Paychex, Inc. (PAYX) Shares Sold by Mitsubishi UFJ Kokusai Asset Management Co. Ltd.
Mitsubishi UFJ Kokusai Asset Management Co. Ltd. cut its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 12.0% during the second quarter, Holdings Channel reports. The fund owned 53,697 shares of the business services provider’s stock after selling 7,331 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Paychex were worth $3,058,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of PAYX. Parkside Financial Bank & Trust increased 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 valued at $173,000 after buying an additional 564 shares during the last quarter. Kernodle & Katon Asset Management Group LLC increased 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 valued at $186,000 after buying an additional 867 shares during the last quarter. Koshinski Asset Management Inc. purchased a new stake in Paychex during the second quarter valued at $201,000. Denver Investment Advisors LLC increased 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 valued at $223,000 after buying an additional 271 shares during the last quarter. Finally, King Wealth Management Group LLC increased 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 valued at $223,000 after buying an additional 30 shares during the last quarter. 68.68% of the stock is owned by institutional investors and hedge funds.
Shares of Paychex, Inc. (PAYX) opened at 56.24 on Thursday. Paychex, Inc. has a 12-month low of $52.78 and a 12-month high of $63.03. The firm has a market cap of $20.21 billion, a P/E ratio of 25.00 and a beta of 0.96. The firm has a 50-day moving average price of $56.75 and a 200-day moving average price of $58.85.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) 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 company 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 posted $0.49 EPS. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. On average, equities research analysts expect that Paychex, Inc. will post $2.37 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date of this dividend is Friday, July 28th. This is a positive change from Paychex’s previous quarterly dividend of $0.46.
PAYX has been the subject of several research analyst reports. Morgan Stanley raised Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price objective for the company in a report on Wednesday. They noted that the move was a valuation call. BMO Capital Markets reaffirmed a “hold” rating and set a $60.00 price target on shares of Paychex in a report on Thursday, June 29th. William Blair downgraded Paychex from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. Goldman Sachs Group, Inc. (The) downgraded 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 report on Tuesday, June 20th. Finally, Wedbush reaffirmed a “neutral” rating and set a $61.25 price target (down from $65.00) on shares of Paychex in a report on Tuesday, June 6th. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $59.16.
In other Paychex news, CEO Martin Mucci sold 30,000 shares of the business’s stock in a transaction on Thursday, July 13th. The stock was sold at an average price of $57.04, for a total transaction of $1,711,200.00. Following the completion of the transaction, the chief executive officer now owns 237,754 shares in the company, valued at approximately $13,561,488.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael E. Gioja sold 7,343 shares of the business’s stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $57.40, for a total value of $421,488.20. Following the transaction, the insider now owns 55,632 shares of the company’s stock, valued at approximately $3,193,276.80. The disclosure for this sale can be found here. Insiders have 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 currently 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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