of 24.11 and a beta of 0.96. The company has a 50-day moving average price of $57.04 and a 200 day moving average price of $59.00.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $799 million during the quarter, compared to analyst estimates of $797.70 million. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The business’s revenue was up 6.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.49 earnings per share. Equities research analysts expect that Paychex, Inc. will post $2.37 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Tuesday, August 1st will be given a $0.50 dividend. The ex-dividend date of this dividend is Friday, July 28th. This is a positive change from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.69%.
Several equities analysts have weighed in on the company. BidaskClub cut Paychex from a “sell” rating to a “strong sell” rating in a research note on Sunday, August 6th. William Blair cut Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. J P Morgan Chase & Co restated a “neutral” rating and set a $60.00 price objective (down from $62.00) on shares of Paychex in a research note on Friday, June 30th. Morgan Stanley dropped their price objective on Paychex from $56.00 to $55.00 and set an “underweight” rating on the stock in a research note on Friday, June 30th. Finally, Robert W. Baird lowered their target price on Paychex from $63.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, June 30th. Five equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $59.16.
In related news, Director Joseph M. Tucci sold 6,000 shares of the stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $57.82, for a total value of $346,920.00. Following the completion of the transaction, the director now directly owns 53,621 shares in the company, valued at $3,100,366.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Martin Mucci sold 33,294 shares of the stock in a transaction that occurred on Sunday, July 9th. The stock was sold at an average price of $57.40, for a total value of $1,911,075.60. Following the completion of the transaction, the chief executive officer now owns 254,618 shares of the company’s stock, valued at $14,615,073.20. The disclosure for this sale can be found here. Insiders sold 92,497 shares of company stock valued at $5,300,889 over the last quarter. 11.60% of the stock is currently owned by company insiders.
Paychex Company Profile
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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