Troy Asset Management Ltd maintained its position in Paychex, Inc. (NASDAQ:PAYX) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 35,650 shares of the business services provider’s stock at the end of the first quarter. Paychex accounts for 0.1% of Troy Asset Management Ltd’s holdings, making the stock its 29th largest position. Troy Asset Management Ltd’s holdings in Paychex were worth $2,189,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of PAYX. Northwest Quadrant Wealth Management LLC increased its position in shares of Paychex by 0.6% in the first quarter. Northwest Quadrant Wealth Management LLC now owns 3,923 shares of the business services provider’s stock worth $228,000 after buying an additional 24 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of Paychex by 4.3% in the first quarter. Pacer Advisors Inc. now owns 10,174 shares of the business services provider’s stock valued at $599,000 after buying an additional 417 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Paychex by 314.1% in the first quarter. JPMorgan Chase & Co. now owns 1,001,929 shares of the business services provider’s stock valued at $59,014,000 after buying an additional 759,973 shares in the last quarter. Franklin Street Advisors Inc. NC increased its position in shares of Paychex by 7.1% in the first quarter. Franklin Street Advisors Inc. NC now owns 99,336 shares of the business services provider’s stock valued at $5,851,000 after buying an additional 6,623 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its position in shares of Paychex by 23.8% in the first quarter. Ameriprise Financial Inc. now owns 4,237,537 shares of the business services provider’s stock valued at $248,742,000 after buying an additional 813,930 shares in the last quarter. Institutional investors and hedge funds own 68.46% of the company’s stock.
Paychex, Inc. (NASDAQ PAYX) traded down 0.11% on Friday, reaching $56.09. 1,952,980 shares of the company’s stock were exchanged. The firm has a market cap of $20.16 billion, a PE ratio of 24.93 and a beta of 0.96. The firm’s 50-day moving average is $58.16 and its 200-day moving average is $59.28. Paychex, Inc. has a 12 month low of $52.78 and a 12 month high of $63.03.
Paychex (NASDAQ:PAYX) last announced its earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $799 million for the quarter, compared to the consensus estimate of $797.70 million. Paychex had a net margin of 25.93% and a return on equity of 42.65%. Paychex’s quarterly revenue was up 6.0% on a year-over-year basis. During the same period last year, the firm posted $0.49 earnings per share. On average, equities analysts forecast that Paychex, Inc. will post $2.37 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st will be paid a dividend of $0.50 per share. The ex-dividend date is Friday, July 28th. This is an increase from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 annualized dividend and a dividend yield of 3.57%.
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Several equities analysts have recently issued reports on the company. BidaskClub downgraded Paychex from a “sell” rating to a “strong sell” rating in a research report on Sunday. William Blair cut Paychex from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. Robert W. Baird cut their target price on shares of Paychex from $63.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, June 30th. Goldman Sachs Group, Inc. (The) downgraded shares of Paychex from a “buy” rating to a “neutral” rating and cut their target price for the company from $68.00 to $64.00 in a research note on Tuesday, June 20th. Finally, BMO Capital Markets reissued a “hold” rating and set a $60.00 target price on shares of Paychex in a research note on Thursday, June 29th. Five equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $59.16.
In related news, Director Grant M. Inman sold 10,654 shares of Paychex stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $57.75, for a total value of $615,268.50. Following the sale, the director now owns 32,514 shares in the company, valued at $1,877,683.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Martin Mucci sold 30,000 shares of the business’s stock in a transaction on Thursday, July 13th. The shares were sold at an average price of $57.04, for a total transaction of $1,711,200.00. Following the sale, the chief executive officer now owns 237,754 shares in the company, valued at approximately $13,561,488.16. The disclosure for this sale can be found here. Insiders have sold 103,151 shares of company stock worth $5,916,158 over the last three months. Insiders own 11.60% of the company’s stock.
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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