Schroder Investment Management Group Increases Position in Paychex, Inc. (PAYX)
Schroder Investment Management Group increased its stake in Paychex, Inc. (NASDAQ:PAYX) by 4.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,726,058 shares of the business services provider’s stock after acquiring an additional 67,063 shares during the period. Schroder Investment Management Group owned about 0.48% of Paychex worth $117,303,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in PAYX. Korea Investment CORP grew its position in Paychex by 16.8% in the first quarter. Korea Investment CORP now owns 132,720 shares of the business services provider’s stock worth $8,174,000 after acquiring an additional 19,100 shares in the last quarter. KBC Group NV lifted its stake in Paychex by 25.9% in the first quarter. KBC Group NV now owns 31,740 shares of the business services provider’s stock worth $1,955,000 after purchasing an additional 6,521 shares during the last quarter. Scout Investments Inc. lifted its stake in Paychex by 96.1% in the first quarter. Scout Investments Inc. now owns 259,865 shares of the business services provider’s stock worth $16,005,000 after purchasing an additional 127,370 shares during the last quarter. Lee Financial Co lifted its stake in Paychex by 14.3% in the first quarter. Lee Financial Co now owns 23,710 shares of the business services provider’s stock worth $1,460,000 after purchasing an additional 2,966 shares during the last quarter. Finally, Chicago Capital LLC bought a new stake in Paychex in the first quarter worth $1,864,000. Institutional investors own 66.96% of the company’s stock.
Several analysts have weighed in on PAYX shares. Guggenheim started coverage on shares of Paychex in a research note on Monday, August 20th. They issued a “neutral” rating and a $75.00 price target for the company. BidaskClub downgraded shares of Paychex from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 31st. Stifel Nicolaus boosted their price target on shares of Paychex from $66.00 to $69.00 and gave the stock a “hold” rating in a research note on Thursday, June 28th. Credit Suisse Group started coverage on shares of Paychex in a research note on Friday, August 10th. They issued a “neutral” rating and a $72.00 price target for the company. Finally, Citigroup boosted their price target on shares of Paychex from $64.00 to $67.00 and gave the stock a “neutral” rating in a research note on Thursday, June 28th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $68.42.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, June 27th. The business services provider reported $0.61 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.01). The firm had revenue of $871.10 million for the quarter, compared to the consensus estimate of $868.60 million. Paychex had a net margin of 27.62% and a return on equity of 44.29%. The business’s revenue was up 9.0% on a year-over-year basis. During the same period last year, the company posted $0.54 earnings per share. sell-side analysts predict that Paychex, Inc. will post 2.84 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 23rd. Stockholders of record on Wednesday, August 1st were paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend was Tuesday, July 31st. Paychex’s dividend payout ratio (DPR) is 87.84%.
In other news, Director Joseph M. Tucci sold 6,250 shares of the company’s stock in a transaction dated Thursday, July 5th. The shares were sold at an average price of $68.63, for a total transaction of $428,937.50. Following the completion of the transaction, the director now directly owns 55,010 shares of the company’s stock, valued at $3,775,336.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Martin Mucci sold 74,742 shares of the company’s stock in a transaction dated Friday, July 6th. The shares were sold at an average price of $69.66, for a total transaction of $5,206,527.72. Following the transaction, the chief executive officer now directly owns 276,754 shares of the company’s stock, valued at $19,278,683.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 248,559 shares of company stock valued at $17,599,054. Insiders own 11.80% of the company’s stock.
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
Featured Article: What do I need to know about analyst ratings?
Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex, Inc. (NASDAQ:PAYX).
Receive News & Ratings for Paychex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex and related companies with MarketBeat.com's FREE daily email newsletter.