Paychex, Inc. (PAYX) Stake Lessened by M&T Bank Corp
M&T Bank Corp trimmed its holdings in Paychex, Inc. (NASDAQ:PAYX) by 2.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 153,190 shares of the business services provider’s stock after selling 3,461 shares during the quarter. M&T Bank Corp’s holdings in Paychex were worth $8,723,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in PAYX. Dupont Capital Management Corp acquired a new position in shares of Paychex in the 2nd quarter valued at about $129,000. Parkside Financial Bank & Trust lifted its stake in shares of Paychex by 23.8% in the 1st quarter. Parkside Financial Bank & Trust now owns 2,935 shares of the business services provider’s stock valued at $173,000 after purchasing an additional 564 shares during the period. Kernodle & Katon Asset Management Group LLC lifted its stake in shares of Paychex by 37.7% in the 1st quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock valued at $186,000 after purchasing an additional 867 shares during the period. Koshinski Asset Management Inc. acquired a new position in shares of Paychex in the 2nd quarter valued at about $201,000. Finally, Sfmg LLC acquired a new position in shares of Paychex in the 2nd quarter valued at about $203,000. 67.31% of the stock is currently owned by institutional investors.
Shares of Paychex, Inc. (NASDAQ PAYX) opened at 59.75 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 capitalization of $21.47 billion, a price-to-earnings ratio of 26.56 and a beta of 0.96. The firm’s 50-day moving average price is $56.38 and its 200-day moving average price is $58.35.
Paychex (NASDAQ:PAYX) last released its earnings results 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 net margin of 25.93% and a return on equity of 42.48%. The firm had revenue of $799.00 million during the quarter, compared to analyst estimates of $797.70 million. During the same period last year, the business earned $0.49 earnings per share. The business’s revenue was up 6.0% on a year-over-year basis. 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 was paid on Thursday, August 24th. Stockholders of record on Tuesday, August 1st were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.35%. This is a positive change from Paychex’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend was Friday, July 28th. Paychex’s dividend payout ratio (DPR) is presently 88.50%.
A number of brokerages recently commented on PAYX. Stifel Nicolaus reaffirmed a “hold” rating and issued a $61.00 target price on shares of Paychex in a research report on Friday, August 18th. BidaskClub lowered Paychex from a “sell” rating to a “strong sell” rating in a research report on Sunday, August 6th. Goldman Sachs Group, Inc. (The) lowered Paychex from a “buy” rating to a “neutral” rating and decreased their target price for the company from $68.00 to $64.00 in a research report on Tuesday, June 20th. Robert W. Baird decreased their target price on Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, June 30th. Finally, J P Morgan Chase & Co reaffirmed a “neutral” rating and issued a $60.00 target price (down from $62.00) on shares of Paychex in a research report on Friday, June 30th. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $59.28.
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In other news, insider Efrain Rivera sold 5,837 shares of Paychex stock in a transaction that occurred on Sunday, July 9th. The shares were sold at an average price of $57.39, for a total transaction of $334,985.43. Following the completion of the transaction, the insider now directly owns 53,395 shares in the company, valued at $3,064,339.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph M. Tucci sold 6,000 shares of Paychex stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $57.82, for a total transaction of $346,920.00. Following the transaction, the director now owns 53,621 shares of the company’s stock, valued at $3,100,366.22. The disclosure for this sale can be found here. Insiders have sold 92,497 shares of company stock valued at $5,300,889 over the last quarter. Company insiders own 11.70% 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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