Park Avenue Securities LLC Takes Position in Paychex, Inc. (NASDAQ:PAYX)
Park Avenue Securities LLC bought a new stake in Paychex, Inc. (NASDAQ:PAYX) during the second quarter, Holdings Channel reports. The fund bought 6,840 shares of the business services provider’s stock, valued at approximately $395,000.
Several other large investors have also recently modified their holdings of the company. Parkside Financial Bank & Trust boosted its stake 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 valued at $173,000 after buying an additional 564 shares during the period. Kernodle & Katon Asset Management Group LLC boosted its stake 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 valued at $186,000 after buying an additional 867 shares during the period. Koshinski Asset Management Inc. purchased a new stake in shares of Paychex during the second quarter valued at about $201,000. Denver Investment Advisors LLC boosted its stake 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 valued at $223,000 after buying an additional 271 shares during the period. Finally, King Wealth Management Group LLC boosted its stake 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 valued at $223,000 after buying an additional 30 shares during the period. 68.60% of the stock is currently owned by hedge funds and other institutional investors.
Paychex, Inc. (PAYX) opened at 55.04 on Wednesday. The stock has a market cap of $19.78 billion, a price-to-earnings ratio of 24.46 and a beta of 0.96. The firm’s 50 day moving average price is $57.80 and its 200 day moving average price is $59.21. Paychex, Inc. has a 12 month low of $52.78 and a 12 month high of $63.03.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, topping the Zacks’ 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 the consensus estimate of $797.70 million. During the same quarter in the previous year, the company earned $0.49 earnings per share. The business’s revenue was up 6.0% compared to the same quarter last year. On average, equities research analysts predict that Paychex, Inc. will post $2.37 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, July 28th. This represents a $2.00 dividend on an annualized basis and a yield of 3.63%. This is an increase from Paychex’s previous quarterly dividend of $0.46.
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Several equities research analysts have recently issued reports on the company. BidaskClub cut Paychex from a “sell” rating to a “strong sell” rating in a report on Sunday. William Blair cut Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. Robert W. Baird reduced their price objective on Paychex from $63.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, June 30th. Goldman Sachs Group, Inc. (The) cut Paychex from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $68.00 to $64.00 in a research note on Tuesday, June 20th. Finally, BMO Capital Markets reissued a “hold” rating and set a $60.00 price objective on shares of Paychex in a research note on Thursday, June 29th. Five investment 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. Paychex has a consensus rating of “Hold” and an average target price of $59.16.
In other Paychex news, VP Mark Anthony Bottini sold 7,139 shares of Paychex stock in a transaction on Sunday, July 9th. The shares were sold at an average price of $57.39, for a total transaction of $409,707.21. Following the sale, the vice president now owns 46,548 shares in the company, valued at $2,671,389.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael E. Gioja sold 7,343 shares of Paychex stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $57.40, for a total transaction of $421,488.20. Following the sale, the insider now owns 55,632 shares in the company, valued at approximately $3,193,276.80. The disclosure for this sale can be found here. Insiders have sold 92,497 shares of company stock worth $5,300,889 in 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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