Welch Group LLC Sells 71,938 Shares of Paychex Inc. (PAYX)
Welch Group LLC decreased its stake in shares of Paychex Inc. (NASDAQ:PAYX) by 21.4% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 264,131 shares of the company’s stock after selling 71,938 shares during the period. Paychex makes up approximately 3.2% of Welch Group LLC’s investment portfolio, making the stock its 10th largest position. Welch Group LLC owned about 0.07% of Paychex worth $15,716,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. M&T Bank Corp boosted its position in Paychex by 7.3% in the first quarter. M&T Bank Corp now owns 164,419 shares of the company’s stock valued at $8,880,000 after buying an additional 11,169 shares in the last quarter. Bessemer Group Inc. raised its stake in Paychex by 206.2% in the first quarter. Bessemer Group Inc. now owns 119,573 shares of the company’s stock valued at $6,458,000 after buying an additional 80,517 shares during the last quarter. Canandaigua National Bank & Trust Co. raised its stake in Paychex by 2.5% in the first quarter. Canandaigua National Bank & Trust Co. now owns 102,373 shares of the company’s stock valued at $5,529,000 after buying an additional 2,466 shares during the last quarter. NN Investment Partners Holdings N.V. acquired a new stake in Paychex during the first quarter valued at approximately $12,174,000. Finally, Nikko Asset Management Americas Inc. acquired a new stake in Paychex during the first quarter valued at approximately $576,000. Institutional investors and hedge funds own 69.31% of the company’s stock.
Paychex Inc. (NASDAQ:PAYX) traded down 0.71% on Monday, hitting $57.46. The stock had a trading volume of 2,315,694 shares. The company has a market cap of $20.78 billion, a PE ratio of 27.23 and a beta of 0.88. The company has a 50-day moving average of $59.81 and a 200 day moving average of $56.52. Paychex Inc. has a 12 month low of $45.76 and a 12 month high of $61.87.
Paychex (NASDAQ:PAYX) last released its earnings results on Wednesday, September 28th. The company reported $0.60 EPS for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.03. Paychex had a return on equity of 40.10% and a net margin of 25.38%. The firm earned $785.50 million during the quarter, compared to the consensus estimate of $782.80 million. During the same quarter in the previous year, the company posted $0.52 earnings per share. The company’s revenue was up 8.6% compared to the same quarter last year. On average, analysts predict that Paychex Inc. will post $2.22 EPS for the current fiscal year.
Several research firms have recently commented on PAYX. Zacks Investment Research raised shares of Paychex from a “hold” rating to a “buy” rating and set a $61.00 price target for the company in a research report on Wednesday, June 15th. Sanford C. Bernstein raised shares of Paychex to a “sell” rating in a research report on Monday, July 11th. Argus reaffirmed a “buy” rating and set a $70.00 price target (up previously from $59.50) on shares of Paychex in a research report on Friday, July 1st. BMO Capital Markets reaffirmed a “market perform” rating and set a $58.00 price target (up previously from $55.00) on shares of Paychex in a research report on Tuesday, July 5th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and set a $56.00 price target (up previously from $51.00) on shares of Paychex in a research report on Wednesday, July 6th. Seven analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $54.00.
In related news, Director Joseph Doody sold 44,441 shares of Paychex stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $60.51, for a total transaction of $2,689,124.91. Following the completion of the sale, the director now owns 19,158 shares of the company’s stock, valued at $1,159,250.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John B. Gibson sold 11,450 shares of the business’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $59.00, for a total value of $675,550.00. Following the completion of the transaction, the vice president now directly owns 21,451 shares of the company’s stock, valued at $1,265,609. The disclosure for this sale can be found here. Corporate 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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