Investment Centers of America Inc. Cuts Stake in Paychex, Inc. (PAYX)
Investment Centers of America Inc. lessened its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 9.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,341 shares of the business services provider’s stock after selling 573 shares during the quarter. Investment Centers of America Inc.’s holdings in Paychex were worth $302,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. Amalgamated Bank lifted its stake in shares of Paychex by 55.2% during the second quarter. Amalgamated Bank now owns 37,885 shares of the business services provider’s stock valued at $2,157,000 after acquiring an additional 13,479 shares during the period. Bruderman Asset Management LLC increased its holdings in Paychex by 0.6% in the second quarter. Bruderman Asset Management LLC now owns 6,834 shares of the business services provider’s stock valued at $389,000 after purchasing an additional 40 shares during the last quarter. Payden & Rygel increased its holdings in Paychex by 2.2% in the second quarter. Payden & Rygel now owns 339,800 shares of the business services provider’s stock valued at $19,348,000 after purchasing an additional 7,200 shares during the last quarter. Courier Capital LLC increased its holdings in Paychex by 4.2% in the second quarter. Courier Capital LLC now owns 31,133 shares of the business services provider’s stock valued at $1,773,000 after purchasing an additional 1,250 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC bought a new stake in Paychex in the second quarter valued at about $223,000. 67.31% of the stock is currently owned by institutional investors and hedge funds.
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In other news, CEO Martin Mucci sold 33,294 shares of the business’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 transaction, the chief executive officer now directly owns 254,618 shares of the company’s stock, valued at approximately $14,615,073.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael E. Gioja sold 7,343 shares of the business’s stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $57.40, for a total value of $421,488.20. Following the completion of the transaction, the insider now directly owns 55,632 shares in the company, valued at $3,193,276.80. The disclosure for this sale can be found here. Insiders sold a total of 92,497 shares of company stock worth $5,300,889 over the last three months. 11.70% of the stock is owned by company insiders.
Shares of Paychex, Inc. (NASDAQ:PAYX) opened at 58.08 on Tuesday. The firm has a 50 day moving average price of $56.37 and a 200 day moving average price of $58.38. Paychex, Inc. has a one year low of $52.78 and a one year high of $63.03. The company has a market capitalization of $20.87 billion, a P/E ratio of 25.81 and a beta of 0.96.
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 analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $799.00 million for the quarter, compared to the consensus estimate of $797.70 million. Paychex had a return on equity of 42.48% and a net margin of 25.93%. The firm’s revenue was up 6.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.49 EPS. On average, equities research analysts predict that Paychex, Inc. will post $2.37 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 24th. Stockholders of record on Tuesday, August 1st were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.44%. This is an increase from Paychex’s previous quarterly dividend of $0.46. The ex-dividend date was Friday, July 28th. Paychex’s payout ratio is currently 88.50%.
A number of equities research analysts recently commented on PAYX shares. 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, August 16th. They noted that the move was a valuation call. Stifel Nicolaus reiterated a “hold” rating and issued a $61.00 price objective on shares of Paychex in a report on Friday, August 18th. BMO Capital Markets reiterated a “hold” rating and issued a $60.00 price objective 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. Finally, Goldman Sachs Group, Inc. (The) downgraded Paychex from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $68.00 to $64.00 in a report on Tuesday, June 20th. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and one has assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $59.28.
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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