Andra AP fonden raised its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 6.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 111,200 shares of the business services provider’s stock after purchasing an additional 7,000 shares during the period. Andra AP fonden’s holdings in Paychex were worth $7,601,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Advisors Preferred LLC boosted its stake in Paychex by 116.4% during the 2nd quarter. Advisors Preferred LLC now owns 1,567 shares of the business services provider’s stock valued at $107,000 after purchasing an additional 843 shares during the last quarter. Clarus Wealth Advisors purchased a new position in shares of Paychex in the 2nd quarter worth $109,000. Summit Trail Advisors LLC boosted its stake in shares of Paychex by 17,216.0% in the 1st quarter. Summit Trail Advisors LLC now owns 116,537 shares of the business services provider’s stock worth $117,000 after buying an additional 115,864 shares during the last quarter. Fort L.P. purchased a new position in shares of Paychex in the 2nd quarter worth $121,000. Finally, Financial Gravity Wealth Inc. purchased a new position in shares of Paychex in the 1st quarter worth $137,000. Institutional investors and hedge funds own 66.99% of the company’s stock.
NASDAQ PAYX traded up $0.73 on Friday, hitting $68.26. 2,902,077 shares of the company traded hands, compared to its average volume of 2,169,576. The company has a market capitalization of $26.44 billion, a PE ratio of 26.77, a price-to-earnings-growth ratio of 3.24 and a beta of 0.95. Paychex, Inc. has a 52-week low of $59.36 and a 52-week high of $76.02.
Paychex (NASDAQ:PAYX) last released its earnings results on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.02. The company had revenue of $862.80 million for the quarter, compared to the consensus estimate of $850.39 million. Paychex had a return on equity of 44.29% and a net margin of 27.62%. Paychex’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.62 earnings per share. Sell-side analysts anticipate that Paychex, Inc. will post 2.84 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Thursday, November 1st will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Wednesday, October 31st. This represents a $2.24 annualized dividend and a yield of 3.28%. Paychex’s dividend payout ratio (DPR) is presently 87.84%.
PAYX has been the topic of a number of research reports. Stifel Nicolaus raised their price target on Paychex from $66.00 to $69.00 and gave the stock a “hold” rating in a research note on Thursday, June 28th. Citigroup raised their price target on Paychex from $64.00 to $67.00 and gave the stock a “neutral” rating in a research note on Thursday, June 28th. Wells Fargo & Co raised their price target on Paychex from $64.00 to $67.00 and gave the stock a “market perform” rating in a research note on Thursday, June 28th. Robert W. Baird raised their price target on Paychex from $67.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, June 28th. Finally, Morgan Stanley raised their price target on Paychex from $66.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 28th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have assigned a buy rating to the company’s stock. Paychex has a consensus rating of “Hold” and an average target price of $72.93.
In other Paychex news, Director Grant M. Inman sold 7,853 shares of the firm’s stock in a transaction dated Thursday, July 26th. The stock was sold at an average price of $71.74, for a total transaction of $563,374.22. Following the sale, the director now directly owns 43,185 shares of the company’s stock, valued at $3,098,091.90. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP John B. Gibson sold 47,250 shares of the firm’s stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $73.50, for a total value of $3,472,875.00. The disclosure for this sale can be found here. Insiders have sold 108,673 shares of company stock worth $7,843,354 over the last quarter. 11.80% of the stock is owned by company insiders.
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
See Also: Intrinsic Value
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