Lee Financial Co Raises Stake in Paychex, Inc. (PAYX)
Lee Financial Co raised its position in Paychex, Inc. (NASDAQ:PAYX) by 0.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 22,209 shares of the business services provider’s stock after buying an additional 207 shares during the period. Lee Financial Co’s holdings in Paychex were worth $1,264,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Northwest Quadrant Wealth Management LLC boosted its stake in Paychex by 0.6% in the first quarter. Northwest Quadrant Wealth Management LLC now owns 3,923 shares of the business services provider’s stock worth $228,000 after buying an additional 24 shares during the last quarter. Pacer Advisors Inc. boosted its stake in Paychex by 4.3% in the first quarter. Pacer Advisors Inc. now owns 10,174 shares of the business services provider’s stock worth $599,000 after buying an additional 417 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Paychex by 314.1% in the first quarter. JPMorgan Chase & Co. now owns 1,001,929 shares of the business services provider’s stock worth $59,014,000 after buying an additional 759,973 shares during the last quarter. Burney Co. boosted its stake in Paychex by 28.9% in the first quarter. Burney Co. now owns 40,717 shares of the business services provider’s stock worth $2,398,000 after buying an additional 9,135 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in Paychex by 23.8% in the first quarter. Ameriprise Financial Inc. now owns 4,237,537 shares of the business services provider’s stock worth $248,742,000 after buying an additional 813,930 shares during the last quarter. 68.60% of the stock is currently owned by institutional investors.
Shares of Paychex, Inc. (PAYX) opened at 54.78 on Friday. Paychex, Inc. has a 52-week low of $52.78 and a 52-week high of $63.03. The company has a market cap of $19.69 billion, a PE ratio of 24.35 and a beta of 0.96. The stock’s 50 day moving average is $57.19 and its 200 day moving average is $59.04.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $799 million during the quarter, compared to analysts’ expectations of $797.70 million. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The company’s revenue was up 6.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.49 EPS. Equities analysts forecast that Paychex, Inc. will post $2.37 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Tuesday, August 1st will be issued a dividend of $0.50 per share. 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 dividend on an annualized basis and a dividend yield of 3.65%.
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A number of equities research analysts have commented on PAYX shares. BidaskClub upgraded shares of Paychex from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Wedbush restated a “neutral” rating and set a $61.25 target price (down previously from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. William Blair cut shares of Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. BMO Capital Markets restated a “hold” rating and set a $60.00 target price on shares of Paychex in a research note on Thursday, June 29th. Finally, Robert W. Baird decreased their target price on shares of Paychex from $63.00 to $60.00 and set a “neutral” rating on the stock in a research note 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 given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $59.16.
In other news, 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 transaction of $421,488.20. Following the completion of the transaction, the insider now directly owns 55,632 shares in the company, valued at approximately $3,193,276.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Martin Mucci sold 30,000 shares of the stock in a transaction on Thursday, July 13th. The stock was sold at an average price of $57.04, for a total value of $1,711,200.00. Following the transaction, the chief executive officer now owns 237,754 shares of the company’s stock, valued at $13,561,488.16. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 92,497 shares of company stock valued at $5,300,889. Company 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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