Wellington Management Group LLP cut its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 23.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 762,034 shares of the business services provider’s stock after selling 227,103 shares during the period. Wellington Management Group LLP owned 0.21% of Paychex worth $44,883,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Pacad Investment Ltd. acquired a new stake in Paychex during the fourth quarter valued at approximately $134,000. Parkside Financial Bank & Trust boosted its stake in Paychex by 23.8% in the first quarter. Parkside Financial Bank & Trust now owns 2,935 shares of the business services provider’s stock valued at $173,000 after buying an additional 564 shares in the last quarter. Denver Investment Advisors LLC boosted its stake in Paychex by 7.7% in the first quarter. Denver Investment Advisors LLC now owns 3,791 shares of the business services provider’s stock valued at $223,000 after buying an additional 271 shares in the last quarter. Mosaic Family Wealth LLC boosted its stake in Paychex by 35.0% in the first quarter. Mosaic Family Wealth LLC now owns 3,803 shares of the business services provider’s stock valued at $224,000 after buying an additional 985 shares in the last quarter. Finally, Acadian Asset Management LLC acquired a new stake in Paychex during the first quarter valued at approximately $225,000. Institutional investors own 68.44% of the company’s stock.
Paychex, Inc. (PAYX) traded down 3.15% during trading on Friday, hitting $57.76. The stock had a trading volume of 4,069,135 shares. The firm’s 50-day moving average price is $58.26 and its 200-day moving average price is $59.36. The stock has a market cap of $20.76 billion, a PE ratio of 25.67 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 results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The firm had revenue of $799 million during the quarter, compared to analyst estimates of $797.70 million. During the same period last year, the company posted $0.49 EPS. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. On average, equities research analysts predict that Paychex, Inc. will post $2.37 earnings per share for the current fiscal 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 3.46%. The ex-dividend date of this dividend is Friday, July 28th. This is an increase from Paychex’s previous quarterly dividend of $0.46.
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Several analysts have recently commented on PAYX shares. Wedbush reissued a “neutral” rating and issued a $61.25 price target (down from $65.00) on shares of Paychex in a report on Tuesday, June 6th. Goldman Sachs Group, Inc. (The) cut Paychex from a “buy” rating to a “neutral” rating and reduced their price target for the company from $68.00 to $64.00 in a report on Tuesday, June 20th. BMO Capital Markets reissued a “hold” rating and issued a $60.00 price target on shares of Paychex in a report on Thursday, June 29th. Robert W. Baird reduced their price target on Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a report on Friday, June 30th. Finally, Morgan Stanley reduced their price target on Paychex from $56.00 to $55.00 and set an “underweight” rating for the company in a report on Friday, June 30th. Five research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has assigned a buy rating to the stock. Paychex has an average rating of “Hold” and an average target price of $59.16.
In other news, CEO Martin Mucci sold 30,000 shares of the stock in a transaction on 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 completion of the sale, the chief executive officer now owns 237,754 shares in the company, valued at approximately $13,561,488.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 sale, the vice president now owns 32,906 shares of the company’s stock, valued at approximately $1,888,475.34. The disclosure for this sale can be found here. Insiders have sold a total of 113,151 shares of company stock valued at $6,503,758 in the last quarter. 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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