Naples Global Advisors LLC Has $1.94 Million Stake in Paychex, Inc. (PAYX)
Naples Global Advisors LLC boosted its position in Paychex, Inc. (NASDAQ:PAYX) by 4.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 34,071 shares of the business services provider’s stock after buying an additional 1,410 shares during the period. Naples Global Advisors LLC’s holdings in Paychex were worth $1,940,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in the company. Parkside Financial Bank & Trust increased its position in shares of Paychex by 23.8% in the first quarter. Parkside Financial Bank & Trust now owns 2,935 shares of the business services provider’s stock worth $173,000 after buying an additional 564 shares during the last quarter. Kernodle & Katon Asset Management Group LLC increased its position in shares of 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 worth $186,000 after buying an additional 867 shares during the last quarter. Koshinski Asset Management Inc. purchased a new position in shares of Paychex during the second quarter worth approximately $201,000. Denver Investment Advisors LLC increased its position in shares of Paychex by 7.7% in the first quarter. Denver Investment Advisors LLC now owns 3,791 shares of the business services provider’s stock worth $223,000 after buying an additional 271 shares during the last quarter. Finally, King Wealth Management Group LLC increased its position in shares of 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 worth $223,000 after buying an additional 30 shares during the last quarter. Institutional investors own 68.60% of the company’s stock.
Shares of Paychex, Inc. (NASDAQ PAYX) traded down 0.02% during midday trading on Monday, reaching $56.08. 507,714 shares of the company were exchanged. The firm’s 50 day moving average is $58.16 and its 200-day moving average is $59.28. The company has a market capitalization of $20.15 billion, a PE ratio of 24.92 and a beta of 0.96. Paychex, Inc. has a 52-week low of $52.78 and a 52-week high of $63.03.
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, beating analysts’ consensus estimates of $0.53 by $0.01. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The business had revenue of $799 million for the quarter, compared to analysts’ expectations of $797.70 million. During the same period in the previous year, the business earned $0.49 earnings per share. The company’s revenue was up 6.0% on a year-over-year basis. On average, equities analysts forecast that Paychex, Inc. will post $2.37 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Tuesday, August 1st will be paid a dividend of $0.50 per share. This is a boost from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date of this dividend is Friday, July 28th.
A number of equities analysts have recently issued reports on PAYX shares. BMO Capital Markets reiterated a “hold” rating and issued a $60.00 price target on shares of Paychex in a report on Thursday, June 29th. William Blair downgraded shares of Paychex from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. Goldman Sachs Group, Inc. (The) downgraded shares of Paychex from a “buy” rating to a “neutral” rating and cut their price target for the company from $68.00 to $64.00 in a report on Tuesday, June 20th. Wedbush reiterated a “neutral” rating and issued a $61.25 price target (down previously from $65.00) on shares of Paychex in a report on Tuesday, June 6th. Finally, J P Morgan Chase & Co reiterated a “neutral” rating and issued a $60.00 price target (down previously from $62.00) on shares of Paychex in a report on Friday, June 30th. Five investment analysts have rated the stock with a sell rating, eleven have given a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $59.16.
In other Paychex news, VP Laurie L. Zaucha sold 2,884 shares of the business’s stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $57.39, for a total value of $165,512.76. Following the sale, the vice president now directly owns 32,906 shares in the company, valued at $1,888,475.34. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Martin Mucci sold 33,294 shares of the business’s stock in a transaction dated Sunday, July 9th. The stock was sold at an average price of $57.40, for a total transaction of $1,911,075.60. Following the completion of the sale, the chief executive officer now owns 254,618 shares in the company, valued at $14,615,073.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 103,151 shares of company stock worth $5,916,158. 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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