World Asset Management Inc Has $1.79 Million Position in Paychex, Inc. (PAYX)
World Asset Management Inc reduced its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 11.2% during the second quarter, Holdings Channel reports. The institutional investor owned 31,452 shares of the business services provider’s stock after selling 3,961 shares during the period. World Asset Management Inc’s holdings in Paychex were worth $1,791,000 as of its most recent filing with the SEC.
Several other large investors have also recently bought and sold shares of PAYX. BlackRock Inc. raised its stake in Paychex by 2,782.5% in the first quarter. BlackRock Inc. now owns 25,717,903 shares of the business services provider’s stock worth $1,514,786,000 after buying an additional 24,825,695 shares in the last quarter. Vanguard Group Inc. raised its stake in Paychex by 2.6% in the first quarter. Vanguard Group Inc. now owns 22,453,468 shares of the business services provider’s stock worth $1,322,509,000 after buying an additional 573,036 shares in the last quarter. State Street Corp raised its stake in Paychex by 2.2% in the first quarter. State Street Corp now owns 14,205,592 shares of the business services provider’s stock worth $836,708,000 after buying an additional 309,889 shares in the last quarter. FMR LLC raised its stake in Paychex by 6.3% in the first quarter. FMR LLC now owns 9,866,100 shares of the business services provider’s stock worth $581,112,000 after buying an additional 588,027 shares in the last quarter. Finally, Wells Fargo & Company MN raised its stake in Paychex by 1.2% in the first quarter. Wells Fargo & Company MN now owns 8,482,489 shares of the business services provider’s stock worth $499,618,000 after buying an additional 104,154 shares in the last quarter. 68.60% of the stock is currently owned by institutional investors.
Paychex, Inc. (PAYX) opened at 54.24 on Friday. Paychex, Inc. has a 52 week low of $52.78 and a 52 week high of $63.03. The company’s 50-day moving average is $57.04 and its 200 day moving average is $59.00. The company has a market capitalization of $19.49 billion, a price-to-earnings ratio of 24.11 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, topping the Zacks’ 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 analyst estimates of $797.70 million. During the same quarter in the previous year, the firm earned $0.49 EPS. Paychex’s revenue was up 6.0% on a year-over-year basis. On average, analysts forecast that Paychex, Inc. will post $2.37 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st will be given 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 dividend on an annualized basis and a yield of 3.69%.
PAYX has been the topic of a number of analyst reports. BidaskClub lowered shares of Paychex from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 1st. Robert W. Baird reduced their price objective 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. Wedbush reaffirmed a “neutral” rating and issued a $61.25 price objective (down from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. Morgan Stanley reduced their price objective on shares of Paychex from $56.00 to $55.00 and set an “underweight” rating on the stock in a research note on Friday, June 30th. Finally, William Blair lowered shares of Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. Five equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $59.16.
In other Paychex news, CEO Martin Mucci sold 30,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 237,754 shares of the company’s stock, valued at approximately $13,561,488.16. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Mark Anthony Bottini sold 7,139 shares of the business’s stock in a transaction dated Sunday, July 9th. The stock was sold at an average price of $57.39, for a total value of $409,707.21. Following the completion of the transaction, the vice president now directly owns 46,548 shares of the company’s stock, valued at approximately $2,671,389.72. The disclosure for this sale can be found here. In the last three months, insiders sold 92,497 shares of company stock valued at $5,300,889. 11.60% of the stock is owned by 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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