Dohj LLC trimmed its position in Paychex, Inc. (NASDAQ:PAYX) by 9.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,656 shares of the business services provider’s stock after selling 396 shares during the quarter. Dohj LLC’s holdings in Paychex were worth $392,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Bank of New York Mellon Corp grew its holdings in Paychex by 52.2% in the 1st quarter. Bank of New York Mellon Corp now owns 11,292,873 shares of the business services provider’s stock valued at $1,106,928,000 after buying an additional 3,874,215 shares in the last quarter. Geode Capital Management LLC grew its holdings in Paychex by 1.6% in the 1st quarter. Geode Capital Management LLC now owns 6,462,015 shares of the business services provider’s stock valued at $632,226,000 after buying an additional 100,707 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of Paychex by 11.7% during the 2nd quarter. Alliancebernstein L.P. now owns 2,355,541 shares of the business services provider’s stock valued at $252,750,000 after acquiring an additional 246,042 shares during the period. Swiss National Bank lifted its position in shares of Paychex by 1.6% during the 1st quarter. Swiss National Bank now owns 2,180,209 shares of the business services provider’s stock valued at $213,704,000 after acquiring an additional 34,600 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in shares of Paychex by 9.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,051,207 shares of the business services provider’s stock valued at $201,056,000 after acquiring an additional 172,123 shares during the period. 69.75% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have recently weighed in on the company. Wolfe Research upped their target price on Paychex from $94.00 to $105.00 and gave the company an “underperform” rating in a research report on Friday, July 2nd. BMO Capital Markets upped their price objective on Paychex from $96.00 to $108.00 and gave the stock a “market perform” rating in a research report on Monday, June 28th. Barclays upped their price objective on Paychex from $99.00 to $106.00 and gave the stock an “equal weight” rating in a research report on Monday, June 28th. Cowen increased their target price on Paychex from $96.00 to $106.00 and gave the company a “market perform” rating in a research report on Monday, June 28th. Finally, Citigroup increased their target price on Paychex from $105.00 to $121.00 and gave the company a “buy” rating in a research report on Wednesday, June 30th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Paychex has a consensus rating of “Hold” and a consensus price target of $105.29.
Paychex stock traded up $0.22 during mid-day trading on Wednesday, reaching $109.88. The stock had a trading volume of 14,468 shares, compared to its average volume of 1,642,318. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.25 and a current ratio of 1.25. Paychex, Inc. has a fifty-two week low of $75.08 and a fifty-two week high of $118.22. The stock’s 50-day simple moving average is $113.34 and its 200-day simple moving average is $104.51. The firm has a market capitalization of $39.62 billion, a PE ratio of 36.07, a price-to-earnings-growth ratio of 4.09 and a beta of 0.91.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Thursday, June 24th. The business services provider reported $0.72 EPS for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.05. Paychex had a return on equity of 38.04% and a net margin of 27.05%. The firm had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $980.02 million. During the same quarter last year, the firm posted $0.61 earnings per share. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. On average, research analysts forecast that Paychex, Inc. will post 3.37 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 26th. Shareholders of record on Monday, August 2nd were paid a $0.66 dividend. The ex-dividend date of this dividend was Friday, July 30th. This represents a $2.64 dividend on an annualized basis and a yield of 2.40%. Paychex’s dividend payout ratio (DPR) is presently 86.84%.
Paychex announced that its Board of Directors has approved a share buyback program on Thursday, July 8th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the business services provider to repurchase up to 1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
Paychex, Inc engages in the provision of human capital management solutions for payroll, human resource, insurance and retirement for small and medium sized businesses. Its solutions include payroll services, hiring services, business insurance, time and attendance, employee benefits, finance and payments, human resources services and startup services.
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