Cobblestone Capital Advisors LLC NY Has $2.61 Million Stake in Paychex, Inc. (PAYX)
Cobblestone Capital Advisors LLC NY increased its position in Paychex, Inc. (NASDAQ:PAYX) by 9.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 45,857 shares of the business services provider’s stock after buying an additional 3,805 shares during the period. Cobblestone Capital Advisors LLC NY’s holdings in Paychex were worth $2,611,000 as of its most recent filing with the SEC.
Other large investors also recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Paychex by 2,782.5% in the first quarter. BlackRock Inc. now owns 25,717,903 shares of the business services provider’s stock worth $1,514,786,000 after buying an additional 24,825,695 shares during the period. Ameriprise Financial Inc. raised its position in shares of Paychex by 23.8% in the first quarter. Ameriprise Financial Inc. now owns 4,237,537 shares of the business services provider’s stock valued at $248,742,000 after buying an additional 813,930 shares in the last quarter. Mawer Investment Management Ltd. acquired a new position in shares of Paychex during the second quarter valued at about $45,209,000. JPMorgan Chase & Co. raised its position 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. Finally, Morgan Stanley raised its position in shares of Paychex by 27.5% in the first quarter. Morgan Stanley now owns 2,786,888 shares of the business services provider’s stock valued at $164,149,000 after buying an additional 601,496 shares in the last quarter. Hedge funds and other institutional investors own 68.68% of the company’s stock.
Paychex, Inc. (NASDAQ PAYX) opened at 55.54 on Friday. The firm has a market capitalization of $19.96 billion, a price-to-earnings ratio of 24.68 and a beta of 0.96. The stock has a 50 day moving average price of $56.50 and a 200-day moving average price of $58.69. Paychex, Inc. has a one year low of $52.78 and a one year high of $63.03.
Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm had revenue of $799 million for the quarter, compared to analysts’ expectations of $797.70 million. During the same quarter last year, the company posted $0.49 earnings per share. Paychex’s revenue was up 6.0% on a year-over-year basis. On average, analysts predict that Paychex, Inc. will post $2.37 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st were issued a $0.50 dividend. The ex-dividend date of this dividend was Friday, July 28th. This represents a $2.00 dividend on an annualized basis and a yield of 3.60%. This is a boost from Paychex’s previous quarterly dividend of $0.46.
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Several research analysts recently issued reports on PAYX shares. BidaskClub lowered Paychex from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 1st. Robert W. Baird reduced their target price on Paychex from $63.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, June 30th. Wedbush reaffirmed a “neutral” rating and set a $61.25 target price (down from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. Morgan Stanley raised Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 target price on the stock in a research report on Wednesday, August 16th. They noted that the move was a valuation call. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $61.00 target price on shares of Paychex in a research report on Friday, August 18th. Four research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $59.28.
In other Paychex news, Director Joseph M. Tucci sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $57.82, for a total value of $346,920.00. Following the sale, the director now owns 53,621 shares in the company, valued at $3,100,366.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Martin Mucci sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 13th. The shares were sold at an average price of $57.04, for a total transaction of $1,711,200.00. Following the completion of the sale, the chief executive officer now owns 237,754 shares in the company, valued at approximately $13,561,488.16. The disclosure for this sale can be found here. Insiders sold 92,497 shares of company stock worth $5,300,889 in the last three months. 11.60% of the stock is currently owned by corporate 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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