Janney Montgomery Scott LLC Boosts Stake in Paychex, Inc. (PAYX)
Janney Montgomery Scott LLC raised its position in Paychex, Inc. (NASDAQ:PAYX) by 2.1% during the second quarter, Holdings Channel reports. The firm owned 126,614 shares of the business services provider’s stock after buying an additional 2,625 shares during the period. Janney Montgomery Scott LLC’s holdings in Paychex were worth $7,209,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in PAYX. Teachers Advisors LLC raised its position in shares of Paychex by 13.4% in the fourth quarter. Teachers Advisors LLC now owns 391,570 shares of the business services provider’s stock worth $23,839,000 after buying an additional 46,364 shares during the period. Macquarie Group Ltd. raised its position in shares of Paychex by 46.1% in the fourth quarter. Macquarie Group Ltd. now owns 20,600 shares of the business services provider’s stock worth $1,254,000 after buying an additional 6,500 shares during the period. Chevy Chase Trust Holdings Inc. raised its position in shares of Paychex by 2.2% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 280,066 shares of the business services provider’s stock worth $16,496,000 after buying an additional 6,157 shares during the period. CENTRAL TRUST Co raised its position in shares of Paychex by 5.8% in the first quarter. CENTRAL TRUST Co now owns 7,290 shares of the business services provider’s stock worth $429,000 after buying an additional 400 shares during the period. Finally, Creative Planning raised its position in shares of Paychex by 5.6% in the first quarter. Creative Planning now owns 29,877 shares of the business services provider’s stock worth $1,760,000 after buying an additional 1,576 shares during the period. Institutional investors and hedge funds own 68.60% of the company’s stock.
Paychex, Inc. (PAYX) opened at 54.91 on Thursday. Paychex, Inc. has a 52-week low of $52.78 and a 52-week high of $63.03. The company has a 50-day moving average of $57.34 and a 200-day moving average of $59.08. The stock has a market capitalization of $19.73 billion, a price-to-earnings ratio of 24.40 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last announced 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. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The business had revenue of $799 million during the quarter, compared to analysts’ expectations of $797.70 million. During the same quarter last year, the business posted $0.49 earnings per share. The company’s quarterly revenue was up 6.0% on a year-over-year basis. Equities research analysts expect 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. Investors of record on Tuesday, August 1st will be paid a dividend of $0.50 per share. The ex-dividend date is Friday, July 28th. 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.
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PAYX has been the topic of a number of research reports. Wedbush restated a “neutral” rating and set a $61.25 target price (down from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. Goldman Sachs Group, Inc. (The) lowered shares of Paychex from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $68.00 to $64.00 in a research report on Tuesday, June 20th. BMO Capital Markets restated a “hold” rating and set a $60.00 target price on shares of Paychex in a research report on Thursday, June 29th. Robert W. Baird lowered their target price on shares of Paychex from $63.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, June 30th. Finally, Morgan Stanley lowered their target price on shares of Paychex from $56.00 to $55.00 and set an “underweight” rating on the stock in a research report on Friday, June 30th. 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 company. Paychex currently has an average rating of “Hold” and an average price target of $59.16.
In related news, CEO Martin Mucci sold 30,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 237,754 shares of the company’s stock, valued at $13,561,488.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph M. Tucci sold 6,000 shares of the firm’s stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $57.82, for a total value of $346,920.00. Following the transaction, the director now directly owns 53,621 shares of the company’s stock, valued at approximately $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 in the last ninety days. 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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