Bank of Nova Scotia increased its stake in Paychex, Inc. (NASDAQ:PAYX) by 79.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 148,433 shares of the business services provider’s stock after buying an additional 65,842 shares during the period. Bank of Nova Scotia’s holdings in Paychex were worth $8,743,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. Northwest Quadrant Wealth Management LLC boosted 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 last quarter. Pacer Advisors Inc. boosted its stake in 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 in the last quarter. JPMorgan Chase & Co. boosted its stake in 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 in the last quarter. Burney Co. boosted its stake in 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 in the last quarter. Finally, Shelton Capital Management boosted its stake in 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 in the last quarter. Hedge funds and other institutional investors own 68.68% of the company’s stock.
Paychex, Inc. (NASDAQ:PAYX) traded up 0.02% during mid-day trading on Friday, hitting $54.99. The company’s stock had a trading volume of 2,041,361 shares. The firm has a market cap of $19.76 billion, a price-to-earnings ratio of 24.44 and a beta of 0.96. Paychex, Inc. has a 52-week low of $52.78 and a 52-week high of $63.03. The firm has a 50 day moving average of $56.62 and a 200-day moving average of $58.78.
Paychex (NASDAQ:PAYX) last announced its earnings results on Wednesday, June 28th. The business services provider reported $0.54 EPS for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.01. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The business had revenue of $799 million during the quarter, compared to analysts’ expectations of $797.70 million. During the same period in the prior year, the company earned $0.49 earnings per share. The firm’s revenue was up 6.0% on a year-over-year basis. On average, equities research analysts expect that Paychex, Inc. will post $2.37 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Tuesday, August 1st will be paid a $0.50 dividend. The ex-dividend date is Friday, July 28th. 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 dividend yield of 3.64%.
A number of research firms recently weighed in on PAYX. Stifel Nicolaus reaffirmed a “hold” rating and set a $61.00 price target on shares of Paychex in a report on Friday. Morgan Stanley upgraded Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price objective on the stock in a research report on Wednesday. They noted that the move was a valuation call. 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 price objective for the company from $68.00 to $64.00 in a research report on Tuesday, June 20th. Finally, Robert W. Baird decreased their price objective on Paychex from $63.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, June 30th. Four analysts have rated the stock with a sell rating, thirteen 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.
In other news, VP Laurie L. Zaucha sold 2,884 shares of the stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $57.39, for a total value of $165,512.76. Following the completion of the sale, the vice president now directly owns 32,906 shares of the company’s stock, valued at $1,888,475.34. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Michael E. Gioja sold 7,343 shares of the stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $57.40, for a total transaction of $421,488.20. Following the completion of the sale, the insider now directly owns 55,632 shares of the company’s stock, valued at $3,193,276.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 92,497 shares of company stock valued at $5,300,889. Corporate insiders own 11.60% 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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