Westfield Capital Management Co. LP Invests $4.80 Million in Paychex, Inc. (PAYX)
Westfield Capital Management Co. LP bought a new stake in Paychex, Inc. (NASDAQ:PAYX) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 84,345 shares of the business services provider’s stock, valued at approximately $4,803,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Dupont Capital Management Corp bought a new stake in shares of Paychex in the second quarter valued at $129,000. Parkside Financial Bank & Trust raised its stake in shares of 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 during the period. Kernodle & Katon Asset Management Group LLC raised its stake in shares of 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 during the period. Koshinski Asset Management Inc. bought a new stake in shares of Paychex in the second quarter valued at $201,000. Finally, Sfmg LLC bought a new stake in shares of Paychex in the second quarter valued at $203,000. Hedge funds and other institutional investors own 67.31% of the company’s stock.
Several brokerages have issued reports on PAYX. Stifel Nicolaus restated a “hold” rating and issued a $61.00 target price on shares of Paychex in a research note on Friday, August 18th. BidaskClub lowered Paychex from a “sell” rating to a “strong sell” rating in a research note on Sunday, August 6th. Goldman Sachs Group, Inc. (The) lowered Paychex from a “buy” rating to a “neutral” rating and lowered their target price for the company from $68.00 to $64.00 in a research note on Tuesday, June 20th. Robert W. Baird lowered their target price on Paychex from $63.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, June 30th. Finally, J P Morgan Chase & Co restated a “neutral” rating and issued a $60.00 target price (down from $62.00) on shares of Paychex in a research note on Friday, June 30th. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and one has assigned a buy rating to the stock. Paychex presently has an average rating of “Hold” and a consensus price target of $59.28.
In other Paychex news, CEO Martin Mucci sold 30,000 shares of the 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 in the company, valued at approximately $13,561,488.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph M. Tucci sold 6,000 shares of the stock in a transaction on Monday, July 10th. The stock was sold at an average price of $57.82, for a total value of $346,920.00. Following the completion of the sale, the director now owns 53,621 shares of the company’s stock, valued at approximately $3,100,366.22. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 92,497 shares of company stock worth $5,300,889. 11.70% of the stock is owned by insiders.
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Paychex, Inc. (NASDAQ PAYX) opened at 58.07 on Wednesday. The stock has a market capitalization of $20.87 billion, a PE ratio of 25.81 and a beta of 0.96. The company’s 50-day moving average price is $56.38 and its 200 day moving average price is $58.35. Paychex, Inc. has a 52-week low of $52.78 and a 52-week high of $63.03.
Paychex (NASDAQ:PAYX) last announced its earnings results on Wednesday, June 28th. The business services provider reported $0.54 EPS 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 $799.00 million for the quarter, compared to analysts’ expectations of $797.70 million. During the same period last year, the firm earned $0.49 EPS. Paychex’s revenue for the quarter was up 6.0% compared to the same quarter last year. Equities analysts forecast that Paychex, Inc. will post $2.37 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Investors of record on Tuesday, August 1st were issued a $0.50 dividend. This is a boost from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date of this dividend was Friday, July 28th. Paychex’s dividend payout ratio (DPR) is currently 88.50%.
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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