KCM Investment Advisors LLC bought a new stake in shares of Paychex, Inc. (NASDAQ:PAYX) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 3,021 shares of the business services provider’s stock, valued at approximately $206,000.
A number of other hedge funds have also added to or reduced their stakes in PAYX. Advisors Preferred LLC boosted its holdings in shares of Paychex by 116.4% during 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 during the period. Clarus Wealth Advisors acquired a new position in shares of Paychex during the second quarter valued at $109,000. Summit Trail Advisors LLC boosted its holdings in shares of Paychex by 17,216.0% during 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 during the period. Financial Gravity Wealth Inc. acquired a new position in shares of Paychex during the first quarter valued at $137,000. Finally, Rational Advisors LLC acquired a new position in shares of Paychex during the second quarter valued at $151,000. Hedge funds and other institutional investors own 66.99% of the company’s stock.
In other Paychex news, CFO Efrain Rivera sold 3,902 shares of the company’s stock in a transaction dated Friday, July 6th. The shares were sold at an average price of $69.79, for a total value of $272,320.58. Following the completion of the sale, the chief financial officer now directly owns 57,008 shares of the company’s stock, valued at approximately $3,978,588.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Martin Mucci sold 74,742 shares of the company’s stock in a transaction dated Friday, July 6th. The shares were sold at an average price of $69.66, for a total transaction of $5,206,527.72. Following the completion of the sale, the chief executive officer now directly owns 276,754 shares of the company’s stock, valued at $19,278,683.64. The disclosure for this sale can be found here. Insiders sold 201,309 shares of company stock valued at $14,126,179 in the last ninety days. Corporate insiders own 11.70% of the company’s stock.
PAYX stock opened at $73.08 on Wednesday. The stock has a market capitalization of $26.30 billion, a P/E ratio of 28.66, a P/E/G ratio of 3.15 and a beta of 0.96. Paychex, Inc. has a fifty-two week low of $56.43 and a fifty-two week high of $73.40.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Wednesday, June 27th. The business services provider reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.01). The company 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 business’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.54 EPS. analysts forecast that Paychex, Inc. will post 2.84 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 23rd. Investors of record on Wednesday, August 1st were issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 3.07%. The ex-dividend date of this dividend was Tuesday, July 31st. Paychex’s payout ratio is currently 87.84%.
Several equities analysts have recently issued reports on the stock. BidaskClub downgraded shares of Paychex from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 29th. Guggenheim assumed coverage on shares of Paychex in a report on Monday, August 20th. They set a “neutral” rating and a $75.00 price target for the company. JPMorgan Chase & Co. downgraded shares of Paychex from a “neutral” rating to an “underweight” rating and set a $65.00 price target for the company. in a report on Tuesday, August 14th. Credit Suisse Group assumed coverage on shares of Paychex in a report on Friday, August 10th. They set a “neutral” rating and a $72.00 price target for the company. Finally, Wolfe Research assumed coverage on shares of Paychex in a report on Tuesday, July 17th. They set a “market perform” rating for the company. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $68.42.
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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