Paychex, Inc. (PAYX) Shares Sold by Beaumont Financial Partners LLC
Beaumont Financial Partners LLC decreased its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 16.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,435 shares of the business services provider’s stock after selling 1,099 shares during the period. Beaumont Financial Partners LLC’s holdings in Paychex were worth $309,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in PAYX. Dupont Capital Management Corp purchased a new position in Paychex during the second quarter worth $129,000. Parkside Financial Bank & Trust grew its position in shares of Paychex by 23.8% in the first quarter. Parkside Financial Bank & Trust now owns 2,935 shares of the business services provider’s stock valued at $173,000 after purchasing an additional 564 shares during the period. Kernodle & Katon Asset Management Group LLC grew its position in shares of Paychex by 37.7% in the first quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock valued at $186,000 after purchasing an additional 867 shares during the period. Koshinski Asset Management Inc. purchased a new stake in shares of Paychex in the second quarter valued at $201,000. Finally, Sfmg LLC purchased a new stake in shares of Paychex in the second quarter valued at $203,000. 67.31% of the stock is owned by institutional investors.
In other Paychex news, insider Michael E. Gioja sold 7,343 shares of the firm’s stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $57.40, for a total transaction of $421,488.20. Following the completion of the transaction, the insider now owns 55,632 shares in the company, valued at $3,193,276.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 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. In the last 90 days, insiders have sold 92,497 shares of company stock valued at $5,300,889. Corporate insiders own 11.70% of the company’s stock.
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Shares of Paychex, Inc. (PAYX) traded down 0.0319% during mid-day trading on Tuesday, reaching $58.0615. The company had a trading volume of 282,338 shares. The company has a market capitalization of $20.87 billion, a PE ratio of 25.8051 and a beta of 0.96. Paychex, Inc. has a 52-week low of $52.78 and a 52-week high of $63.03. The company’s 50-day moving average price is $56.37 and its 200-day moving average price is $58.38.
Paychex (NASDAQ:PAYX) last released its earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.01. Paychex had a net margin of 25.93% and a return on equity of 42.48%. The business had revenue of $799.00 million during the quarter, compared to analysts’ expectations of $797.70 million. During the same quarter last year, the company earned $0.49 earnings per share. The firm’s revenue was up 6.0% on a year-over-year basis. On average, analysts forecast that Paychex, Inc. will post $2.37 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 24th. Shareholders 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 was Friday, July 28th. This represents a $2.00 dividend on an annualized basis and a yield of 3.44%. Paychex’s dividend payout ratio (DPR) is currently 88.50%.
A number of equities research analysts have recently commented on the company. Stifel Nicolaus reaffirmed a “hold” rating and issued a $61.00 price objective on shares of Paychex in a research report on Friday, August 18th. BidaskClub cut Paychex from a “sell” rating to a “strong sell” rating in a report on Sunday, August 6th. Goldman Sachs Group, Inc. (The) cut Paychex from a “buy” rating to a “neutral” rating and reduced their target price for the company from $68.00 to $64.00 in a report on Tuesday, June 20th. 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 report on Friday, June 30th. Finally, J P Morgan Chase & Co reiterated a “neutral” rating and issued a $60.00 target price (down previously from $62.00) on shares of Paychex in a report on Friday, June 30th. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target 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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