Paychex Inc. (PAYX) is Sabal Trust CO’s 10th Largest Position
Sabal Trust CO raised its stake in Paychex Inc. (NASDAQ:PAYX) by 1.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 432,155 shares of the company’s stock after buying an additional 7,236 shares during the period. Paychex makes up approximately 3.0% of Sabal Trust CO’s investment portfolio, making the stock its 10th largest position. Sabal Trust CO owned about 0.12% of Paychex worth $25,713,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. Virginia Retirement System purchased a new stake in Paychex during the first quarter worth $284,000. TIAA CREF Investment Management LLC increased its stake in Paychex by 14.4% in the first quarter. TIAA CREF Investment Management LLC now owns 1,327,620 shares of the company’s stock worth $71,705,000 after buying an additional 166,885 shares during the period. Teachers Advisors Inc. increased its stake in Paychex by 16.6% in the first quarter. Teachers Advisors Inc. now owns 386,988 shares of the company’s stock worth $20,901,000 after buying an additional 55,144 shares during the period. BlackRock Group LTD increased its stake in Paychex by 12.9% in the first quarter. BlackRock Group LTD now owns 3,682,306 shares of the company’s stock worth $198,881,000 after buying an additional 420,762 shares during the period. Finally, BlackRock Fund Advisors increased its stake in Paychex by 11.9% in the first quarter. BlackRock Fund Advisors now owns 9,080,005 shares of the company’s stock worth $490,411,000 after buying an additional 963,893 shares during the period. 69.31% of the stock is owned by hedge funds and other institutional investors.
Shares of Paychex Inc. (NASDAQ:PAYX) traded down 0.70% during mid-day trading on Tuesday, hitting $57.06. The stock had a trading volume of 1,791,138 shares. The stock has a 50 day moving average of $59.74 and a 200-day moving average of $56.59. The stock has a market capitalization of $20.64 billion, a P/E ratio of 27.04 and a beta of 0.88. Paychex Inc. has a 52 week low of $45.76 and a 52 week high of $61.87.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Wednesday, September 28th. The company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.03. The company earned $785.50 million during the quarter, compared to analysts’ expectations of $782.80 million. Paychex had a return on equity of 40.10% and a net margin of 25.38%. Paychex’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.52 earnings per share. On average, equities research analysts predict that Paychex Inc. will post $2.22 earnings per share for the current year.
PAYX has been the topic of a number of recent analyst reports. Wedbush initiated coverage on Paychex in a research note on Thursday, September 8th. They issued a “neutral” rating and a $65.00 price objective on the stock. Zacks Investment Research raised Paychex from a “sell” rating to a “hold” rating in a research note on Tuesday, September 6th. Morgan Stanley reissued an “underweight” rating and issued a $49.00 price objective on shares of Paychex in a research note on Tuesday, August 23rd. Sanford C. Bernstein reissued an “underperform” rating and issued a $52.00 price objective (up from $40.00) on shares of Paychex in a research note on Tuesday, July 12th. Finally, Deutsche Bank AG reissued a “hold” rating and issued a $56.00 price objective (up from $51.00) on shares of Paychex in a research note on Wednesday, July 6th. Seven investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $54.00.
In related news, VP Mark Anthony Bottini sold 6,112 shares of the company’s stock in a transaction dated Friday, July 8th. The stock was sold at an average price of $61.33, for a total transaction of $374,848.96. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Stephanie L. Schaeffer sold 3,438 shares of the company’s stock in a transaction dated Friday, July 8th. The stock was sold at an average price of $61.33, for a total value of $210,852.54. The disclosure for this sale can be found here. Insiders own 11.60% of the company’s stock.
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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