Kanawha Capital Management LLC Maintains Stake in Paychex, Inc. (NASDAQ:PAYX)
Kanawha Capital Management LLC continued to hold its position in shares of Paychex, Inc. (NASDAQ:PAYX) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,184 shares of the business services provider’s stock at the end of the second quarter. Kanawha Capital Management LLC’s holdings in Paychex were worth $238,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Northwest Quadrant Wealth Management LLC increased its position in shares of 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 period. Pacer Advisors Inc. increased its position in shares of 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 period. JPMorgan Chase & Co. increased its position in shares of 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 period. Burney Co. increased its position in shares of 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 period. Finally, Ameriprise Financial Inc. increased its position in shares of 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 period. Institutional investors own 68.60% of the company’s stock.
Shares of Paychex, Inc. (NASDAQ:PAYX) opened at 54.24 on Friday. Paychex, Inc. has a one year low of $52.78 and a one year high of $63.03. The stock’s 50 day moving average price is $57.04 and its 200 day moving average price is $59.00. The stock has a market capitalization of $19.49 billion, a PE ratio of 24.11 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last released its quarterly earnings data 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. The company had revenue of $799 million for the quarter, compared to analyst estimates of $797.70 million. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.49 earnings per share. Equities research analysts predict that Paychex, Inc. will post $2.37 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, July 28th. This represents a $2.00 dividend on an annualized basis and a yield of 3.69%. This is a positive change from Paychex’s previous quarterly dividend of $0.46.
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Several research firms have weighed in on PAYX. BidaskClub upgraded Paychex from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. William Blair downgraded Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. Wedbush restated a “neutral” rating and issued a $61.25 price target (down from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. BMO Capital Markets restated a “hold” rating and issued a $60.00 price target on shares of Paychex in a research note on Thursday, June 29th. Finally, Robert W. Baird dropped their price target on Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, June 30th. Five 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. The company presently has an average rating of “Hold” and an average target price of $59.16.
In other Paychex news, VP Laurie L. Zaucha sold 2,884 shares of the business’s stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $57.39, for a total transaction of $165,512.76. Following the transaction, the vice president now owns 32,906 shares of the company’s stock, valued at $1,888,475.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Mark Anthony Bottini sold 7,139 shares of the business’s stock in a transaction on Sunday, July 9th. The stock was sold at an average price of $57.39, for a total value of $409,707.21. Following the transaction, the vice president now directly owns 46,548 shares in the company, valued at approximately $2,671,389.72. The disclosure for this sale can be found here. Insiders have sold 92,497 shares of company stock worth $5,300,889 in the last three months. 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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