Investors Buy Paychex Inc. (PAYX) on Weakness
Investors bought shares of Paychex Inc. (NASDAQ:PAYX) on weakness during trading on Wednesday. $37.68 million flowed into the stock on the tick-up and $17.88 million flowed out of the stock on the tick-down, for a money net flow of $19.80 million into the stock. Of all stocks tracked, Paychex had the 14th highest net in-flow for the day. Paychex traded down ($0.96) for the day and closed at $60.25
Several analysts recently commented on PAYX shares. Zacks Investment Research downgraded shares of Paychex from a “buy” rating to a “hold” rating in a report on Wednesday, June 8th. Jefferies Group reaffirmed an “underperform” rating and set a $40.00 target price on shares of Paychex in a report on Tuesday, July 5th. BMO Capital Markets reaffirmed a “market perform” rating and set a $58.00 target price (up previously from $55.00) on shares of Paychex in a report on Tuesday, July 5th. Robert W. Baird reaffirmed a “hold” rating on shares of Paychex in a report on Thursday, March 31st. Finally, Citigroup Inc. lifted their target price on shares of Paychex from $48.00 to $49.00 and gave the stock a “sell” rating in a report on Thursday, March 31st. Six research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. Paychex presently has an average rating of “Hold” and an average price target of $53.33.
The stock has a market capitalization of $21.71 billion and a P/E ratio of 28.83. The company’s 50-day moving average is $58.09 and its 200 day moving average is $53.22.
Paychex (NASDAQ:PAYX) last announced its earnings results on Thursday, June 30th. The company reported $0.49 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.49. The firm earned $753.90 million during the quarter. During the same period in the prior year, the company posted $0.44 EPS. Paychex’s revenue was up 8.9% compared to the same quarter last year. On average, equities analysts predict that Paychex Inc. will post $2.21 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 25th. Stockholders of record on Monday, August 1st will be issued a $0.46 dividend. The ex-dividend date of this dividend is Thursday, July 28th. This represents a $1.84 annualized dividend and a dividend yield of 3.05%. This is a boost from Paychex’s previous quarterly dividend of $0.42.
In other Paychex news, VP Laurie L. Zaucha sold 10,000 shares of the stock in a transaction dated Thursday, June 16th. The shares were sold at an average price of $54.51, for a total transaction of $545,100.00. Following the completion of the transaction, the vice president now owns 40,819 shares in the company, valued at $2,225,043.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Pamela A. Joseph sold 6,000 shares of the stock in a transaction dated Thursday, May 12th. The stock was sold at an average price of $52.49, for a total transaction of $314,940.00. Following the transaction, the director now owns 24,702 shares of the company’s stock, valued at approximately $1,296,607.98. The disclosure for this sale can be found here.
A number of institutional investors have modified their holdings of PAYX. BlackRock Advisors LLC raised its position in shares of Paychex by 34.1% in the fourth quarter. BlackRock Advisors LLC now owns 355,383 shares of the company’s stock worth $18,797,000 after buying an additional 90,354 shares in the last quarter. Utah Retirement Systems raised its position in Paychex by 0.3% in the fourth quarter. Utah Retirement Systems now owns 58,221 shares of the company’s stock worth $3,079,000 after buying an additional 200 shares during the period. Westfield Capital Management Co. LP raised its position in Paychex by 12.0% in the fourth quarter. Westfield Capital Management Co. LP now owns 122,112 shares of the company’s stock worth $6,459,000 after buying an additional 13,100 shares during the period. KBC Group NV raised its position in Paychex by 8.9% in the fourth quarter. KBC Group NV now owns 34,340 shares of the company’s stock worth $1,816,000 after buying an additional 2,796 shares during the period. Finally, State of Tennessee Treasury Department raised its position in Paychex by 84.6% in the fourth quarter. State of Tennessee Treasury Department now owns 91,384 shares of the company’s stock worth $4,833,000 after buying an additional 41,884 shares during the period.
Paychex, Inc, is a provider of integrated payroll, human Resource, insurance, and benefits outsourcing solutions for small- to medium-sized businesses. The Company focuses on providing payroll and human Resource services; delivering these services; growing its client base, through the efforts of its direct sales force; improving client service, through its leading-edge technology; capitalizing on the growth opportunities within its existing client base and from new clients; investing in business through expansion of its services and product offerings; and supplementing its growth through strategic acquisitions.
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