Schwab Charles Investment Management Inc. Boosts Stake in Paychex, Inc. (PAYX)
Schwab Charles Investment Management Inc. raised its stake in Paychex, Inc. (NASDAQ:PAYX) by 3.0% during the second quarter, according to its most recent filing with the SEC. The fund owned 1,488,966 shares of the business services provider’s stock after buying an additional 42,742 shares during the period. Schwab Charles Investment Management Inc. owned about 0.41% of Paychex worth $84,782,000 at the end of the most recent reporting period.
A number of other large investors have also made changes to their positions in PAYX. Northwest Quadrant Wealth Management LLC boosted its stake in shares of 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 valued at $228,000 after buying an additional 24 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of Paychex by 4.3% in the first quarter. Pacer Advisors Inc. now owns 10,174 shares of the business services provider’s stock valued at $599,000 after buying an additional 417 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Paychex by 314.1% in the first quarter. JPMorgan Chase & Co. now owns 1,001,929 shares of the business services provider’s stock valued at $59,014,000 after buying an additional 759,973 shares in the last quarter. Burney Co. boosted its stake in shares of Paychex by 28.9% in the first quarter. Burney Co. now owns 40,717 shares of the business services provider’s stock valued at $2,398,000 after buying an additional 9,135 shares in the last quarter. Finally, Shelton Capital Management boosted its stake in shares of Paychex by 72.6% in the first quarter. Shelton Capital Management now owns 102,276 shares of the business services provider’s stock valued at $6,024,000 after buying an additional 43,033 shares in the last quarter. Institutional investors own 68.68% of the company’s stock.
Shares of Paychex, Inc. (PAYX) opened at 54.99 on Monday. The stock has a market capitalization of $19.76 billion, a price-to-earnings ratio of 24.44 and a beta of 0.96. The stock’s 50 day moving average is $56.62 and its 200-day moving average is $58.78. Paychex, Inc. has a 52 week low of $52.78 and a 52 week high of $63.03.
Paychex (NASDAQ:PAYX) last announced its earnings results on Wednesday, June 28th. The business services provider reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The company had revenue of $799 million during the quarter, compared to analysts’ expectations of $797.70 million. During the same period last year, the business posted $0.49 EPS. Paychex’s revenue for the quarter was up 6.0% on a year-over-year basis. On average, analysts anticipate that Paychex, Inc. will post $2.37 earnings per share for the current fiscal 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 issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.64%. This is a boost from Paychex’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Friday, July 28th.
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Several equities research analysts recently weighed in on PAYX shares. BidaskClub upgraded shares of Paychex from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. William Blair cut shares of Paychex from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. Wedbush reiterated a “neutral” rating and set a $61.25 price objective (down previously from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. Morgan Stanley upgraded shares of Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price objective on the stock in a research report on Wednesday, August 16th. They noted that the move was a valuation call. Finally, BMO Capital Markets reiterated a “hold” rating and set a $60.00 price objective on shares of Paychex in a research report on Thursday, June 29th. Four analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $59.28.
In related news, Director Joseph M. Tucci sold 6,000 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 53,621 shares in the company, valued at approximately $3,100,366.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Martin Mucci sold 30,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 237,754 shares of the company’s stock, valued at $13,561,488.16. The disclosure for this sale can be found here. Insiders have sold a total of 92,497 shares of company stock valued at $5,300,889 over the last 90 days. 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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