Aperio Group LLC boosted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 7.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 194,945 shares of the business services provider’s stock after buying an additional 13,818 shares during the period. Aperio Group LLC owned 0.05% of Paychex worth $11,100,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in PAYX. Northwest Quadrant Wealth Management LLC raised its position in shares of Paychex by 0.6% in the first quarter. Northwest Quadrant Wealth Management LLC now owns 3,923 shares of the business services provider’s stock worth $228,000 after buying an additional 24 shares during the period. Pacer Advisors Inc. raised its position in shares of Paychex by 4.3% in the first quarter. Pacer Advisors Inc. now owns 10,174 shares of the business services provider’s stock worth $599,000 after buying an additional 417 shares during the period. JPMorgan Chase & Co. raised its position in shares of Paychex by 314.1% in the first quarter. JPMorgan Chase & Co. now owns 1,001,929 shares of the business services provider’s stock worth $59,014,000 after buying an additional 759,973 shares during the period. Burney Co. raised its position in shares of Paychex by 28.9% in the first quarter. Burney Co. now owns 40,717 shares of the business services provider’s stock worth $2,398,000 after buying an additional 9,135 shares during the period. Finally, Shelton Capital Management raised its position in shares of Paychex by 72.6% in the first quarter. Shelton Capital Management now owns 102,276 shares of the business services provider’s stock worth $6,024,000 after buying an additional 43,033 shares during the period. 68.68% of the stock is currently owned by institutional investors.
Shares of Paychex, Inc. (PAYX) traded up 0.02% during mid-day trading on Friday, hitting $54.99. The stock had a trading volume of 2,041,361 shares. The stock’s 50-day moving average is $56.67 and its 200-day moving average is $58.82. The firm has a market capitalization of $19.76 billion, a PE ratio of 24.44 and a beta of 0.96. Paychex, Inc. has a 1-year low of $52.78 and a 1-year high of $63.03.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.01. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The company had revenue of $799 million during the quarter, compared to the consensus estimate of $797.70 million. During the same period last year, the company earned $0.49 earnings per share. The firm’s revenue was up 6.0% compared to the same quarter last year. Equities analysts expect that Paychex, Inc. will post $2.37 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Tuesday, August 1st will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.64%. This is an increase from Paychex’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Friday, July 28th.
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PAYX has been the topic of a number of recent research reports. Morgan Stanley decreased their price target on shares of Paychex from $56.00 to $55.00 and set an “underweight” rating on the stock in a research note on Friday, June 30th. William Blair downgraded shares of Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. Wedbush restated a “neutral” rating and issued a $61.25 target price (down previously from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. BidaskClub downgraded shares of Paychex from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 1st. Finally, J P Morgan Chase & Co restated a “neutral” rating and issued a $60.00 target price (down previously 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, thirteen have issued a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $59.28.
In other Paychex news, CEO Martin Mucci sold 33,294 shares of Paychex stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 254,618 shares in the company, valued at $14,615,073.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Michael E. Gioja sold 7,343 shares of Paychex stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $57.40, for a total value of $421,488.20. Following the completion of the sale, the insider now owns 55,632 shares of the company’s stock, valued at $3,193,276.80. 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 90 days. 11.60% of the stock is owned by corporate insiders.
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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