Whittier Trust Co. Has $5,534,000 Stake in Paychex Inc. (PAYX)
Whittier Trust Co. increased its stake in Paychex Inc. (NASDAQ:PAYX) by 2.2% during the second quarter, Holdings Channel reports. The fund owned 93,002 shares of the company’s stock after buying an additional 1,992 shares during the period. Whittier Trust Co.’s holdings in Paychex were worth $5,534,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of PAYX. GW&K Investment Management LLC raised its position in Paychex by 6.5% in the second quarter. GW&K Investment Management LLC now owns 515,086 shares of the company’s stock valued at $30,648,000 after buying an additional 31,217 shares during the last quarter. Sabal Trust CO raised its position in Paychex by 1.7% in the second quarter. Sabal Trust CO now owns 432,155 shares of the company’s stock valued at $25,713,000 after buying an additional 7,236 shares during the last quarter. UMB Bank N A MO raised its position in Paychex by 3.3% in the second quarter. UMB Bank N A MO now owns 378,956 shares of the company’s stock valued at $22,548,000 after buying an additional 11,964 shares during the last quarter. Adage Capital Partners GP L.L.C. bought a new position in Paychex during the first quarter valued at about $25,052,000. Finally, Shell Asset Management Co. raised its position in Paychex by 0.4% in the second quarter. Shell Asset Management Co. now owns 247,375 shares of the company’s stock valued at $14,719,000 after buying an additional 1,006 shares during the last quarter. Institutional investors own 69.31% of the company’s stock.
Shares of Paychex Inc. (NASDAQ:PAYX) traded down 0.11% during midday trading on Thursday, hitting $56.74. The stock had a trading volume of 1,492,518 shares. Paychex Inc. has a 52 week low of $45.76 and a 52 week high of $61.87. The company’s 50 day moving average is $59.58 and its 200 day moving average is $56.62. The firm has a market cap of $20.52 billion, a P/E ratio of 26.89 and a beta of 0.87.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, September 28th. The company reported $0.60 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.03. Paychex had a return on equity of 40.10% and a net margin of 25.38%. The company earned $785.50 million during the quarter, compared to the consensus estimate of $782.80 million. During the same period last year, the company earned $0.52 earnings per share. The firm’s revenue was up 8.6% compared to the same quarter last year. On average, equities analysts predict that Paychex Inc. will post $2.22 earnings per share for the current fiscal year.
PAYX has been the subject of several analyst reports. Morgan Stanley restated an “underweight” rating and set a $49.00 target price on shares of Paychex in a research report on Tuesday, August 23rd. Sanford C. Bernstein restated an “underperform” rating and set a $52.00 target price (up from $40.00) on shares of Paychex in a research report on Tuesday, July 12th. Jefferies Group reiterated an “underperform” rating and issued a $40.00 price objective on shares of Paychex in a research report on Tuesday, July 5th. Zacks Investment Research lowered Paychex from a “buy” rating to a “hold” rating in a research report on Saturday, July 2nd. Finally, Deutsche Bank AG reiterated a “hold” rating and issued a $56.00 price objective (up from $51.00) on shares of Paychex in a research report on Wednesday, July 6th. Seven equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $54.00.
In related news, VP John B. Gibson sold 11,450 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The stock was 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 of the company’s stock, valued at $1,265,609. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael E. Gioja sold 6,190 shares of the firm’s stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $60.23, for a total value of $372,823.70. Following the sale, the insider now directly owns 62,174 shares of the company’s stock, valued at approximately $3,744,740.02. The disclosure for this sale can be found here. Corporate insiders own 11.60% of the company’s stock.
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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