Markel Corp Maintains Position in Paychex, Inc. (NASDAQ:PAYX)
Markel Corp held its stake in shares of Paychex, Inc. (NASDAQ:PAYX) during the second quarter, Holdings Channel reports. The institutional investor owned 150,000 shares of the business services provider’s stock at the end of the second quarter. Markel Corp’s holdings in Paychex were worth $8,541,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of PAYX. BlackRock Inc. raised its position in shares of Paychex by 2,782.5% in the first quarter. BlackRock Inc. now owns 25,717,903 shares of the business services provider’s stock valued at $1,514,786,000 after buying an additional 24,825,695 shares during the period. Vanguard Group Inc. raised its position in shares of Paychex by 2.6% in the first quarter. Vanguard Group Inc. now owns 22,453,468 shares of the business services provider’s stock valued at $1,322,509,000 after buying an additional 573,036 shares during the period. State Street Corp raised its position in shares of Paychex by 2.2% in the first quarter. State Street Corp now owns 14,205,592 shares of the business services provider’s stock valued at $836,708,000 after buying an additional 309,889 shares during the period. FMR LLC raised its position in shares of Paychex by 6.3% in the first quarter. FMR LLC now owns 9,866,100 shares of the business services provider’s stock valued at $581,112,000 after buying an additional 588,027 shares during the period. Finally, Wells Fargo & Company MN raised its position in shares of 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 valued at $499,618,000 after buying an additional 104,154 shares during the period. 68.60% of the stock is currently owned by institutional investors.
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 has a market cap of $19.49 billion, a price-to-earnings ratio of 24.11 and a beta of 0.96. The company has a 50 day moving average price of $57.04 and a 200-day moving average price of $59.00.
Paychex (NASDAQ:PAYX) last posted 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 net margin of 25.93% and a return on equity of 42.65%. The firm had revenue of $799 million during the quarter, compared to the consensus estimate of $797.70 million. During the same quarter last year, the firm earned $0.49 EPS. The firm’s revenue for the quarter was up 6.0% on a year-over-year basis. Equities analysts predict that Paychex, Inc. will post $2.37 earnings per share for the current fiscal year.
The business 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 represents a $2.00 annualized dividend and a yield of 3.69%. The ex-dividend date of this dividend is Friday, July 28th. This is an increase from Paychex’s previous quarterly dividend of $0.46.
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Several research analysts have issued reports on PAYX shares. BidaskClub lowered Paychex from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 1st. Robert W. Baird dropped their target price on Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, June 30th. Wedbush restated a “neutral” rating and set a $61.25 target price (down previously from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. Morgan Stanley dropped their target price on Paychex from $56.00 to $55.00 and set an “underweight” rating for the company in a research report on Friday, June 30th. Finally, William Blair lowered Paychex from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. Five investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $59.16.
In related news, Director Joseph M. Tucci sold 6,000 shares of Paychex stock in a transaction that occurred 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 completion of the sale, the director now owns 53,621 shares in the company, valued at approximately $3,100,366.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Martin Mucci sold 30,000 shares of Paychex stock in a transaction that occurred on Thursday, July 13th. The shares were sold at an average price of $57.04, for a total transaction of $1,711,200.00. Following the completion of the sale, the chief executive officer now owns 237,754 shares of the company’s stock, valued at approximately $13,561,488.16. The disclosure for this sale can be found here. Insiders sold a total of 92,497 shares of company stock valued at $5,300,889 in the last quarter. 11.60% of the stock is owned by 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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