Paychex, Inc. (PAYX) Stake Held by OLD Republic International Corp
OLD Republic International Corp maintained its position in Paychex, Inc. (NASDAQ:PAYX) during the second quarter, Holdings Channel reports. The fund owned 274,800 shares of the business services provider’s stock at the end of the second quarter. OLD Republic International Corp’s holdings in Paychex were worth $15,647,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Parkside Financial Bank & Trust raised its position 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 worth $173,000 after buying an additional 564 shares during the period. Kernodle & Katon Asset Management Group LLC raised its position 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 worth $186,000 after buying an additional 867 shares during the period. Koshinski Asset Management Inc. purchased a new position in Paychex during the second quarter worth approximately $201,000. Denver Investment Advisors LLC raised its position 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 worth $223,000 after buying an additional 271 shares during the period. Finally, King Wealth Management Group LLC raised its position 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 worth $223,000 after buying an additional 30 shares during the period. Hedge funds and other institutional investors own 68.68% of the company’s stock.
Paychex, Inc. (PAYX) opened at 54.99 on Friday. The firm has a 50 day moving average of $56.62 and a 200-day moving average of $58.78. Paychex, Inc. has a 52 week low of $52.78 and a 52 week high of $63.03. The company has a market capitalization of $19.76 billion, a P/E ratio of 24.44 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 EPS for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.01. The business had revenue of $799 million during the quarter, compared to analyst estimates of $797.70 million. Paychex had a net margin of 25.93% and a return on equity of 42.65%. Paychex’s quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.49 EPS. On average, analysts forecast that Paychex, Inc. will post $2.37 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.64%. This is an increase from Paychex’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Friday, July 28th.
WARNING: This piece was posted by Daily Political and is the property of of Daily Political. If you are viewing this piece on another site, it was copied illegally and republished in violation of U.S. & international copyright law. The correct version of this piece can be viewed at https://www.dailypolitical.com/2017/08/19/paychex-inc-payx-stake-held-by-old-republic-international-corp.html.
A number of research firms have commented on PAYX. BMO Capital Markets restated a “hold” rating and issued a $60.00 price target on shares of Paychex in a research report on Thursday, June 29th. BidaskClub upgraded shares of Paychex from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. Goldman Sachs Group, Inc. (The) lowered shares of Paychex from a “buy” rating to a “neutral” rating and reduced their price target for the company from $68.00 to $64.00 in a research report on Tuesday, June 20th. J P Morgan Chase & Co restated a “neutral” rating and issued a $60.00 price target (down from $62.00) on shares of Paychex in a research report on Friday, June 30th. Finally, William Blair lowered shares of Paychex from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. Four research analysts have rated the stock with a sell rating, thirteen have given a hold rating and one has given a buy rating to the company. Paychex has an average rating of “Hold” and an average target price of $59.28.
In other Paychex news, CEO Martin Mucci sold 30,000 shares of Paychex stock in a transaction 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 transaction, the chief executive officer now directly owns 237,754 shares of the company’s stock, valued at approximately $13,561,488.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Mark Anthony Bottini sold 7,139 shares of Paychex stock in a transaction on Sunday, July 9th. The stock was sold at an average price of $57.39, for a total transaction of $409,707.21. Following the transaction, the vice president now directly owns 46,548 shares in the company, valued at $2,671,389.72. The disclosure for this sale can be found here. Insiders have sold a total of 92,497 shares of company stock worth $5,300,889 over the last ninety days. Insiders own 11.60% of the company’s stock.
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.
Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex, Inc. (NASDAQ:PAYX).
Receive News & Ratings for Paychex Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex Inc. and related companies with MarketBeat.com's FREE daily email newsletter.