State Board of Administration of Florida Retirement System lessened its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 438,042 shares of the business services provider’s stock after selling 3,414 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.12% of Paychex worth $33,182,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently bought and sold shares of PAYX. Larson Financial Group LLC acquired a new position in Paychex in the 2nd quarter valued at $26,000. Bainco International Investors acquired a new stake in shares of Paychex during the 1st quarter worth about $32,000. Tower Research Capital LLC TRC purchased a new position in Paychex during the 1st quarter valued at about $35,000. Harwood Advisory Group LLC purchased a new position in Paychex during the 1st quarter valued at about $36,000. Finally, Pinz Capital Management LP purchased a new position in Paychex during the 1st quarter valued at about $44,000. 68.58% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts recently commented on PAYX shares. Citigroup raised their target price on Paychex from $65.00 to $75.00 and gave the company a “neutral” rating in a report on Wednesday, July 8th. Cowen raised their target price on Paychex from $60.00 to $65.00 and gave the company a “market perform” rating in a report on Wednesday, May 20th. Deutsche Bank lowered their target price on Paychex from $80.00 to $75.00 and set a “hold” rating for the company in a report on Wednesday, May 20th. Goldman Sachs Group began coverage on Paychex in a research note on Tuesday, July 14th. They issued a “sell” rating and a $64.00 price objective for the company. Finally, BidaskClub upgraded Paychex from a “strong sell” rating to a “sell” rating in a research note on Thursday. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the company’s stock. Paychex presently has a consensus rating of “Hold” and a consensus price target of $73.17.
Shares of NASDAQ PAYX traded down $0.49 during midday trading on Friday, hitting $73.55. 17,823 shares of the company’s stock were exchanged, compared to its average volume of 1,663,418. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.23 and a quick ratio of 1.23. Paychex, Inc. has a twelve month low of $47.87 and a twelve month high of $90.54. The company has a market cap of $26.60 billion, a PE ratio of 24.15, a P/E/G ratio of 3.37 and a beta of 0.91. The firm’s fifty day simple moving average is $73.67 and its 200-day simple moving average is $72.68.
Paychex (NASDAQ:PAYX) last issued its earnings results on Tuesday, July 7th. The business services provider reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.01. Paychex had a return on equity of 40.76% and a net margin of 27.18%. The business had revenue of $915.10 million for the quarter, compared to analyst estimates of $910.68 million. During the same quarter last year, the company earned $0.63 EPS. The business’s quarterly revenue was down 6.7% on a year-over-year basis. Equities analysts anticipate that Paychex, Inc. will post 2.75 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Monday, August 3rd will be issued a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date of this dividend is Friday, July 31st. Paychex’s payout ratio is currently 82.67%.
In other news, CFO Efrain Rivera sold 396,355 shares of the company’s stock in a transaction on Monday, July 13th. The stock was sold at an average price of $73.36, for a total value of $29,076,602.80. Following the sale, the chief financial officer now directly owns 60,767 shares in the company, valued at $4,457,867.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Stephanie L. Schaeffer sold 4,342 shares of the company’s stock in a transaction on Friday, July 10th. The shares were sold at an average price of $73.30, for a total value of $318,268.60. Following the completion of the transaction, the insider now owns 58,591 shares of the company’s stock, valued at $4,294,720.30. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 616,149 shares of company stock worth $45,164,779. Company insiders own 11.70% of the company’s stock.
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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