Paychex, Inc. (PAYX) Stake Boosted by Sunbelt Securities Inc.
Sunbelt Securities Inc. boosted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 2.1% during the first quarter, Holdings Channel reports. The firm owned 6,445 shares of the business services provider’s stock after buying an additional 134 shares during the period. Sunbelt Securities Inc.’s holdings in Paychex were worth $380,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PAYX. Iberiabank Corp raised its position in Paychex by 7.4% in the fourth quarter. Iberiabank Corp now owns 92,625 shares of the business services provider’s stock worth $5,639,000 after buying an additional 6,402 shares during the period. Disciplined Growth Investors Inc. MN raised its position in Paychex by 0.8% in the fourth quarter. Disciplined Growth Investors Inc. MN now owns 641,485 shares of the business services provider’s stock worth $39,054,000 after buying an additional 4,965 shares during the period. Dean Investment Associates LLC raised its position in Paychex by 7.9% in the third quarter. Dean Investment Associates LLC now owns 18,973 shares of the business services provider’s stock worth $1,098,000 after buying an additional 1,381 shares during the period. Zacks Investment Management raised its position in Paychex by 1.7% in the third quarter. Zacks Investment Management now owns 112,663 shares of the business services provider’s stock worth $6,520,000 after buying an additional 1,858 shares during the period. Finally, OLD Republic International Corp raised its position in Paychex by 18.0% in the third quarter. OLD Republic International Corp now owns 274,800 shares of the business services provider’s stock worth $13,846,000 after buying an additional 42,000 shares during the period. Hedge funds and other institutional investors own 69.28% of the company’s stock.
Shares of Paychex, Inc. (NASDAQ:PAYX) opened at 59.60 on Tuesday. Paychex, Inc. has a 1-year low of $52.78 and a 1-year high of $63.03. The firm has a 50-day moving average of $58.51 and a 200 day moving average of $59.81. The company has a market capitalization of $21.41 billion, a P/E ratio of 27.09 and a beta of 0.86.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, March 29th. The business services provider reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.01. Paychex had a net margin of 25.40% and a return on equity of 41.00%. The company had revenue of $795.80 million during the quarter, compared to analyst estimates of $799.08 million. During the same quarter last year, the business posted $0.50 EPS. The firm’s revenue for the quarter was up 5.7% on a year-over-year basis. On average, analysts anticipate that Paychex, Inc. will post $2.23 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 25th. Investors of record on Wednesday, May 10th were issued a dividend of $0.46 per share. The ex-dividend date was Monday, May 8th. This represents a $1.84 dividend on an annualized basis and a yield of 3.09%. Paychex’s payout ratio is 85.58%.
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PAYX has been the subject of a number of recent analyst reports. Jefferies Group LLC restated a “sell” rating and set a $50.00 price target on shares of Paychex in a research report on Tuesday, March 21st. BMO Capital Markets dropped their price objective on shares of Paychex from $61.00 to $60.00 and set a “market perform” rating for the company in a report on Thursday, March 30th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. Paychex presently has an average rating of “Hold” and an average price target of $59.31.
In other news, VP Jennifer R. Vossler sold 10,000 shares of the business’s stock in a transaction dated Friday, May 5th. The shares were sold at an average price of $58.76, for a total value of $587,600.00. Following the completion of the sale, the vice president now owns 33,483 shares in the company, valued at approximately $1,967,461.08. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Joseph M. Velli sold 9,000 shares of the business’s stock in a transaction dated Thursday, April 20th. The shares were sold at an average price of $58.29, for a total transaction of $524,610.00. Following the completion of the sale, the director now owns 30,624 shares of the company’s stock, valued at approximately $1,785,072.96. The disclosure for this sale can be found here. Insiders have sold a total of 64,654 shares of company stock valued at $3,827,829 in the last quarter. 11.60% of the stock is currently owned by company insiders.
Paychex Company Profile
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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