Oakworth Capital Inc. Sells 7 Shares of Paychex, Inc. (PAYX)
Oakworth Capital Inc. reduced its position in Paychex, Inc. (NASDAQ:PAYX) by 0.1% during the second quarter, Holdings Channel reports. The institutional investor owned 5,544 shares of the business services provider’s stock after selling 7 shares during the period. Oakworth Capital Inc.’s holdings in Paychex were worth $315,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. increased 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. Ameriprise Financial Inc. increased 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 in the last quarter. Mawer Investment Management Ltd. acquired a new stake in Paychex during the second quarter worth $45,209,000. JPMorgan Chase & Co. increased 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 in the last quarter. Finally, Morgan Stanley increased its stake in Paychex by 27.5% in the first quarter. Morgan Stanley now owns 2,786,888 shares of the business services provider’s stock worth $164,149,000 after buying an additional 601,496 shares in the last quarter. 68.60% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Paychex, Inc. (NASDAQ PAYX) opened at 54.24 on Friday. The stock has a market capitalization 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 company’s 50-day moving average is $57.04 and its 200 day moving average is $59.00.
Paychex (NASDAQ:PAYX) last posted 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. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The company had revenue of $799 million for the quarter, compared to analyst estimates of $797.70 million. During the same quarter in the previous year, the firm earned $0.49 earnings per share. The firm’s quarterly revenue was up 6.0% compared to the same quarter last year. Equities research analysts predict that Paychex, Inc. will post $2.37 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.69%. The ex-dividend date is Friday, July 28th. This is a positive change from Paychex’s previous quarterly dividend of $0.46.
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A number of analysts have recently weighed in on PAYX shares. Morgan Stanley reduced their target price on shares of Paychex from $56.00 to $55.00 and set an “underweight” rating on the stock in a research report on Friday, June 30th. Wedbush reaffirmed a “neutral” rating and issued a $61.25 target price (down from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. William Blair downgraded shares of Paychex from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. BidaskClub downgraded shares of Paychex from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 1st. Finally, J P Morgan Chase & Co reaffirmed a “neutral” rating and issued a $60.00 target price (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 company. The stock presently has an average rating of “Hold” and an average target price of $59.16.
In other news, insider Michael E. Gioja sold 7,343 shares of the business’s stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $57.40, for a total transaction of $421,488.20. Following the sale, the insider now owns 55,632 shares in the company, valued at $3,193,276.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph M. Tucci sold 6,000 shares of the business’s stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $57.82, for a total value of $346,920.00. Following the sale, the director now owns 53,621 shares in the company, valued at approximately $3,100,366.22. The disclosure for this sale can be found here. Insiders sold 92,497 shares of company stock worth $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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