Nissay Asset Management Corp Japan ADV lowered its position in Paychex, Inc. (NASDAQ:PAYX) by 5.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 59,397 shares of the business services provider’s stock after selling 3,473 shares during the quarter. Nissay Asset Management Corp Japan ADV’s holdings in Paychex were worth $4,060,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also recently made changes to their positions in the business. Independence Bank of Kentucky increased its stake in shares of Paychex by 12.9% in the second quarter. Independence Bank of Kentucky now owns 6,270 shares of the business services provider’s stock valued at $429,000 after purchasing an additional 715 shares during the period. Univest Corp of Pennsylvania increased its stake in shares of Paychex by 13.1% during the second quarter. Univest Corp of Pennsylvania now owns 6,242 shares of the business services provider’s stock valued at $427,000 after acquiring an additional 725 shares during the period. TCW Group Inc. increased its stake in shares of Paychex by 5.7% during the first quarter. TCW Group Inc. now owns 14,870 shares of the business services provider’s stock valued at $916,000 after acquiring an additional 800 shares during the period. Sterling Investment Advisors Ltd. increased its stake in shares of Paychex by 3.8% during the second quarter. Sterling Investment Advisors Ltd. now owns 21,750 shares of the business services provider’s stock valued at $1,486,000 after acquiring an additional 800 shares during the period. Finally, Trust Department MB Financial Bank N A increased its stake in shares of Paychex by 20.5% during the second quarter. Trust Department MB Financial Bank N A now owns 4,819 shares of the business services provider’s stock valued at $329,000 after acquiring an additional 819 shares during the period. Institutional investors own 68.63% of the company’s stock.
Paychex stock opened at $72.32 on Friday. The company has a market capitalization of $25.50 billion, a price-to-earnings ratio of 28.36, a price-to-earnings-growth ratio of 3.05 and a beta of 0.94. Paychex, Inc. has a 1 year low of $54.76 and a 1 year high of $73.10.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, June 27th. The business services provider reported $0.61 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by ($0.01). The business had revenue of $871.10 million during the quarter, compared to analyst estimates of $868.60 million. Paychex had a return on equity of 44.29% and a net margin of 27.62%. The company’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.54 EPS. equities analysts forecast that Paychex, Inc. will post 2.84 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 23rd. Shareholders of record on Wednesday, August 1st will be given a $0.56 dividend. The ex-dividend date is Tuesday, July 31st. This represents a $2.24 annualized dividend and a yield of 3.10%. Paychex’s dividend payout ratio (DPR) is 87.84%.
A number of research analysts recently commented on the stock. Wolfe Research assumed coverage on shares of Paychex in a research note on Tuesday, July 17th. They set a “market perform” rating on the stock. BidaskClub upgraded shares of Paychex from a “hold” rating to a “buy” rating in a research note on Friday, May 18th. Credit Suisse Group assumed coverage on shares of Paychex in a research note on Friday, August 10th. They set a “neutral” rating and a $72.00 price objective on the stock. JPMorgan Chase & Co. lowered shares of Paychex from a “neutral” rating to an “underweight” rating and set a $65.00 price objective on the stock. in a research note on Tuesday, August 14th. Finally, Citigroup raised their price objective on shares of Paychex from $64.00 to $67.00 and gave the company a “neutral” rating in a research note on Thursday, June 28th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $67.82.
In other Paychex news, VP Jennifer R. Vossler sold 4,000 shares of Paychex stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $70.51, for a total value of $282,040.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Joseph M. Tucci sold 6,250 shares of Paychex stock in a transaction that occurred on Thursday, July 5th. The stock was sold at an average price of $68.63, for a total transaction of $428,937.50. Following the completion of the transaction, the director now owns 55,010 shares in the company, valued at approximately $3,775,336.30. The disclosure for this sale can be found here. In the last 90 days, insiders sold 201,309 shares of company stock worth $14,126,179. 11.70% of the stock is currently owned by company insiders.
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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