Paychex, Inc. (NASDAQ:PAYX) Shares Bought by Vanguard Group Inc.
Vanguard Group Inc. increased its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 2.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,453,468 shares of the business services provider’s stock after buying an additional 573,036 shares during the period. Vanguard Group Inc. owned approximately 6.25% of Paychex worth $1,322,509,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of PAYX. Parkside Financial Bank & Trust boosted its stake in shares of 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 stake 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 during the last quarter. King Wealth Management Group LLC boosted its position in 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 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 bought a new position in Paychex during the first quarter worth $225,000. 68.60% of the stock is owned by institutional investors.
Shares of Paychex, Inc. (NASDAQ:PAYX) opened at 55.94 on Tuesday. The stock has a market capitalization of $20.10 billion, a P/E ratio of 24.86 and a beta of 0.96. The stock’s 50 day moving average price is $58.16 and its 200-day moving average price is $59.28. Paychex, Inc. has a 1-year low of $52.78 and a 1-year high of $63.03.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.01. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The business had revenue of $799 million for the quarter, compared to the consensus estimate of $797.70 million. During the same period last year, the firm earned $0.49 earnings per share. The company’s quarterly revenue was up 6.0% on a year-over-year basis. Equities research analysts anticipate that Paychex, Inc. will post $2.37 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Tuesday, August 1st will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.58%. This is an increase from Paychex’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Friday, July 28th.
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A number of brokerages have issued reports on PAYX. BMO Capital Markets reissued a “hold” rating and set a $60.00 price target on shares of Paychex in a research report on Thursday, June 29th. BidaskClub raised Paychex from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. Goldman Sachs Group, Inc. (The) lowered Paychex from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $68.00 to $64.00 in a research report on Tuesday, June 20th. J P Morgan Chase & Co reaffirmed a “neutral” rating and issued a $60.00 target price (down from $62.00) on shares of Paychex in a research report on Friday, June 30th. Finally, William Blair lowered Paychex from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. Five equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has given a buy rating to the company. The stock currently 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 the firm’s stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $57.75, for a total transaction of $615,268.50. Following the completion of the transaction, the director now directly owns 32,514 shares of the company’s stock, valued at $1,877,683.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Laurie L. Zaucha sold 2,884 shares of the firm’s stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $57.39, for a total transaction of $165,512.76. Following the transaction, the vice president now directly owns 32,906 shares of the company’s stock, valued at $1,888,475.34. The disclosure for this sale can be found here. Insiders have sold a total of 103,151 shares of company stock worth $5,916,158 over the last 90 days. 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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