Arizona State Retirement System grew its position in Paychex, Inc. (NASDAQ:PAYX) by 11.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 130,615 shares of the business services provider’s stock after acquiring an additional 13,108 shares during the quarter. Arizona State Retirement System’s holdings in Paychex were worth $8,928,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PAYX. Advisors Preferred LLC lifted its position in shares of Paychex by 116.4% in the second quarter. Advisors Preferred LLC now owns 1,567 shares of the business services provider’s stock valued at $107,000 after acquiring an additional 843 shares in the last quarter. Clarus Wealth Advisors purchased a new position in shares of Paychex in the second quarter valued at approximately $109,000. Summit Trail Advisors LLC lifted its position in shares of Paychex by 17,216.0% in the first quarter. Summit Trail Advisors LLC now owns 116,537 shares of the business services provider’s stock valued at $117,000 after acquiring an additional 115,864 shares in the last quarter. Financial Gravity Wealth Inc. purchased a new position in shares of Paychex in the first quarter valued at approximately $137,000. Finally, Rational Advisors LLC purchased a new position in shares of Paychex in the second quarter valued at approximately $151,000. Institutional investors and hedge funds own 68.63% of the company’s stock.
In other Paychex news, VP Laurie L. Zaucha sold 13,320 shares of Paychex stock in a transaction on Wednesday, July 25th. The stock was sold at an average price of $72.00, for a total value of $959,040.00. Following the sale, the vice president now owns 40,022 shares in the company, valued at $2,881,584. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Martin Mucci sold 74,742 shares of Paychex stock in a transaction on Friday, July 6th. The shares were sold at an average price of $69.66, for a total value of $5,206,527.72. Following the completion of the sale, the chief executive officer now owns 276,754 shares in the company, valued at approximately $19,278,683.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 201,309 shares of company stock worth $14,126,179. 11.70% of the stock is currently owned by company insiders.
Shares of Paychex stock opened at $72.32 on Monday. Paychex, Inc. has a one year low of $54.76 and a one year high of $73.10. The company has a market cap of $25.50 billion, a P/E ratio of 28.36, a P/E/G ratio of 3.05 and a beta of 0.94.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, June 27th. The business services provider reported $0.61 EPS for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.01). Paychex had a return on equity of 44.29% and a net margin of 27.62%. The company had revenue of $871.10 million for the quarter, compared to analysts’ expectations of $868.60 million. During the same quarter in the previous year, the business posted $0.54 EPS. The business’s quarterly revenue was up 9.0% compared to the same quarter last year. analysts forecast that Paychex, Inc. will post 2.84 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 23rd. Investors of record on Wednesday, August 1st will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Tuesday, July 31st. This represents a $2.24 dividend on an annualized basis and a yield of 3.10%. Paychex’s payout ratio is 87.84%.
Several equities analysts have recently weighed in on PAYX shares. BidaskClub downgraded Paychex from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 31st. Stifel Nicolaus lifted their price objective on Paychex from $66.00 to $69.00 and gave the stock a “hold” rating in a research report on Thursday, June 28th. Credit Suisse Group assumed coverage on Paychex in a research report on Friday, August 10th. They set a “neutral” rating and a $72.00 price objective on the stock. Citigroup lifted their price objective on Paychex from $64.00 to $67.00 and gave the stock a “neutral” rating in a research report on Thursday, June 28th. Finally, JPMorgan Chase & Co. downgraded Paychex from a “neutral” rating to an “underweight” rating and set a $65.00 price objective on the stock. in a research report on Tuesday, August 14th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Hold” and an average price target of $67.82.
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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