South Dakota Investment Council Has $1,584,000 Stake in Paychex, Inc. (NASDAQ:PAYX)
South Dakota Investment Council continued to hold its position in Paychex, Inc. (NASDAQ:PAYX) during the first quarter, according to its most recent filing with the SEC. The fund owned 26,890 shares of the business services provider’s stock at the end of the first quarter. South Dakota Investment Council’s holdings in Paychex were worth $1,584,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust boosted its position in Paychex by 23.8% in the first quarter. Parkside Financial Bank & Trust now owns 2,935 shares of the business services provider’s stock worth $173,000 after buying an additional 564 shares during the last quarter. Denver Investment Advisors LLC boosted its position in shares of Paychex by 7.7% in the first quarter. Denver Investment Advisors LLC now owns 3,791 shares of the business services provider’s stock worth $223,000 after buying an additional 271 shares in the last quarter. King Wealth Management Group LLC boosted its position in shares of Paychex by 0.8% in the first quarter. King Wealth Management Group LLC now owns 3,793 shares of the business services provider’s stock worth $223,000 after buying an additional 30 shares in the last quarter. Mosaic Family Wealth LLC boosted its position in shares of Paychex by 35.0% in the first quarter. Mosaic Family Wealth LLC now owns 3,803 shares of the business services provider’s stock worth $224,000 after buying an additional 985 shares in the last quarter. Finally, Acadian Asset Management LLC purchased a new position in shares of Paychex during the first quarter worth about $225,000. 68.46% of the stock is owned by institutional investors.
Shares of Paychex, Inc. (PAYX) traded down 0.11% during trading on Friday, reaching $56.09. The company’s stock had a trading volume of 1,952,980 shares. The company has a 50 day moving average of $58.16 and a 200-day moving average of $59.28. Paychex, Inc. has a 12-month low of $52.78 and a 12-month high of $63.03. The stock has a market cap of $20.16 billion, a price-to-earnings ratio of 24.93 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $799 million during the quarter, compared to analyst estimates of $797.70 million. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The business’s revenue was up 6.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.49 earnings per share. Analysts forecast that Paychex, Inc. will post $2.37 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Tuesday, August 1st will be given a $0.50 dividend. The ex-dividend date is Friday, July 28th. This is a positive change from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.57%.
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A number of equities analysts recently issued reports on the company. Goldman Sachs Group, Inc. (The) cut Paychex from a “buy” rating to a “neutral” rating and cut their target price for the stock from $68.00 to $64.00 in a report on Tuesday, June 20th. J P Morgan Chase & Co restated a “neutral” rating and set a $60.00 price objective (down from $62.00) on shares of Paychex in a research note on Friday, June 30th. Morgan Stanley decreased their target price on Paychex from $56.00 to $55.00 and set an “underweight” rating for the company in a research report on Friday, June 30th. Robert W. Baird decreased their target price on Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, June 30th. Finally, BidaskClub lowered Paychex from a “sell” rating to a “strong sell” rating in a report on Saturday, July 1st. Five 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 presently has a consensus rating of “Hold” and an average target price of $59.16.
In other news, CEO Martin Mucci sold 33,294 shares of the stock in a transaction on Sunday, July 9th. The stock was sold at an average price of $57.40, for a total value of $1,911,075.60. Following the sale, the chief executive officer now directly owns 254,618 shares in the company, valued at $14,615,073.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael E. Gioja sold 7,343 shares of the stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $57.40, for a total value of $421,488.20. Following the completion of the transaction, the insider now directly owns 55,632 shares in the company, valued at approximately $3,193,276.80. The disclosure for this sale can be found here. Insiders sold 103,151 shares of company stock valued at $5,916,158 over the last 90 days. Company 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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