Wright Investors Service Inc. raised its position in Paychex, Inc. (NASDAQ:PAYX) by 8.3% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 7,820 shares of the business services provider’s stock after purchasing an additional 597 shares during the period. Wright Investors Service Inc.’s holdings in Paychex were worth $644,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of the business. BlackRock Inc. grew its holdings in Paychex by 12.3% in the first quarter. BlackRock Inc. now owns 31,465,698 shares of the business services provider’s stock valued at $2,523,549,000 after purchasing an additional 3,435,500 shares during the last quarter. Northern Trust Corp grew its holdings in Paychex by 2.1% in the first quarter. Northern Trust Corp now owns 5,676,852 shares of the business services provider’s stock valued at $455,285,000 after purchasing an additional 117,877 shares during the last quarter. Geode Capital Management LLC grew its holdings in Paychex by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 5,212,402 shares of the business services provider’s stock valued at $339,236,000 after purchasing an additional 270,888 shares during the last quarter. Ronna Sue Cohen boosted its stake in shares of Paychex by 7,736.0% during the first quarter. Ronna Sue Cohen now owns 4,003,822 shares of the business services provider’s stock valued at $4,004,000 after acquiring an additional 3,952,727 shares during the last quarter. Finally, California Public Employees Retirement System boosted its stake in shares of Paychex by 23.5% during the first quarter. California Public Employees Retirement System now owns 2,145,270 shares of the business services provider’s stock valued at $172,051,000 after acquiring an additional 408,769 shares during the last quarter. 69.85% of the stock is currently owned by institutional investors.
Shares of PAYX traded down $0.80 during trading hours on Thursday, reaching $80.26. 58,887 shares of the company traded hands, compared to its average volume of 1,739,104. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.17 and a quick ratio of 1.17. The company has a market cap of $29.75 billion, a PE ratio of 28.29, a PEG ratio of 2.98 and a beta of 0.86. Paychex, Inc. has a fifty-two week low of $61.32 and a fifty-two week high of $88.43. The company’s fifty day moving average price is $84.34.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, June 26th. The business services provider reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.02). Paychex had a return on equity of 40.99% and a net margin of 27.42%. The business had revenue of $980.40 million during the quarter, compared to analyst estimates of $978.94 million. During the same period in the previous year, the business posted $0.61 earnings per share. The firm’s quarterly revenue was up 15.9% on a year-over-year basis. On average, equities analysts forecast that Paychex, Inc. will post 3.09 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, August 1st will be paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date is Wednesday, July 31st. Paychex’s payout ratio is 87.32%.
In other Paychex news, CFO Efrain Rivera sold 3,196 shares of the firm’s stock in a transaction dated Saturday, July 6th. The stock was sold at an average price of $85.31, for a total value of $272,650.76. Following the sale, the chief financial officer now directly owns 57,707 shares of the company’s stock, valued at approximately $4,922,984.17. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Robert L. Schrader sold 751 shares of the firm’s stock in a transaction dated Saturday, August 3rd. The stock was sold at an average price of $83.89, for a total value of $63,001.39. Following the completion of the sale, the vice president now directly owns 9,166 shares in the company, valued at $768,935.74. The disclosure for this sale can be found here. Over the last three months, insiders sold 55,996 shares of company stock worth $4,763,436. 11.80% of the stock is owned by corporate insiders.
A number of analysts recently commented on the company. BidaskClub raised Paychex from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. William Blair reaffirmed a “market perform” rating on shares of Paychex in a research note on Thursday, June 27th. Morgan Stanley lowered Paychex from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $77.00 to $74.00 in a research note on Thursday. Sanford C. Bernstein lowered Paychex from a “market perform” rating to an “underperform” rating in a research note on Tuesday, April 30th. Finally, Bank of America lowered Paychex from a “neutral” rating to an “underperform” rating in a research note on Wednesday, June 26th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $76.09.
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.
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