Canada Pension Plan Investment Board boosted its position in Paychex, Inc. (NASDAQ:PAYX) by 38.1% during the second quarter, Holdings Channel reports. The fund owned 200,320 shares of the business services provider’s stock after buying an additional 55,295 shares during the period. Canada Pension Plan Investment Board’s holdings in Paychex were worth $11,406,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. increased 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 last quarter. Vanguard Group Inc. increased its stake in Paychex by 2.6% in the first quarter. Vanguard Group Inc. now owns 22,453,468 shares of the business services provider’s stock worth $1,322,509,000 after buying an additional 573,036 shares during the last quarter. State Street Corp increased its stake in Paychex by 2.2% in the first quarter. State Street Corp now owns 14,205,592 shares of the business services provider’s stock worth $836,708,000 after buying an additional 309,889 shares during the last quarter. FMR LLC increased 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 last quarter. Finally, Wells Fargo & Company MN increased its stake in Paychex by 1.2% in the first quarter. Wells Fargo & Company MN now owns 8,482,489 shares of the business services provider’s stock worth $499,618,000 after buying an additional 104,154 shares during the last quarter. Institutional investors own 68.68% of the company’s stock.
Paychex, Inc. (NASDAQ:PAYX) opened at 54.98 on Friday. The firm has a 50-day moving average price of $56.67 and a 200-day moving average price of $58.82. The firm has a market capitalization of $19.76 billion, a PE ratio of 24.44 and a beta of 0.96. Paychex, Inc. has a 1-year low of $52.78 and a 1-year high of $63.03.
Paychex (NASDAQ:PAYX) last announced its earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.01. The business had revenue of $799 million during the quarter, compared to analyst estimates of $797.70 million. Paychex had a return on equity of 42.65% and a net margin of 25.93%. Paychex’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period last year, the company earned $0.49 EPS. Equities analysts expect that Paychex, Inc. will post $2.37 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Tuesday, August 1st will be given a $0.50 dividend. The ex-dividend date of this dividend is Friday, July 28th. This is a positive change from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 annualized dividend and a dividend yield of 3.64%.
A number of equities research analysts have recently weighed in on PAYX shares. BidaskClub downgraded Paychex from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 1st. Robert W. Baird decreased their price objective on Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, June 30th. Wedbush reaffirmed a “neutral” rating and set a $61.25 price objective (down from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. Morgan Stanley raised Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price objective for the company in a research note on Wednesday. They noted that the move was a valuation call. Finally, William Blair cut Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $59.16.
In other news, VP Laurie L. Zaucha sold 2,884 shares of Paychex stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $57.39, for a total value of $165,512.76. Following the completion of the transaction, the vice president now directly owns 32,906 shares of the company’s stock, valued at approximately $1,888,475.34. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Mark Anthony Bottini sold 7,139 shares of Paychex stock in a transaction dated Sunday, July 9th. The stock was sold at an average price of $57.39, for a total value of $409,707.21. Following the completion of the transaction, the vice president now directly owns 46,548 shares of the company’s stock, valued at $2,671,389.72. The disclosure for this sale can be found here. Over the last three months, insiders sold 92,497 shares of company stock valued at $5,300,889. Corporate insiders own 11.60% of the company’s stock.
Paychex Company Profile
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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