Paychex, Inc. (NASDAQ:PAYX) Position Cut by FineMark National Bank & Trust
FineMark National Bank & Trust cut its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 4.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,149 shares of the business services provider’s stock after selling 714 shares during the period. FineMark National Bank & Trust’s holdings in Paychex were worth $806,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. Mechanics Bank Trust Department increased its stake in shares of Paychex by 5.1% in the second quarter. Mechanics Bank Trust Department now owns 27,205 shares of the business services provider’s stock valued at $1,549,000 after buying an additional 1,310 shares during the period. Naples Global Advisors LLC increased its stake in shares of Paychex by 4.3% in the second quarter. Naples Global Advisors LLC now owns 34,071 shares of the business services provider’s stock valued at $1,940,000 after buying an additional 1,410 shares during the period. Bray Capital Advisors increased its stake in shares of Paychex by 3.9% in the second quarter. Bray Capital Advisors now owns 35,758 shares of the business services provider’s stock valued at $2,036,000 after buying an additional 1,340 shares during the period. Clarkston Capital Partners LLC increased its stake in shares of Paychex by 40.8% in the second quarter. Clarkston Capital Partners LLC now owns 219,346 shares of the business services provider’s stock valued at $12,490,000 after buying an additional 63,605 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in shares of Paychex by 28.2% in the second quarter. Russell Investments Group Ltd. now owns 154,807 shares of the business services provider’s stock valued at $8,816,000 after buying an additional 34,089 shares during the period. Institutional investors and hedge funds own 68.60% of the company’s stock.
Paychex, Inc. (PAYX) opened at 55.94 on Tuesday. The company has a 50-day moving average of $58.16 and a 200-day moving average of $59.28. Paychex, Inc. has a 52 week low of $52.78 and a 52 week high of $63.03. The company has a market capitalization of $20.10 billion, a PE ratio of 24.86 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 EPS for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.01. The company had revenue of $799 million for the quarter, compared to analysts’ expectations of $797.70 million. Paychex had a net margin of 25.93% and a return on equity of 42.65%. Paychex’s revenue was up 6.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.49 EPS. On average, equities research analysts anticipate that Paychex, Inc. will post $2.37 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st will be paid a $0.50 dividend. The ex-dividend date of this dividend is Friday, July 28th. This is a boost from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 annualized dividend and a yield of 3.58%.
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Several brokerages have issued reports on PAYX. Goldman Sachs Group, Inc. (The) downgraded shares of Paychex from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $68.00 to $64.00 in a research report on Tuesday, June 20th. Wedbush restated a “neutral” rating and set a $61.25 price objective (down from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. BidaskClub upgraded shares of Paychex from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. BMO Capital Markets reaffirmed a “hold” rating and set a $60.00 target price on shares of Paychex in a report on Thursday, June 29th. Finally, William Blair cut shares of Paychex from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. Five equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $59.16.
In other Paychex news, Director Grant M. Inman sold 10,654 shares of the stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $57.75, for a total value of $615,268.50. Following the sale, the director now directly owns 32,514 shares in the company, valued at approximately $1,877,683.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Martin Mucci sold 30,000 shares of the stock in a transaction that occurred on Thursday, July 13th. The stock was sold at an average price of $57.04, for a total transaction of $1,711,200.00. Following the completion of the sale, the chief executive officer now owns 237,754 shares in the company, valued at $13,561,488.16. The disclosure for this sale can be found here. Insiders sold a total of 103,151 shares of company stock worth $5,916,158 over the last quarter. Corporate insiders own 11.60% of the company’s stock.
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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