Paychex, Inc. (PAYX) Position Boosted by IFC Holdings Incorporated FL
IFC Holdings Incorporated FL raised its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 18.9% during the second quarter, according to its most recent filing with the SEC. The fund owned 4,978 shares of the business services provider’s stock after buying an additional 790 shares during the period. IFC Holdings Incorporated FL’s holdings in Paychex were worth $281,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. Northwest Quadrant Wealth Management LLC boosted its stake in Paychex by 0.6% in the first quarter. Northwest Quadrant Wealth Management LLC now owns 3,923 shares of the business services provider’s stock worth $228,000 after buying an additional 24 shares in the last quarter. Pacer Advisors Inc. boosted its stake in Paychex by 4.3% in the first quarter. Pacer Advisors Inc. now owns 10,174 shares of the business services provider’s stock worth $599,000 after buying an additional 417 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Paychex by 314.1% in the first quarter. JPMorgan Chase & Co. now owns 1,001,929 shares of the business services provider’s stock worth $59,014,000 after buying an additional 759,973 shares in the last quarter. Burney Co. boosted its stake in Paychex by 28.9% in the first quarter. Burney Co. now owns 40,717 shares of the business services provider’s stock worth $2,398,000 after buying an additional 9,135 shares in the last quarter. Finally, Shelton Capital Management boosted its stake in Paychex by 72.6% in the first quarter. Shelton Capital Management now owns 102,276 shares of the business services provider’s stock worth $6,024,000 after buying an additional 43,033 shares in the last quarter. 68.68% of the stock is currently owned by institutional investors and hedge funds.
Paychex, Inc. (NASDAQ PAYX) opened at 54.98 on Friday. Paychex, Inc. has a 52-week low of $52.78 and a 52-week high of $63.03. The stock has a market cap of $19.76 billion, a price-to-earnings ratio of 24.44 and a beta of 0.96. The company has a 50-day moving average price of $56.67 and a 200 day moving average price of $58.82.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, beating the 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 during the quarter, compared to analysts’ expectations of $797.70 million. During the same quarter in the prior year, the company posted $0.49 EPS. The business’s revenue for the quarter was up 6.0% on a year-over-year basis. On average, analysts expect that Paychex, Inc. will post $2.37 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Tuesday, August 1st will be paid a $0.50 dividend. This is a boost from Paychex’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Friday, July 28th. This represents a $2.00 annualized dividend and a dividend yield of 3.64%.
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PAYX has been the topic of a number of recent analyst reports. BidaskClub raised Paychex from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Wedbush reissued a “neutral” rating and set a $61.25 price target (down from $65.00) on shares of Paychex in a report on Tuesday, June 6th. William Blair cut Paychex from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. Morgan Stanley raised Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price target on the stock in a report on Wednesday. They noted that the move was a valuation call. Finally, BMO Capital Markets restated a “hold” rating and set a $60.00 price objective on shares of Paychex in a research report on Thursday, June 29th. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and one has assigned a buy rating to the company. Paychex presently has a consensus rating of “Hold” and a consensus price target of $59.16.
In other news, VP Laurie L. Zaucha sold 2,884 shares of the stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $57.39, for a total value of $165,512.76. Following the completion of the sale, the vice president now owns 32,906 shares of the company’s stock, valued at approximately $1,888,475.34. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Michael E. Gioja sold 7,343 shares of the stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $57.40, for a total transaction of $421,488.20. Following the completion of the sale, the insider now directly owns 55,632 shares of the company’s stock, valued at approximately $3,193,276.80. The disclosure for this sale can be found here. In the last three months, insiders sold 92,497 shares of company stock valued at $5,300,889. 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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