BlackRock Inc. Has $1.43 Billion Holdings in Paychex, Inc. (PAYX)
BlackRock Inc. lowered its stake in Paychex, Inc. (NASDAQ:PAYX) by 2.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,127,647 shares of the business services provider’s stock after selling 590,256 shares during the period. BlackRock Inc. owned about 6.99% of Paychex worth $1,430,768,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently bought and sold shares of PAYX. Acadian Asset Management LLC acquired a new stake in Paychex in the 1st quarter valued at about $225,000. Russell Investments Group Ltd. raised its position in Paychex by 44.9% in the 1st quarter. Russell Investments Group Ltd. now owns 120,718 shares of the business services provider’s stock valued at $7,113,000 after purchasing an additional 37,420 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in Paychex by 0.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,098,087 shares of the business services provider’s stock valued at $64,677,000 after purchasing an additional 7,832 shares in the last quarter. Nwam LLC acquired a new stake in Paychex in the 1st quarter valued at about $277,000. Finally, Elkhorn Investments LLC acquired a new stake in Paychex in the 1st quarter valued at about $1,188,000. 67.33% of the stock is currently owned by institutional investors.
Paychex, Inc. (PAYX) opened at 57.85 on Friday. The stock has a market cap of $20.79 billion, a P/E ratio of 25.71 and a beta of 0.96. The company’s 50-day moving average price is $56.37 and its 200-day moving average price is $58.47. Paychex, Inc. has a 1-year low of $52.78 and a 1-year high of $63.03.
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 Thomson Reuters’ 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 firm had revenue of $799.00 million for the quarter, compared to analysts’ expectations of $797.70 million. During the same quarter in the prior year, the firm posted $0.49 earnings per share. Paychex’s revenue for the quarter was up 6.0% compared to the same quarter last year. Analysts predict that Paychex, Inc. will post $2.37 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, July 28th. This represents a $2.00 annualized dividend and a yield of 3.46%. This is a boost from Paychex’s previous quarterly dividend of $0.46. Paychex’s dividend payout ratio is presently 88.50%.
Several equities research analysts have recently weighed in on the company. Morgan Stanley cut their target price on Paychex from $56.00 to $55.00 and set an “underweight” rating on the stock in a research report on Friday, June 30th. William Blair lowered Paychex from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. BidaskClub lowered Paychex from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 1st. Wedbush reissued a “neutral” rating and set a $61.25 target price (down previously from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. Finally, BMO Capital Markets reissued a “hold” rating and set a $60.00 target price on shares of Paychex in a research report on Thursday, June 29th. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $59.28.
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In other Paychex news, insider Michael E. Gioja sold 7,343 shares of the company’s stock in a transaction that occurred on 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 at this link. Also, VP Laurie L. Zaucha sold 2,884 shares of the company’s stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $57.39, for a total value of $165,512.76. Following the sale, the vice president now owns 32,906 shares in the company, valued at approximately $1,888,475.34. The disclosure for this sale can be found here. Insiders have sold 92,497 shares of company stock worth $5,300,889 in the last 90 days. 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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