OLD Republic International Corp maintained its position in shares of Paychex, Inc. (NASDAQ:PAYX) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 274,800 shares of the business services provider’s stock at the end of the first quarter. OLD Republic International Corp owned 0.08% of Paychex worth $16,186,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of Paychex by 2,782.5% in the first quarter. BlackRock Inc. now owns 25,717,903 shares of the business services provider’s stock worth $1,514,786,000 after buying an additional 24,825,695 shares during the period. Vanguard Group Inc. raised its stake in shares of Paychex by 2.6% in the first quarter. Vanguard Group Inc. now owns 22,453,468 shares of the business services provider’s stock worth $1,322,509,000 after buying an additional 573,036 shares during the period. State Street Corp raised its stake in shares of Paychex by 2.2% in the first quarter. State Street Corp now owns 14,205,592 shares of the business services provider’s stock worth $836,708,000 after buying an additional 309,889 shares during the period. FMR LLC raised its stake in shares of Paychex by 6.3% in the first quarter. FMR LLC now owns 9,866,100 shares of the business services provider’s stock worth $581,112,000 after buying an additional 588,027 shares during the period. Finally, Wells Fargo & Company MN raised its stake in shares of Paychex by 1.2% in the first quarter. Wells Fargo & Company MN now owns 8,482,489 shares of the business services provider’s stock worth $499,618,000 after buying an additional 104,154 shares during the period. Hedge funds and other institutional investors own 68.68% of the company’s stock.
Paychex, Inc. (PAYX) traded up 0.02% on Friday, reaching $54.99. 2,041,361 shares of the company’s stock traded hands. Paychex, Inc. has a 52-week low of $52.78 and a 52-week high of $63.03. The stock has a market capitalization of $19.76 billion, a PE ratio of 24.44 and a beta of 0.96. The firm’s 50-day moving average is $56.62 and its 200 day moving average is $58.78.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, beating the 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 firm had revenue of $799 million during the quarter, compared to the consensus estimate of $797.70 million. During the same period last year, the firm posted $0.49 EPS. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. Analysts forecast that Paychex, Inc. will post $2.37 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Tuesday, August 1st will be issued a dividend of $0.50 per share. This is an increase from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 annualized dividend and a yield of 3.64%. The ex-dividend date of this dividend is Friday, July 28th.
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A number of brokerages have recently issued reports on PAYX. BMO Capital Markets restated a “hold” rating and issued a $60.00 target price on shares of Paychex in a research note on Thursday, June 29th. BidaskClub upgraded shares of Paychex from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Goldman Sachs Group, Inc. (The) lowered shares of Paychex from a “buy” rating to a “neutral” rating and cut their target price for the company from $68.00 to $64.00 in a research note on Tuesday, June 20th. 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. Finally, William Blair lowered 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 issued a hold rating and one has given a buy rating to the company. Paychex presently has a consensus rating of “Hold” and a consensus target price of $59.28.
In related news, insider Michael E. Gioja sold 7,343 shares of Paychex stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $57.40, for a total transaction of $421,488.20. Following the completion of the transaction, the insider now directly owns 55,632 shares of the company’s stock, valued at approximately $3,193,276.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Laurie L. Zaucha sold 2,884 shares of Paychex 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 transaction, the vice president now directly owns 32,906 shares of the company’s stock, valued at $1,888,475.34. The disclosure for this sale can be found here. Insiders have sold a total of 92,497 shares of company stock valued at $5,300,889 over the last three months. 11.60% of the stock is currently owned by 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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