Chilton Investment Co. LLC Boosts Position in Paychex, Inc. (PAYX)
Chilton Investment Co. LLC lifted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 16.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 44,872 shares of the business services provider’s stock after acquiring an additional 6,184 shares during the period. Chilton Investment Co. LLC’s holdings in Paychex were worth $2,555,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Dupont Capital Management Corp acquired a new stake in shares of Paychex during the 2nd quarter valued at approximately $129,000. Parkside Financial Bank & Trust raised its position in shares of Paychex by 23.8% during the 1st quarter. Parkside Financial Bank & Trust now owns 2,935 shares of the business services provider’s stock valued at $173,000 after acquiring an additional 564 shares in the last quarter. Kernodle & Katon Asset Management Group LLC raised its position in shares of Paychex by 37.7% during the 1st quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock valued at $186,000 after acquiring an additional 867 shares in the last quarter. Koshinski Asset Management Inc. acquired a new stake in shares of Paychex during the 2nd quarter valued at approximately $201,000. Finally, Sfmg LLC acquired a new stake in shares of Paychex during the 2nd quarter valued at approximately $203,000. 67.32% of the stock is currently owned by institutional investors and hedge funds.
Paychex, Inc. (NASDAQ PAYX) opened at 57.07 on Monday. Paychex, Inc. has a 1-year low of $52.78 and a 1-year high of $63.03. The stock has a 50 day moving average price of $56.41 and a 200 day moving average price of $58.63. The company has a market cap of $20.51 billion, a PE ratio of 25.36 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, June 28th. The business services provider reported $0.54 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.01. The business had revenue of $799 million during the quarter, compared to the consensus estimate of $797.70 million. Paychex had a return on equity of 42.48% and a net margin of 25.93%. Paychex’s revenue was up 6.0% on a year-over-year basis. During the same quarter last year, the company earned $0.49 EPS. Equities analysts forecast that Paychex, Inc. will post $2.37 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Investors of record on Tuesday, August 1st were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.50%. The ex-dividend date was Friday, July 28th. This is an increase from Paychex’s previous quarterly dividend of $0.46. Paychex’s dividend payout ratio (DPR) is 88.50%.
In other Paychex news, VP Mark Anthony Bottini sold 7,139 shares of Paychex stock in a transaction on Sunday, July 9th. The stock was sold at an average price of $57.39, for a total value of $409,707.21. Following the completion of the transaction, the vice president now owns 46,548 shares in the company, valued at approximately $2,671,389.72. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joseph M. Tucci sold 6,000 shares of Paychex stock in a transaction 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 completion of the transaction, the director now owns 53,621 shares of the company’s stock, valued at approximately $3,100,366.22. 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 in the last 90 days. 11.60% of the stock is owned by corporate insiders.
Several equities research analysts recently issued reports on the company. Goldman Sachs Group, Inc. (The) lowered Paychex from a “buy” rating to a “neutral” rating and dropped their price target for the company from $68.00 to $64.00 in a research report on Tuesday, June 20th. J P Morgan Chase & Co reissued a “neutral” rating and set a $60.00 price target (down from $62.00) on shares of Paychex in a research report on Friday, June 30th. Morgan Stanley dropped their price target on Paychex from $56.00 to $55.00 and set an “underweight” rating on the stock in a research report on Friday, June 30th. Robert W. Baird dropped their price target on Paychex from $63.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, June 30th. Finally, Stifel Nicolaus reissued a “hold” rating and set a $61.00 price target 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 issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $59.28.
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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