Boulegeris Investments Inc. Maintains Position in Paychex, Inc. (PAYX)
Boulegeris Investments Inc. maintained its stake in Paychex, Inc. (NASDAQ:PAYX) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,000 shares of the business services provider’s stock at the end of the second quarter. Boulegeris Investments Inc.’s holdings in Paychex were worth $456,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the company. Bruderman Asset Management LLC boosted its stake in Paychex by 0.3% in the first quarter. Bruderman Asset Management LLC now owns 6,794 shares of the business services provider’s stock worth $400,000 after buying an additional 20 shares during the last quarter. Alps Advisors Inc. raised its stake in shares of Paychex by 0.3% in the second quarter. Alps Advisors Inc. now owns 7,685 shares of the business services provider’s stock worth $438,000 after buying an additional 20 shares during the period. Northwest Quadrant Wealth Management LLC raised 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 worth $228,000 after buying an additional 24 shares during the period. King Wealth Management Group LLC raised its stake in shares of 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 during the period. Finally, Washington Trust Bank raised its stake in shares of Paychex by 0.4% in the second quarter. Washington Trust Bank now owns 7,344 shares of the business services provider’s stock worth $418,000 after buying an additional 31 shares during the period. Institutional investors own 67.30% of the company’s stock.
Paychex, Inc. (PAYX) opened at 56.25 on Tuesday. Paychex, Inc. has a 12-month low of $52.78 and a 12-month high of $63.03. The stock has a market capitalization of $20.22 billion, a price-to-earnings ratio of 25.00 and a beta of 0.96. The company has a 50 day moving average of $56.48 and a 200-day moving average of $58.68.
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 Zacks’ consensus estimate of $0.53 by $0.01. Paychex had a return on equity of 42.48% 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 in the previous year, the firm posted $0.49 earnings per share. The business’s revenue for the quarter was up 6.0% compared to the same quarter last year. On average, equities research analysts forecast that Paychex, Inc. will post $2.37 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 24th. Stockholders of record on Tuesday, August 1st were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.54%. This is a boost from Paychex’s previous quarterly dividend of $0.46. The ex-dividend date was Friday, July 28th. Paychex’s payout ratio is 88.50%.
A number of brokerages have issued reports on PAYX. BMO Capital Markets reaffirmed a “hold” rating and set a $60.00 price objective on shares of Paychex in a report on Thursday, June 29th. BidaskClub raised shares of Paychex from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Goldman Sachs Group, Inc. (The) lowered shares of Paychex from a “buy” rating to a “neutral” rating and cut their price objective for the company from $68.00 to $64.00 in a report on Tuesday, June 20th. J P Morgan Chase & Co reaffirmed a “neutral” rating and set a $60.00 price objective (down from $62.00) on shares of Paychex in a report on Friday, June 30th. Finally, William Blair lowered shares of Paychex from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. Four research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and one has issued a buy rating to the company’s stock. Paychex has a consensus rating of “Hold” and an average price target of $59.28.
In other news, CEO Martin Mucci sold 30,000 shares of Paychex stock in a transaction on Thursday, July 13th. The stock was sold at an average price of $57.04, for a total value of $1,711,200.00. Following the completion of the sale, the chief executive officer now owns 237,754 shares of the company’s stock, valued at $13,561,488.16. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Michael E. Gioja sold 7,343 shares of Paychex stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $57.40, for a total value 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. Over the last three months, insiders sold 92,497 shares of company stock valued at $5,300,889. Insiders own 11.60% of the company’s stock.
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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