IBM Retirement Fund Acquires 4,301 Shares of Paychex, Inc. (PAYX)
IBM Retirement Fund raised its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 119.8% during the second quarter, Holdings Channel reports. The institutional investor owned 7,892 shares of the business services provider’s stock after buying an additional 4,301 shares during the period. IBM Retirement Fund’s holdings in Paychex were worth $501,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Eastern Bank raised its position in Paychex by 2.7% in the second quarter. Eastern Bank now owns 45,615 shares of the business services provider’s stock worth $2,597,000 after buying an additional 1,203 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in Paychex by 15.1% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 59,130 shares of the business services provider’s stock worth $3,394,000 after buying an additional 7,779 shares during the period. Park Avenue Securities LLC purchased a new position in Paychex during the second quarter worth approximately $395,000. Steinberg Global Asset Management raised its position in Paychex by 0.7% in the second quarter. Steinberg Global Asset Management now owns 125,954 shares of the business services provider’s stock worth $7,172,000 after buying an additional 900 shares during the period. Finally, Mechanics Bank Trust Department raised its position in Paychex by 5.1% in the second quarter. Mechanics Bank Trust Department now owns 27,205 shares of the business services provider’s stock worth $1,549,000 after buying an additional 1,310 shares during the period. Institutional investors and hedge funds own 68.60% of the company’s stock.
Shares of Paychex, Inc. (PAYX) opened at 54.91 on Thursday. Paychex, Inc. has a 12-month low of $52.78 and a 12-month high of $63.03. The stock’s 50 day moving average is $57.34 and its 200-day moving average is $59.08. The company has a market capitalization of $19.73 billion, a P/E ratio of 24.40 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.01. The company had revenue of $799 million during 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 quarterly revenue was up 6.0% on a year-over-year basis. During the same period last year, the company posted $0.49 earnings per share. Analysts anticipate that Paychex, Inc. will post $2.37 earnings per share for the current year.
The business also recently announced 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 represents a $2.00 annualized dividend and a yield of 3.64%. This is a boost from Paychex’s previous quarterly dividend of $0.46. The ex-dividend date is Friday, July 28th.
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A number of research firms have recently commented on PAYX. BidaskClub lowered shares of Paychex from a “sell” rating to a “strong sell” rating in a research report on Sunday. William Blair lowered shares of Paychex from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. J P Morgan Chase & Co restated a “neutral” rating and set a $60.00 price target (down from $62.00) on shares of Paychex in a research report on Friday, June 30th. Morgan Stanley reduced their price target on shares of Paychex from $56.00 to $55.00 and set an “underweight” rating for the company in a research report on Friday, June 30th. Finally, Robert W. Baird reduced their price target on shares of Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, June 30th. Five investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has given a buy rating to the company’s stock. Paychex currently has an average rating of “Hold” and a consensus price target of $59.16.
In other Paychex news, CEO Martin Mucci sold 33,294 shares of Paychex stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 254,618 shares of the company’s stock, valued at approximately $14,615,073.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joseph M. Tucci sold 6,000 shares of Paychex stock in a transaction on Monday, July 10th. The stock was sold at an average price of $57.82, for a total transaction of $346,920.00. Following the completion of the transaction, the director now directly owns 53,621 shares of the company’s stock, valued at $3,100,366.22. The disclosure for this sale can be found here. Insiders have sold 92,497 shares of company stock valued at $5,300,889 over the last ninety days. 11.60% of the stock is currently owned by corporate insiders.
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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