Green Square Capital LLC decreased its holdings in Paychex, Inc. (NASDAQ:PAYX) by 54.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,659 shares of the business services provider’s stock after selling 5,653 shares during the quarter. Green Square Capital LLC’s holdings in Paychex were worth $318,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PAYX. Advisors Preferred LLC grew its position in shares of Paychex by 116.4% in the second quarter. Advisors Preferred LLC now owns 1,567 shares of the business services provider’s stock valued at $107,000 after purchasing an additional 843 shares in the last quarter. Clarus Wealth Advisors purchased a new stake in shares of Paychex in the second quarter valued at approximately $109,000. Summit Trail Advisors LLC grew its position in shares of Paychex by 17,216.0% in the first quarter. Summit Trail Advisors LLC now owns 116,537 shares of the business services provider’s stock valued at $117,000 after purchasing an additional 115,864 shares in the last quarter. Fort L.P. purchased a new stake in shares of Paychex in the second quarter valued at approximately $121,000. Finally, Financial Gravity Wealth Inc. purchased a new stake in shares of Paychex in the first quarter valued at approximately $137,000. 66.99% of the stock is owned by institutional investors.
Shares of NASDAQ PAYX traded up $0.73 during mid-day trading on Friday, hitting $68.26. The company had a trading volume of 2,902,077 shares, compared to its average volume of 2,169,576. The stock has a market cap of $26.44 billion, a P/E ratio of 26.77, a PEG ratio of 3.24 and a beta of 0.95. Paychex, Inc. has a 1-year low of $59.36 and a 1-year high of $76.02.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Thursday, November 1st will be paid a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.28%. The ex-dividend date of this dividend is Wednesday, October 31st. Paychex’s payout ratio is currently 87.84%.
In other Paychex news, VP Mark Anthony Bottini sold 30,000 shares of the firm’s stock in a transaction on Tuesday, August 7th. The stock was sold at an average price of $71.03, for a total value of $2,130,900.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Laurie L. Zaucha sold 13,320 shares of Paychex stock in a transaction dated Wednesday, July 25th. The stock was sold at an average price of $72.00, for a total value of $959,040.00. Following the sale, the vice president now owns 40,022 shares in the company, valued at approximately $2,881,584. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 108,673 shares of company stock worth $7,843,354. 11.80% of the stock is owned by insiders.
Several research analysts recently weighed in on the company. BidaskClub lowered Paychex from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 29th. ValuEngine upgraded Paychex from a “hold” rating to a “buy” rating in a research report on Monday, July 2nd. Credit Suisse Group upgraded Paychex from a “neutral” rating to a “buy” rating and set a $82.00 price objective for the company in a research report on Tuesday, October 2nd. Morgan Stanley increased their price objective on Paychex from $66.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 28th. Finally, Stifel Nicolaus increased their price objective on Paychex from $66.00 to $69.00 and gave the stock a “hold” rating in a research report on Thursday, June 28th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have issued a buy rating to the company. Paychex currently has a consensus rating of “Hold” and a consensus target price of $72.93.
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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