Wagner Bowman Management Corp Has $238,000 Position in Paychex Inc. (PAYX)
Wagner Bowman Management Corp raised its position in shares of Paychex Inc. (NASDAQ:PAYX) by 0.1% during the second quarter, Holdings Channel reports. The fund owned 4,015 shares of the company’s stock after buying an additional 3 shares during the period. Wagner Bowman Management Corp’s holdings in Paychex were worth $238,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Investment House LLC raised its position in Paychex by 0.8% in the second quarter. Investment House LLC now owns 126,991 shares of the company’s stock worth $7,556,000 after buying an additional 985 shares during the period. Pitcairn Co. raised its position in shares of Paychex by 0.5% in the second quarter. Pitcairn Co. now owns 9,851 shares of the company’s stock valued at $586,000 after buying an additional 50 shares during the period. Callahan Advisors LLC raised its position in shares of Paychex by 3.4% in the second quarter. Callahan Advisors LLC now owns 125,911 shares of the company’s stock valued at $7,492,000 after buying an additional 4,168 shares during the period. Bank of Montreal Can bought a new position in shares of Paychex during the second quarter valued at about $18,437,000. Finally, MSI Financial Services Inc raised its position in shares of Paychex by 12.7% in the second quarter. MSI Financial Services Inc now owns 35,781 shares of the company’s stock valued at $2,129,000 after buying an additional 4,035 shares during the period. Hedge funds and other institutional investors own 69.31% of the company’s stock.
Shares of Paychex Inc. (NASDAQ:PAYX) traded up 0.78% during trading on Wednesday, hitting $59.68. 1,561,022 shares of the stock traded hands. The stock has a market cap of $21.52 billion, a PE ratio of 28.56 and a beta of 0.82. Paychex Inc. has a 12 month low of $45.55 and a 12 month high of $61.87. The firm’s 50-day moving average price is $59.86 and its 200-day moving average price is $56.22.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Thursday, June 30th. The company reported $0.49 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.49. The company had revenue of $753.90 million for the quarter. Paychex had a net margin of 25.64% and a return on equity of 39.54%. The business’s revenue was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.44 earnings per share. Analysts anticipate that Paychex Inc. will post $2.21 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 25th. Shareholders of record on Monday, August 1st were issued a $0.46 dividend. This is an increase from Paychex’s previous quarterly dividend of $0.42. This represents a $1.84 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date was Thursday, July 28th. Paychex’s payout ratio is currently 88.04%.
Several research analysts recently issued reports on PAYX shares. Sanford C. Bernstein reiterated an “underperform” rating and issued a $52.00 target price (up from $40.00) on shares of Paychex in a research report on Tuesday, July 12th. Zacks Investment Research upgraded shares of Paychex from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a research report on Thursday, June 2nd. Argus reiterated a “buy” rating and issued a $70.00 target price (up from $59.50) on shares of Paychex in a research report on Friday, July 1st. Morgan Stanley reiterated an “underweight” rating and issued a $49.00 target price on shares of Paychex in a research report on Tuesday, August 23rd. Finally, Deutsche Bank AG reiterated a “hold” rating and issued a $56.00 target price (up from $51.00) on shares of Paychex in a research report on Wednesday, July 6th. Seven research analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. Paychex currently has a consensus rating of “Hold” and an average target price of $54.00.
In other Paychex news, CFO Efrain Rivera sold 7,235 shares of Paychex stock in a transaction on Friday, July 8th. The shares were sold at an average price of $61.33, for a total value of $443,722.55. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP John B. Gibson sold 11,450 shares of Paychex stock in a transaction on Friday, July 29th. The shares were sold at an average price of $59.00, for a total transaction of $675,550.00. Following the completion of the sale, the vice president now owns 21,451 shares in the company, valued at $1,265,609. The disclosure for this sale can be found here. 11.60% of the stock is currently owned by company insiders.
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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