Paychex, Inc. (PAYX) Position Raised by Steinberg Global Asset Management
Steinberg Global Asset Management raised its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.7% during the second quarter, Holdings Channel reports. The fund owned 125,954 shares of the business services provider’s stock after buying an additional 900 shares during the period. Steinberg Global Asset Management’s holdings in Paychex were worth $7,172,000 as of its most recent filing with the SEC.
Other hedge funds have also added to or reduced their stakes in the company. Parkside Financial Bank & Trust boosted its stake 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 worth $173,000 after buying an additional 564 shares during the last quarter. Kernodle & Katon Asset Management Group LLC boosted its stake 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 worth $186,000 after buying an additional 867 shares during the last quarter. Koshinski Asset Management Inc. acquired a new stake in Paychex during the second quarter worth about $201,000. Denver Investment Advisors LLC boosted its stake 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 worth $223,000 after buying an additional 271 shares during the last quarter. Finally, King Wealth Management Group LLC boosted its stake 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 worth $223,000 after buying an additional 30 shares during the last quarter. 68.60% of the stock is owned by institutional investors.
Paychex, Inc. (NASDAQ:PAYX) opened at 55.04 on Wednesday. The stock has a 50 day moving average price of $57.80 and a 200 day moving average price of $59.21. The company has a market cap of $19.78 billion, a price-to-earnings ratio of 24.46 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 posted its earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. The firm had revenue of $799 million for the quarter, compared to the consensus estimate of $797.70 million. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The business’s quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.49 earnings per share. On average, equities analysts forecast that Paychex, Inc. will post $2.37 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Tuesday, August 1st will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.63%. The ex-dividend date is Friday, July 28th. This is an increase from Paychex’s previous quarterly dividend of $0.46.
A number of analysts have recently issued reports on the company. BidaskClub cut Paychex from a “sell” rating to a “strong sell” rating in a research report on Sunday. William Blair cut Paychex from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. Robert W. Baird cut their price objective on Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, June 30th. Goldman Sachs Group, Inc. (The) cut Paychex from a “buy” rating to a “neutral” rating and cut their price objective for the company from $68.00 to $64.00 in a research report on Tuesday, June 20th. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $60.00 price objective on shares of Paychex in a research report on Thursday, June 29th. Five equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $59.16.
In related news, VP Laurie L. Zaucha sold 2,884 shares of the stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $57.39, for a total value of $165,512.76. Following the sale, the vice president now owns 32,906 shares in the company, valued at $1,888,475.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Michael E. Gioja sold 7,343 shares of the stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $57.40, for a total value of $421,488.20. Following the completion of 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 sold 92,497 shares of company stock worth $5,300,889 in the last quarter. 11.60% of the stock is currently owned by company insiders.
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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