Fiduciary Trust Co. continued to hold its stake in shares of Paychex, Inc. (NASDAQ:PAYX) during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 8,269 shares of the business services provider’s stock at the end of the second quarter. Fiduciary Trust Co.’s holdings in Paychex were worth $471,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of PAYX. Ffcm LLC grew its position in Paychex by 9.4% during the 2nd quarter. Ffcm LLC now owns 27,930 shares of the business services provider’s stock worth $1,590,000 after acquiring an additional 2,394 shares during the last quarter. Spectrum Management Group Inc. lifted its holdings in Paychex by 17.9% during the 2nd quarter. Spectrum Management Group Inc. now owns 25,807 shares of the business services provider’s stock worth $1,469,000 after buying an additional 3,922 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. lifted its holdings in Paychex by 6.7% during the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 693,370 shares of the business services provider’s stock worth $39,480,000 after buying an additional 43,325 shares in the last quarter. Sterling Investment Advisors Ltd. lifted its holdings in Paychex by 7,216.7% during the 2nd quarter. Sterling Investment Advisors Ltd. now owns 21,950 shares of the business services provider’s stock worth $1,250,000 after buying an additional 21,650 shares in the last quarter. Finally, Synovus Financial Corp lifted its holdings in Paychex by 8.0% during the 2nd quarter. Synovus Financial Corp now owns 9,699 shares of the business services provider’s stock worth $552,000 after buying an additional 722 shares in the last quarter. Hedge funds and other institutional investors own 67.31% of the company’s stock.
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Shares of Paychex, Inc. (NASDAQ:PAYX) traded up 2.68% during trading on Friday, hitting $59.75. The stock had a trading volume of 2,709,833 shares. The firm has a 50-day moving average of $56.38 and a 200 day moving average of $58.35. Paychex, Inc. has a 1-year low of $52.78 and a 1-year high of $63.03. The company has a market capitalization of $21.47 billion, a P/E ratio of 26.56 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 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. Paychex had a net margin of 25.93% and a return on equity of 42.48%. The firm had revenue of $799.00 million for the quarter, compared to the consensus estimate of $797.70 million. During the same quarter in the previous year, the firm earned $0.49 earnings per share. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. Equities research analysts predict that Paychex, Inc. will post $2.37 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Stockholders of record on Tuesday, August 1st were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.35%. The ex-dividend date was Friday, July 28th. This is an increase from Paychex’s previous quarterly dividend of $0.46. Paychex’s payout ratio is 88.50%.
In related news, VP Mark Anthony Bottini sold 7,139 shares of the company’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 sale, the vice president now owns 46,548 shares of the company’s stock, valued at $2,671,389.72. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Joseph M. Tucci sold 6,000 shares of the company’s stock in a transaction on Monday, July 10th. The shares were sold at an average price of $57.82, for a total transaction of $346,920.00. Following the sale, the director now directly owns 53,621 shares in the company, valued at approximately $3,100,366.22. The disclosure for this sale can be found here. Insiders sold 92,497 shares of company stock worth $5,300,889 in the last three months. Insiders own 11.70% of the company’s stock.
Several research firms have issued reports on PAYX. Goldman Sachs Group, Inc. (The) downgraded Paychex from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $68.00 to $64.00 in a report on Tuesday, June 20th. Wedbush reissued a “neutral” rating and issued a $61.25 price target (down previously from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. BidaskClub raised Paychex from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. BMO Capital Markets reissued a “hold” rating and issued a $60.00 price target on shares of Paychex in a research note on Thursday, June 29th. Finally, William Blair downgraded Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. Four equities research 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. The stock currently has a consensus rating of “Hold” and an average price target of $59.28.
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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