BRYN MAWR TRUST Co Has $5.86 Million Position in Paychex, Inc. (PAYX)
BRYN MAWR TRUST Co boosted its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 102,846 shares of the business services provider’s stock after acquiring an additional 680 shares during the quarter. BRYN MAWR TRUST Co’s holdings in Paychex were worth $5,856,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of the stock. BlackRock Inc. boosted its holdings in Paychex by 2,782.5% during the 1st quarter. BlackRock Inc. now owns 25,717,903 shares of the business services provider’s stock valued at $1,514,786,000 after acquiring an additional 24,825,695 shares during the period. Vanguard Group Inc. boosted its holdings in Paychex by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 22,453,468 shares of the business services provider’s stock valued at $1,322,509,000 after acquiring an additional 573,036 shares during the period. State Street Corp boosted its holdings in Paychex by 2.2% during the 1st quarter. State Street Corp now owns 14,205,592 shares of the business services provider’s stock valued at $836,708,000 after acquiring an additional 309,889 shares during the period. FMR LLC boosted its holdings in Paychex by 6.3% during the 1st quarter. FMR LLC now owns 9,866,100 shares of the business services provider’s stock valued at $581,112,000 after acquiring an additional 588,027 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in Paychex by 23.8% during the 1st quarter. Ameriprise Financial Inc. now owns 4,237,537 shares of the business services provider’s stock valued at $248,742,000 after acquiring an additional 813,930 shares during the period. Institutional investors own 67.31% of the company’s stock.
In related news, CEO Martin Mucci sold 30,000 shares of the business’s stock in a transaction that occurred 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 in the company, valued at $13,561,488.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph M. Tucci sold 6,000 shares of the business’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 completion of the sale, 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. In the last ninety days, insiders have sold 92,497 shares of company stock worth $5,300,889. Insiders own 11.70% of the company’s stock.
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Paychex, Inc. (NASDAQ:PAYX) traded up 0.12% during midday trading on Monday, reaching $57.92. The company’s stock had a trading volume of 125,569 shares. The firm has a market cap of $20.82 billion, a price-to-earnings ratio of 25.74 and a beta of 0.96. The company’s 50-day moving average is $56.37 and its 200 day moving average is $58.47. Paychex, Inc. has a 12-month low of $52.78 and a 12-month high of $63.03.
Paychex (NASDAQ:PAYX) last released 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. The firm had revenue of $799.00 million for the quarter, compared to analysts’ expectations of $797.70 million. Paychex had a return on equity of 42.48% and a net margin of 25.93%. The company’s quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.49 earnings per share. Equities analysts forecast that Paychex, Inc. will post $2.37 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Stockholders of record on Tuesday, August 1st were paid a dividend of $0.50 per share. This is a boost from Paychex’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend was Friday, July 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.46%. Paychex’s dividend payout ratio is currently 88.50%.
PAYX has been the subject of several analyst reports. Morgan Stanley dropped their target price on Paychex from $56.00 to $55.00 and set an “underweight” rating for the company in a report on Friday, June 30th. William Blair cut Paychex from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. BidaskClub cut Paychex from a “sell” rating to a “strong sell” rating in a report on Saturday, July 1st. Wedbush restated a “neutral” rating and set a $61.25 target price (down from $65.00) on shares of Paychex in a report on Tuesday, June 6th. Finally, BMO Capital Markets restated a “hold” rating and set a $60.00 target price on shares of Paychex in a report on Thursday, June 29th. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and one has given a buy rating to the company. Paychex has an average rating of “Hold” and an average target price of $59.28.
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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