Paychex, Inc. (PAYX) Shares Bought by Univest Corp of Pennsylvania
Univest Corp of Pennsylvania raised its position in Paychex, Inc. (NASDAQ:PAYX) by 9.7% during the second quarter, Holdings Channel reports. The firm owned 6,127 shares of the business services provider’s stock after buying an additional 543 shares during the period. Univest Corp of Pennsylvania’s holdings in Paychex were worth $349,000 as of its most recent filing with the SEC.
A number of other large investors have also added to or reduced their stakes in PAYX. Parkside Financial Bank & Trust raised 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 period. Kernodle & Katon Asset Management Group LLC raised 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 period. Koshinski Asset Management Inc. acquired a new stake in Paychex during the second quarter worth approximately $201,000. Denver Investment Advisors LLC raised 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 period. Finally, King Wealth Management Group LLC raised 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 period. Institutional investors and hedge funds own 68.60% of the company’s stock.
Paychex, Inc. (NASDAQ:PAYX) opened at 54.24 on Friday. The firm has a market cap of $19.49 billion, a P/E ratio of 24.11 and a beta of 0.96. Paychex, Inc. has a 12-month low of $52.78 and a 12-month high of $63.03. The firm’s 50-day moving average price is $57.04 and its 200 day moving average price is $59.00.
Paychex (NASDAQ:PAYX) last released its earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. The business had revenue of $799 million for the quarter, compared to analyst estimates of $797.70 million. Paychex had a net margin of 25.93% and a return on equity of 42.65%. Paychex’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.49 earnings per share. Analysts forecast that Paychex, Inc. will post $2.37 earnings per share for the current fiscal 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 issued a $0.50 dividend. This is a positive change from Paychex’s previous quarterly dividend of $0.46. The ex-dividend date is Friday, July 28th. This represents a $2.00 annualized dividend and a yield of 3.69%.
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PAYX has been the topic of a number of research analyst reports. BMO Capital Markets restated a “hold” rating and set a $60.00 price target on shares of Paychex in a research report on Thursday, June 29th. William Blair lowered Paychex from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. Goldman Sachs Group, Inc. (The) lowered Paychex from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $68.00 to $64.00 in a research report on Tuesday, June 20th. Wedbush restated a “neutral” rating and set a $61.25 price target (down from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. Finally, 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. Five investment analysts have rated the stock with a sell rating, eleven have given a hold rating and one has issued a buy rating to the stock. Paychex presently has an average rating of “Hold” and an average price target of $59.16.
In related news, Director Joseph M. Tucci sold 6,000 shares of the business’s stock in a transaction on 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 owns 53,621 shares in the company, valued at $3,100,366.22. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Michael E. Gioja sold 7,343 shares of the business’s stock in a transaction on Thursday, July 6th. The shares were 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 owns 55,632 shares in the company, valued at approximately $3,193,276.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 92,497 shares of company stock worth $5,300,889. 11.60% of the stock is 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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