HPM Partners LLC Has $8.30 Million Position in Paychex, Inc. (PAYX)
HPM Partners LLC boosted its position in Paychex, Inc. (NASDAQ:PAYX) by 228.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 145,838 shares of the business services provider’s stock after purchasing an additional 101,440 shares during the quarter. Paychex comprises about 0.7% of HPM Partners LLC’s holdings, making the stock its 26th largest position. HPM Partners LLC’s holdings in Paychex were worth $8,304,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the stock. Franklin Resources Inc. raised its stake in Paychex by 9.3% in the 2nd quarter. Franklin Resources Inc. now owns 156,887 shares of the business services provider’s stock valued at $8,934,000 after purchasing an additional 13,372 shares during the last quarter. CIBC World Markets Inc. grew its holdings in Paychex by 17.4% in the 2nd quarter. CIBC World Markets Inc. now owns 18,556 shares of the business services provider’s stock valued at $1,057,000 after buying an additional 2,751 shares during the period. Engineers Gate Manager LP purchased a new stake in Paychex in the 2nd quarter valued at about $581,000. Tredje AP fonden grew its holdings in Paychex by 19.1% in the 2nd quarter. Tredje AP fonden now owns 129,805 shares of the business services provider’s stock valued at $7,391,000 after buying an additional 20,860 shares during the period. Finally, Schroder Investment Management Group grew its holdings in Paychex by 1.2% in the 2nd quarter. Schroder Investment Management Group now owns 1,004,219 shares of the business services provider’s stock valued at $56,929,000 after buying an additional 11,462 shares during the period. 67.32% of the stock is owned by hedge funds and other institutional investors.
Several research firms have commented on PAYX. Stifel Nicolaus restated a “hold” rating and issued a $61.00 price target on shares of Paychex in a report on Friday, August 18th. BidaskClub cut Paychex from a “sell” rating to a “strong sell” rating in a report on Sunday, August 6th. Goldman Sachs Group, Inc. (The) cut Paychex from a “buy” rating to a “neutral” rating and lowered their price target for the company from $68.00 to $64.00 in a report on Tuesday, June 20th. Robert W. Baird lowered their price target on Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a report on Friday, June 30th. Finally, Morgan Stanley upgraded Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price target for the company in a report on Wednesday, August 16th. They noted that the move was a valuation call. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and one has assigned a buy rating to the company. Paychex currently has an average rating of “Hold” and an average price target of $59.28.
Shares of Paychex, Inc. (NASDAQ:PAYX) traded down 0.02% during mid-day trading on Friday, hitting $57.00. The stock had a trading volume of 255,393 shares. The company has a 50-day moving average of $56.40 and a 200 day moving average of $58.57. Paychex, Inc. has a one year low of $52.78 and a one year high of $63.03. The firm has a market cap of $20.49 billion, a price-to-earnings ratio of 25.33 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.01. Paychex had a return on equity of 42.48% and a net margin of 25.93%. The company had revenue of $799 million during the quarter, compared to the consensus estimate of $797.70 million. During the same period last year, the business earned $0.49 EPS. The business’s quarterly revenue was up 6.0% on a year-over-year basis. On average, equities research analysts forecast that Paychex, Inc. will post $2.37 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 24th. Stockholders of record on Tuesday, August 1st were paid a dividend of $0.50 per share. The ex-dividend date was Friday, July 28th. This is an increase from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.51%. Paychex’s dividend payout ratio (DPR) is 88.50%.
In other news, insider Michael E. Gioja sold 7,343 shares of the firm’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 completion of the sale, the insider now directly owns 55,632 shares of the company’s stock, valued at approximately $3,193,276.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Martin Mucci sold 33,294 shares of the firm’s stock in a transaction dated Sunday, July 9th. The stock was sold at an average price of $57.40, for a total value of $1,911,075.60. Following the sale, the chief executive officer now directly owns 254,618 shares of the company’s stock, valued at $14,615,073.20. 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 over the last ninety days. Company insiders own 11.60% of the company’s stock.
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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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