Parthenon LLC boosted its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 305,204 shares of the business services provider’s stock after buying an additional 185 shares during the period. Paychex accounts for 4.1% of Parthenon LLC’s portfolio, making the stock its 5th largest position. Parthenon LLC owned about 0.08% of Paychex worth $17,378,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in the stock. Teachers Advisors LLC increased its stake in Paychex by 13.4% in the fourth quarter. Teachers Advisors LLC now owns 391,570 shares of the business services provider’s stock worth $23,839,000 after buying an additional 46,364 shares during the period. Kentucky Retirement Systems bought a new stake in Paychex during the fourth quarter worth approximately $1,422,000. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Paychex during the fourth quarter worth approximately $634,000. Macquarie Group Ltd. increased its stake in Paychex by 46.1% in the fourth quarter. Macquarie Group Ltd. now owns 20,600 shares of the business services provider’s stock worth $1,254,000 after buying an additional 6,500 shares during the period. Finally, Bath Savings Trust Co increased its stake in Paychex by 2.4% in the first quarter. Bath Savings Trust Co now owns 38,402 shares of the business services provider’s stock worth $2,262,000 after buying an additional 883 shares during the period. 68.68% of the stock is owned by institutional investors.
Shares of Paychex, Inc. (NASDAQ PAYX) traded up 0.02% during mid-day trading on Friday, reaching $54.99. 2,041,361 shares of the company’s stock were exchanged. Paychex, Inc. has a 1-year low of $52.78 and a 1-year high of $63.03. The company’s 50 day moving average is $56.62 and its 200 day moving average is $58.78. The stock has a market capitalization of $19.76 billion, a PE ratio of 24.44 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.01. The firm had revenue of $799 million for the quarter, compared to the consensus estimate of $797.70 million. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same period last year, the firm posted $0.49 earnings per share. Equities research analysts anticipate that Paychex, Inc. will post $2.37 EPS for the current fiscal year.
The firm also recently declared 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. This is an increase from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 annualized dividend and a dividend yield of 3.64%. The ex-dividend date is Friday, July 28th.
A number of research firms have commented on PAYX. Goldman Sachs Group, Inc. (The) downgraded shares of Paychex from a “buy” rating to a “neutral” rating and cut their target price for the stock from $68.00 to $64.00 in a research report on Tuesday, June 20th. Wedbush reaffirmed a “neutral” rating and issued a $61.25 target price (down previously from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. BidaskClub raised shares of Paychex from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. BMO Capital Markets reiterated a “hold” rating and set a $60.00 price target on shares of Paychex in a research note on Thursday, June 29th. Finally, William Blair cut shares of Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. Four research analysts have rated the stock with a sell rating, thirteen have given a hold rating and one has assigned a buy rating to the company’s stock. Paychex presently has an average rating of “Hold” and a consensus price target of $59.28.
In related news, VP Laurie L. Zaucha sold 2,884 shares of the firm’s stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $57.39, for a total transaction of $165,512.76. Following the completion of the sale, the vice president now directly owns 32,906 shares in the company, valued at $1,888,475.34. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Martin Mucci sold 30,000 shares of the firm’s stock in a transaction dated Thursday, July 13th. The stock was sold at an average price of $57.04, for a total transaction of $1,711,200.00. Following the sale, the chief executive officer now owns 237,754 shares of the company’s stock, valued at $13,561,488.16. The disclosure for this sale can be found here. Over the last three months, insiders sold 92,497 shares of company stock worth $5,300,889. Insiders own 11.60% of the company’s stock.
Paychex Company Profile
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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