Oppenheimer & Co. Inc. trimmed its holdings in Paychex, Inc. (NASDAQ:PAYX) by 50.1% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 9,329 shares of the business services provider’s stock after selling 9,380 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Paychex were worth $638,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Aperio Group LLC grew its stake in shares of Paychex by 7.6% during the 2nd quarter. Aperio Group LLC now owns 225,572 shares of the business services provider’s stock valued at $15,418,000 after purchasing an additional 15,961 shares during the period. Clinton Group Inc. grew its stake in shares of Paychex by 23.4% during the 2nd quarter. Clinton Group Inc. now owns 54,411 shares of the business services provider’s stock valued at $3,719,000 after purchasing an additional 10,320 shares during the period. Cadence Capital Management LLC grew its stake in shares of Paychex by 54.2% during the 2nd quarter. Cadence Capital Management LLC now owns 50,882 shares of the business services provider’s stock valued at $3,478,000 after purchasing an additional 17,875 shares during the period. Commonwealth Equity Services LLC grew its stake in shares of Paychex by 3.1% during the 2nd quarter. Commonwealth Equity Services LLC now owns 324,672 shares of the business services provider’s stock valued at $22,191,000 after purchasing an additional 9,644 shares during the period. Finally, Schwab Charles Investment Management Inc. grew its stake in shares of Paychex by 3.2% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,997,181 shares of the business services provider’s stock valued at $136,508,000 after purchasing an additional 61,326 shares during the period. Institutional investors own 66.94% of the company’s stock.
PAYX stock opened at $74.04 on Friday. Paychex, Inc. has a twelve month low of $56.82 and a twelve month high of $74.74. The stock has a market cap of $26.78 billion, a PE ratio of 30.45, a P/E/G ratio of 3.20 and a beta of 0.96.
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 Zacks’ consensus estimate of $0.62 by ($0.01). Paychex had a net margin of 27.62% and a return on equity of 44.29%. The company had revenue of $871.10 million for the quarter, compared to analysts’ expectations of $868.60 million. During the same period in the previous year, the firm earned $0.54 earnings per share. The firm’s quarterly revenue was up 9.0% on a year-over-year basis. sell-side analysts predict that Paychex, Inc. will post 2.84 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 23rd. Stockholders of record on Wednesday, August 1st were given a dividend of $0.56 per share. The ex-dividend date of this dividend was Tuesday, July 31st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.03%. Paychex’s payout ratio is currently 87.84%.
In related news, VP Jennifer R. Vossler sold 7,683 shares of the business’s stock in a transaction that occurred on Tuesday, July 10th. The stock was sold at an average price of $69.92, for a total value of $537,195.36. Following the transaction, the vice president now directly owns 16,536 shares of the company’s stock, valued at approximately $1,156,197.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Martin Mucci sold 74,742 shares of the business’s stock in a transaction that occurred on Friday, July 6th. The stock was sold at an average price of $69.66, for a total value of $5,206,527.72. Following the completion of the transaction, the chief executive officer now directly owns 276,754 shares in the company, valued at $19,278,683.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 248,559 shares of company stock worth $17,599,054. Insiders own 11.70% of the company’s stock.
A number of equities research analysts have issued reports on PAYX shares. BidaskClub downgraded Paychex from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 31st. Robert W. Baird boosted their price target on Paychex from $67.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, June 28th. Credit Suisse Group started coverage on Paychex in a research note on Friday, August 10th. They set a “neutral” rating and a $72.00 price target for the company. JPMorgan Chase & Co. downgraded Paychex from a “neutral” rating to an “underweight” rating and set a $65.00 price target for the company. in a research note on Tuesday, August 14th. Finally, Guggenheim began coverage on Paychex in a research report on Monday, August 20th. They set a “neutral” rating and a $75.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $68.42.
Paychex Company Profile
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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