Paychex, Inc. (NASDAQ:PAYX) Stake Maintained by Johnson Financial Group LLC
Johnson Financial Group LLC maintained its position in Paychex, Inc. (NASDAQ:PAYX) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,585 shares of the business services provider’s stock at the end of the second quarter. Johnson Financial Group LLC’s holdings in Paychex were worth $261,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in Paychex by 2,782.5% in the first quarter. BlackRock Inc. now owns 25,717,903 shares of the business services provider’s stock valued at $1,514,786,000 after buying an additional 24,825,695 shares in the last quarter. Vanguard Group Inc. boosted its stake in Paychex by 2.6% in the first quarter. Vanguard Group Inc. now owns 22,453,468 shares of the business services provider’s stock valued at $1,322,509,000 after buying an additional 573,036 shares in the last quarter. State Street Corp boosted its stake in Paychex by 2.2% in the first quarter. State Street Corp now owns 14,205,592 shares of the business services provider’s stock valued at $836,708,000 after buying an additional 309,889 shares in the last quarter. FMR LLC boosted its position in Paychex by 6.3% in the first quarter. FMR LLC now owns 9,866,100 shares of the business services provider’s stock valued at $581,112,000 after buying an additional 588,027 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its position in Paychex by 1.2% in the first quarter. Wells Fargo & Company MN now owns 8,482,489 shares of the business services provider’s stock valued at $499,618,000 after buying an additional 104,154 shares in the last quarter. Hedge funds and other institutional investors own 68.60% of the company’s stock.
Paychex, Inc. (NASDAQ PAYX) opened at 54.91 on Thursday. Paychex, Inc. has a 12-month low of $52.78 and a 12-month high of $63.03. The company has a 50-day moving average price of $57.34 and a 200-day moving average price of $59.08. The firm has a market cap of $19.73 billion, a PE ratio of 24.40 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last released its earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The company had revenue of $799 million during the quarter, compared to the consensus estimate of $797.70 million. During the same quarter in the prior year, the firm earned $0.49 EPS. The company’s revenue was up 6.0% compared to the same quarter last year. On average, equities analysts predict that Paychex, Inc. will post $2.37 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Tuesday, August 1st will be paid a $0.50 dividend. The ex-dividend date of this dividend 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 yield of 3.64%.
A number of equities analysts have recently commented on PAYX shares. Wedbush reissued a “neutral” rating and set a $61.25 price target (down from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. Goldman Sachs Group, Inc. (The) lowered Paychex from a “buy” rating to a “neutral” rating and decreased their target price for the company from $68.00 to $64.00 in a research report on Tuesday, June 20th. BMO Capital Markets reaffirmed a “hold” rating and set a $60.00 target price on shares of Paychex in a research report on Thursday, June 29th. 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, 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. Five research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has issued a buy rating to the company. Paychex currently has an average rating of “Hold” and an average price target of $59.16.
In other Paychex news, CEO Martin Mucci sold 30,000 shares of the firm’s stock in a transaction on Thursday, July 13th. The shares were sold at an average price of $57.04, for a total value of $1,711,200.00. Following the sale, the chief executive officer now directly owns 237,754 shares in the company, valued at approximately $13,561,488.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph M. Tucci sold 6,000 shares of the firm’s stock in a transaction on Monday, July 10th. The stock was sold at an average price of $57.82, for a total transaction of $346,920.00. Following the completion of the sale, the director now owns 53,621 shares in the company, valued at $3,100,366.22. The disclosure for this sale can be found here. Insiders sold a total of 92,497 shares of company stock worth $5,300,889 over the last quarter. 11.60% of the stock is currently owned by company insiders.
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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