Paychex, Inc. (PAYX) Position Reduced by Strs Ohio
Strs Ohio cut its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 19.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,908 shares of the business services provider’s stock after selling 3,316 shares during the period. Strs Ohio’s holdings in Paychex were worth $791,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the stock. 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 in 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 in the last quarter. Koshinski Asset Management Inc. purchased a new stake in Paychex during the second quarter valued at approximately $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 in 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 in the last quarter. 68.68% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Paychex, Inc. (NASDAQ:PAYX) opened at 54.99 on Friday. Paychex, Inc. has a one year low of $52.78 and a one year high of $63.03. The company has a market cap of $19.76 billion, a P/E ratio of 24.44 and a beta of 0.96. The company’s 50-day moving average price is $56.62 and its 200 day moving average price is $58.78.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (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 analysts’ expectations of $797.70 million. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The firm’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.49 earnings per share. On average, equities research analysts anticipate that Paychex, Inc. will post $2.37 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st will be issued a $0.50 dividend. This is a positive change from Paychex’s previous quarterly dividend of $0.46. The ex-dividend date is Friday, July 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.64%.
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Several equities research analysts have recently commented on the company. Stifel Nicolaus restated a “hold” rating and set a $61.00 price objective on shares of Paychex in a report on Friday. Morgan Stanley upgraded 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. BidaskClub downgraded Paychex from a “sell” rating to a “strong sell” rating in a report on Sunday, August 6th. Goldman Sachs Group, Inc. (The) downgraded Paychex from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $68.00 to $64.00 in a report on Tuesday, June 20th. Finally, Robert W. Baird decreased their price objective on Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a report on Friday, June 30th. Four equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and one has issued a buy rating to the stock. Paychex currently 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 stock was sold at an average price of $57.04, for a total value 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Laurie L. Zaucha sold 2,884 shares of Paychex stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $57.39, for a total value of $165,512.76. Following the completion of the sale, the vice president now directly owns 32,906 shares of the company’s stock, valued at approximately $1,888,475.34. The disclosure for this sale can be found here. In the last three months, insiders sold 92,497 shares of company stock valued at $5,300,889. Corporate insiders own 11.60% of the company’s stock.
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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