Norinchukin Bank The grew its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 6.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 22,188 shares of the business services provider’s stock after buying an additional 1,435 shares during the period. Norinchukin Bank The’s holdings in Paychex were worth $1,263,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in the business. Bridgewater Associates LP bought a new position in Paychex during the 2nd quarter worth approximately $9,975,000. Fort Washington Investment Advisors Inc. OH lifted its holdings in Paychex by 0.7% during the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 48,117 shares of the business services provider’s stock worth $2,740,000 after buying an additional 335 shares during the last quarter. Buckingham Capital Management Inc. lifted its holdings in Paychex by 2.3% during the 2nd quarter. Buckingham Capital Management Inc. now owns 21,292 shares of the business services provider’s stock worth $1,212,000 after buying an additional 474 shares during the last quarter. Teachers Advisors LLC lifted its holdings in Paychex by 5.2% during the 2nd quarter. Teachers Advisors LLC now owns 399,586 shares of the business services provider’s stock worth $22,752,000 after buying an additional 19,738 shares during the last quarter. Finally, CWA Asset Management Group LLC lifted its holdings in Paychex by 97.2% during the 2nd quarter. CWA Asset Management Group LLC now owns 46,053 shares of the business services provider’s stock worth $2,622,000 after buying an additional 22,698 shares during the last quarter. 67.33% of the stock is currently owned by institutional investors.
In other Paychex news, CEO Martin Mucci sold 33,294 shares of Paychex stock in a transaction that occurred on Sunday, July 9th. The stock was sold at an average price of $57.40, for a total transaction of $1,911,075.60. Following the sale, the chief executive officer now directly owns 254,618 shares of the company’s stock, valued at $14,615,073.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Mark Anthony Bottini sold 7,139 shares of Paychex stock in a transaction that occurred on Sunday, July 9th. The shares were sold at an average price of $57.39, for a total value of $409,707.21. Following the sale, the vice president now directly owns 46,548 shares in the company, valued at $2,671,389.72. The disclosure for this sale can be found here. Insiders have sold 92,497 shares of company stock worth $5,300,889 over the last ninety days. Company insiders own 11.60% of the company’s stock.
Shares of Paychex, Inc. (NASDAQ PAYX) opened at 57.85 on Friday. Paychex, Inc. has a 12 month low of $52.78 and a 12 month high of $63.03. 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 PE ratio of 25.71 and a beta of 0.96.
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 analysts’ consensus estimates of $0.53 by $0.01. Paychex had a return on equity of 42.48% and a net margin of 25.93%. The business had revenue of $799.00 million for the quarter, compared to the consensus estimate of $797.70 million. During the same period last year, the business earned $0.49 earnings per share. The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. On average, equities analysts anticipate that Paychex, Inc. will post $2.37 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.46%. This is an increase from Paychex’s previous quarterly dividend of $0.46. The ex-dividend date was Friday, July 28th. Paychex’s payout ratio is presently 88.50%.
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A number of research firms have commented on PAYX. BMO Capital Markets reaffirmed a “hold” rating and set a $60.00 target price on shares of Paychex in a report on Thursday, June 29th. BidaskClub raised Paychex from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Goldman Sachs Group, Inc. (The) downgraded Paychex from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $68.00 to $64.00 in a report on Tuesday, June 20th. J P Morgan Chase & Co reaffirmed a “neutral” rating and set a $60.00 target price (down previously from $62.00) on shares of Paychex in a report on Friday, June 30th. Finally, William Blair downgraded Paychex from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and one has given a buy rating to the company’s stock. Paychex has a consensus rating of “Hold” and a consensus target price 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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