Woodmont Investment Counsel LLC Has $3.44 Million Position in Paychex, Inc. (PAYX)
Woodmont Investment Counsel LLC boosted its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 2.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 60,338 shares of the business services provider’s stock after buying an additional 1,270 shares during the period. Woodmont Investment Counsel LLC’s holdings in Paychex were worth $3,436,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Northwest Quadrant Wealth Management LLC boosted its stake in Paychex by 0.6% during the 1st quarter. Northwest Quadrant Wealth Management LLC now owns 3,923 shares of the business services provider’s stock valued at $228,000 after purchasing an additional 24 shares during the last quarter. Pacer Advisors Inc. boosted its stake in shares of Paychex by 4.3% in the 1st quarter. Pacer Advisors Inc. now owns 10,174 shares of the business services provider’s stock worth $599,000 after buying an additional 417 shares during the last quarter. Shelton Capital Management boosted its stake in shares of Paychex by 72.6% in the 1st quarter. Shelton Capital Management now owns 102,276 shares of the business services provider’s stock worth $6,024,000 after buying an additional 43,033 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Paychex by 314.1% in the 1st quarter. JPMorgan Chase & Co. now owns 1,001,929 shares of the business services provider’s stock worth $59,014,000 after buying an additional 759,973 shares during the last quarter. Finally, Burney Co. boosted its stake in shares of Paychex by 28.9% in the 1st quarter. Burney Co. now owns 40,717 shares of the business services provider’s stock worth $2,398,000 after buying an additional 9,135 shares during the last quarter. 67.31% of the stock is owned by institutional investors.
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Shares of Paychex, Inc. (NASDAQ PAYX) traded up 0.74% during trading on Wednesday, reaching $58.50. 370,736 shares of the company were exchanged. The firm has a 50-day moving average price of $56.38 and a 200-day moving average price of $58.35. Paychex, Inc. has a 1-year low of $52.78 and a 1-year high of $63.03. The stock has a market capitalization of $21.02 billion, a P/E ratio of 26.00 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 EPS 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 company 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 posted $0.49 EPS. The firm’s revenue was up 6.0% compared to the same quarter last year. Equities research analysts predict that Paychex, Inc. will post $2.37 earnings per share for the current fiscal year.
The company also recently disclosed 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 3.44%. This is a positive change from Paychex’s previous quarterly dividend of $0.46. The ex-dividend date was Friday, July 28th. Paychex’s dividend payout ratio (DPR) is presently 88.50%.
In other Paychex news, VP Laurie L. Zaucha sold 2,884 shares of Paychex stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $57.39, for a total value of $165,512.76. Following the transaction, the vice president now directly owns 32,906 shares in the company, valued at $1,888,475.34. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Martin Mucci sold 33,294 shares of Paychex stock in a transaction on Sunday, July 9th. The shares were sold at an average price of $57.40, for a total transaction of $1,911,075.60. Following the completion of the transaction, the chief executive officer now owns 254,618 shares in the company, valued at $14,615,073.20. The disclosure for this sale can be found here. Insiders sold a total of 92,497 shares of company stock worth $5,300,889 over the last 90 days. Company insiders own 11.70% of the company’s stock.
A number of equities analysts recently commented on the company. BidaskClub cut Paychex from a “sell” rating to a “strong sell” rating in a report on Saturday, July 1st. Robert W. Baird decreased their price target on Paychex from $63.00 to $60.00 and set a “neutral” rating on the stock in a report on Friday, June 30th. Wedbush reissued a “neutral” rating and set a $61.25 price target (down from $65.00) on shares of Paychex in a report on Tuesday, June 6th. Morgan Stanley raised Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price target on the stock in a report on Wednesday, August 16th. They noted that the move was a valuation call. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $61.00 target price on shares of Paychex in a report on Friday, August 18th. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price 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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