Commonwealth Bank of Australia decreased its stake in Paychex, Inc. (NASDAQ:PAYX) by 0.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,200 shares of the business services provider’s stock after selling 53 shares during the period. Commonwealth Bank of Australia’s holdings in Paychex were worth $978,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. boosted its holdings in Paychex by 2,782.5% in the first quarter. BlackRock Inc. now owns 25,717,903 shares of the business services provider’s stock valued at $1,514,786,000 after purchasing an additional 24,825,695 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in Paychex by 23.8% during the 1st quarter. Ameriprise Financial Inc. now owns 4,237,537 shares of the business services provider’s stock worth $248,742,000 after buying an additional 813,930 shares during the last quarter. Mawer Investment Management Ltd. bought a new position in Paychex during the 2nd quarter worth approximately $45,209,000. JPMorgan Chase & Co. lifted its holdings in Paychex by 314.1% during the 1st 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 last quarter. Finally, Morgan Stanley lifted its holdings in Paychex by 27.5% during the 1st quarter. Morgan Stanley now owns 2,786,888 shares of the business services provider’s stock worth $164,149,000 after buying an additional 601,496 shares during the last quarter. 67.33% of the stock is owned by institutional investors.
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In related news, CEO Martin Mucci sold 30,000 shares of the company’s stock in a transaction on Thursday, July 13th. The shares were sold at an average price of $57.04, for a total value of $1,711,200.00. Following the completion of the transaction, the chief executive officer now directly owns 237,754 shares of the company’s stock, valued at approximately $13,561,488.16. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Mark Anthony Bottini sold 7,139 shares of the company’s stock in a transaction on Sunday, July 9th. The stock was sold at an average price of $57.39, for a total transaction of $409,707.21. Following the completion of the transaction, the vice president now directly owns 46,548 shares of the company’s stock, valued at $2,671,389.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 92,497 shares of company stock valued at $5,300,889. Company insiders own 11.60% of the company’s stock.
PAYX has been the topic of a number of research reports. Morgan Stanley dropped their price target on Paychex from $56.00 to $55.00 and set an “underweight” rating on the stock in a research report on Friday, June 30th. William Blair cut Paychex from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. BidaskClub cut Paychex from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 1st. Wedbush reiterated a “neutral” rating and set a $61.25 price target (down from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. Finally, BMO Capital Markets reiterated a “hold” rating and set a $60.00 price target on shares of Paychex in a research report on Thursday, June 29th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and one has given a buy rating to the company’s stock. Paychex currently has a consensus rating of “Hold” and a consensus target price of $59.28.
Shares of Paychex, Inc. (PAYX) opened at 57.85 on Friday. The firm has a market cap of $20.79 billion, a PE ratio of 25.71 and a beta of 0.96. Paychex, Inc. has a 12 month low of $52.78 and a 12 month high of $63.03. The stock has a 50 day moving average price of $56.37 and a 200 day moving average price of $58.47.
Paychex (NASDAQ:PAYX) last announced its earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.01. The firm had revenue of $799.00 million during the quarter, compared to analyst estimates of $797.70 million. Paychex had a net margin of 25.93% and a return on equity of 42.48%. The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.49 EPS. On average, equities research analysts expect that Paychex, Inc. will post $2.37 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Investors of record on Tuesday, August 1st were paid a $0.50 dividend. The ex-dividend date was Friday, July 28th. This is a positive change from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 dividend on an annualized basis and a yield of 3.46%. Paychex’s dividend payout ratio is presently 88.50%.
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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