Paychex, Inc. (PAYX) Shares Bought by State Treasurer State of Michigan
State Treasurer State of Michigan increased its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.2% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 105,111 shares of the business services provider’s stock after buying an additional 200 shares during the period. State Treasurer State of Michigan’s holdings in Paychex were worth $5,985,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PAYX. Parkside Financial Bank & Trust boosted its position in Paychex by 23.8% in the first quarter. Parkside Financial Bank & Trust now owns 2,935 shares of the business services provider’s stock valued at $173,000 after buying an additional 564 shares in the last quarter. Kernodle & Katon Asset Management Group LLC boosted its position in Paychex by 37.7% in the first quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock valued at $186,000 after buying an additional 867 shares in the last quarter. Koshinski Asset Management Inc. bought a new position in Paychex during the second quarter valued at $201,000. Denver Investment Advisors LLC boosted its position in Paychex by 7.7% in the first quarter. Denver Investment Advisors LLC now owns 3,791 shares of the business services provider’s stock valued at $223,000 after buying an additional 271 shares in the last quarter. Finally, King Wealth Management Group LLC boosted its position in Paychex by 0.8% in the first quarter. King Wealth Management Group LLC now owns 3,793 shares of the business services provider’s stock valued at $223,000 after buying an additional 30 shares in the last quarter. 68.44% of the stock is currently owned by hedge funds and other institutional investors.
Paychex, Inc. (NASDAQ:PAYX) opened at 57.43 on Wednesday. Paychex, Inc. has a 12 month low of $52.78 and a 12 month high of $63.03. The firm’s 50 day moving average is $58.36 and its 200-day moving average is $59.42. The firm has a market cap of $20.64 billion, a price-to-earnings ratio of 25.52 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.01. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The firm had revenue of $799 million for the quarter, compared to analysts’ expectations of $797.70 million. During the same quarter in the prior year, the business earned $0.49 EPS. The business’s quarterly revenue was up 6.0% on a year-over-year basis. On average, equities analysts forecast that Paychex, Inc. will post $2.37 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Tuesday, August 1st will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.48%. The ex-dividend date is Friday, July 28th. This is a boost from Paychex’s previous quarterly dividend of $0.46.
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Several research analysts have weighed in on the stock. BMO Capital Markets reissued a “hold” rating and issued a $60.00 price target on shares of Paychex in a report on Thursday, June 29th. Goldman Sachs Group, Inc. (The) lowered shares of Paychex from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $68.00 to $64.00 in a research report on Tuesday, June 20th. J P Morgan Chase & Co restated a “neutral” rating and set a $60.00 target price (down previously from $62.00) on shares of Paychex in a research report on Friday, June 30th. William Blair lowered shares of Paychex from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. Finally, Morgan Stanley decreased their target price on shares of Paychex from $56.00 to $55.00 and set an “underweight” rating on the stock in a research report on Friday, June 30th. Five equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $59.16.
In other news, CEO Martin Mucci sold 33,294 shares of the stock in a transaction that occurred on Sunday, July 9th. The shares were sold at an average price of $57.40, for a total value of $1,911,075.60. Following the transaction, the chief executive officer now owns 254,618 shares in the company, valued at approximately $14,615,073.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Laurie L. Zaucha sold 2,884 shares of the stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $57.39, for a total transaction of $165,512.76. Following the completion of the transaction, the vice president now owns 32,906 shares in the company, valued at approximately $1,888,475.34. The disclosure for this sale can be found here. Insiders sold a total of 148,151 shares of company stock worth $8,604,108 in the last quarter. Company 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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