Stevens Capital Management LP Invests $2.39 Million in Paychex, Inc. (NASDAQ:PAYX)

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Stevens Capital Management LP acquired a new stake in shares of Paychex, Inc. (NASDAQ:PAYX) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 28,977 shares of the business services provider’s stock, valued at approximately $2,385,000.

A number of other hedge funds have also made changes to their positions in the business. Dimensional Fund Advisors LP increased its stake in shares of Paychex by 8.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,211,954 shares of the business services provider’s stock worth $78,958,000 after purchasing an additional 89,380 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Paychex by 5.5% during the 4th quarter. Geode Capital Management LLC now owns 5,212,402 shares of the business services provider’s stock worth $339,236,000 after buying an additional 270,888 shares during the last quarter. Retirement Systems of Alabama increased its position in Paychex by 0.8% during the 1st quarter. Retirement Systems of Alabama now owns 148,812 shares of the business services provider’s stock worth $11,935,000 after purchasing an additional 1,184 shares in the last quarter. TIAA FSB purchased a new stake in Paychex during the 1st quarter worth about $827,000. Finally, Flagship Harbor Advisors LLC grew its holdings in Paychex by 80.2% in the 1st quarter. Flagship Harbor Advisors LLC now owns 5,593 shares of the business services provider’s stock valued at $448,000 after buying an additional 2,490 shares during the period. 69.85% of the stock is owned by institutional investors and hedge funds.

PAYX traded down $0.80 during trading on Thursday, reaching $80.26. 17,167 shares of the company were exchanged, compared to its average volume of 1,739,104. The firm has a market capitalization of $29.75 billion, a PE ratio of 28.33, a P/E/G ratio of 2.98 and a beta of 0.86. The business’s 50 day moving average price is $84.34. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.17 and a current ratio of 1.17. Paychex, Inc. has a 52 week low of $61.32 and a 52 week high of $88.43.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, June 26th. The business services provider reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.02). Paychex had a return on equity of 40.99% and a net margin of 27.42%. The business had revenue of $980.40 million during the quarter, compared to analysts’ expectations of $978.94 million. During the same period in the prior year, the company posted $0.61 earnings per share. The firm’s revenue was up 15.9% on a year-over-year basis. On average, analysts forecast that Paychex, Inc. will post 3.09 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 1st will be issued a $0.62 dividend. The ex-dividend date is Wednesday, July 31st. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.09%. Paychex’s dividend payout ratio (DPR) is 87.32%.

In other news, CFO Efrain Rivera sold 3,196 shares of the company’s stock in a transaction that occurred on Saturday, July 6th. The stock was sold at an average price of $85.31, for a total value of $272,650.76. Following the transaction, the chief financial officer now owns 57,707 shares of the company’s stock, valued at $4,922,984.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Robert L. Schrader sold 609 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $83.88, for a total value of $51,082.92. Following the completion of the transaction, the vice president now directly owns 9,166 shares in the company, valued at approximately $768,844.08. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,996 shares of company stock worth $4,763,436. Corporate insiders own 11.80% of the company’s stock.

A number of equities research analysts have recently weighed in on the company. William Blair reiterated a “market perform” rating on shares of Paychex in a report on Thursday, June 27th. BidaskClub raised Paychex from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. Morgan Stanley lowered Paychex from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $77.00 to $74.00 in a report on Thursday. Sanford C. Bernstein downgraded Paychex from a “market perform” rating to an “underperform” rating in a research report on Tuesday, April 30th. Finally, Bank of America cut Paychex from a “neutral” rating to an “underperform” rating in a research note on Wednesday, June 26th. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company. Paychex presently has a consensus rating of “Hold” and a consensus target price of $76.09.

Paychex Profile

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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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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