Maple Capital Management Inc. boosted its position in Paychex, Inc. (NASDAQ:PAYX) by 186.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 81,765 shares of the business services provider’s stock after buying an additional 53,265 shares during the period. Maple Capital Management Inc.’s holdings in Paychex were worth $4,656,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of PAYX. BlackRock Inc. raised its stake 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 worth $1,514,786,000 after buying an additional 24,825,695 shares during the period. Ameriprise Financial Inc. raised its stake in Paychex by 23.8% in the first 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 period. JPMorgan Chase & Co. raised its stake in Paychex by 314.1% in the first 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 period. Morgan Stanley raised its stake in Paychex by 27.5% in the first 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 period. Finally, FMR LLC raised its stake in Paychex by 6.3% in the first quarter. FMR LLC now owns 9,866,100 shares of the business services provider’s stock worth $581,112,000 after buying an additional 588,027 shares during the period. 68.44% of the stock is currently owned by institutional investors.
Paychex, Inc. (NASDAQ:PAYX) opened at 57.20 on Monday. The company has a market capitalization of $20.56 billion, a P/E ratio of 25.42 and a beta of 0.96. Paychex, Inc. has a 1-year low of $52.78 and a 1-year high of $63.03. The stock’s 50 day moving average is $58.50 and its 200-day moving average is $59.49.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $799 million for the quarter, compared to the consensus estimate of $797.70 million. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The business’s revenue was up 6.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.49 EPS. On average, analysts expect that Paychex, Inc. will post $2.37 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Tuesday, August 1st will be paid a dividend of $0.50 per share. This is an increase from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 annualized dividend and a yield of 3.50%. The ex-dividend date is Friday, July 28th.
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A number of analysts recently weighed in on PAYX shares. Wedbush reissued a “neutral” rating and issued a $61.25 price objective (down from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. Morgan Stanley reduced their price objective on shares of Paychex from $56.00 to $55.00 and set an “underweight” rating on the stock in a research report on Friday, June 30th. Goldman Sachs Group, Inc. (The) lowered shares of Paychex from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $68.00 to $64.00 in a research report on Tuesday, June 20th. BidaskClub downgraded shares of Paychex from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 1st. Finally, BMO Capital Markets dropped their target price on shares of Paychex from $61.00 to $60.00 and set a “market perform” rating on the stock in a research note on Thursday, March 30th. Five investment analysts have rated the stock with a sell rating, eleven have given a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $59.16.
In related news, VP Mark Anthony Bottini sold 35,000 shares of the company’s stock in a transaction that occurred on Thursday, April 27th. The shares were sold at an average price of $60.01, for a total transaction of $2,100,350.00. Following the sale, the vice president now directly owns 47,007 shares of the company’s stock, valued at approximately $2,820,890.07. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Martin Mucci sold 33,294 shares of the company’s stock in a transaction that occurred on Sunday, July 9th. The stock was sold at an average price of $57.40, for a total transaction of $1,911,075.60. Following the sale, the chief executive officer now directly owns 254,618 shares in the company, valued at $14,615,073.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 148,151 shares of company stock worth $8,604,108. 11.60% of the stock is owned by insiders.
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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