Trust Co. of Virginia VA held its position in Paychex, Inc. (NASDAQ:PAYX) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,880 shares of the business services provider’s stock at the close of the second quarter. Trust Co. of Virginia VA’s holdings in Paychex were worth $391,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Northwest Quadrant Wealth Management LLC boosted its stake in shares of Paychex by 0.6% during the first quarter. Northwest Quadrant Wealth Management LLC now owns 3,923 shares of the business services provider’s stock valued at $228,000 after purchasing an additional 24 shares in the last quarter. Pacer Advisors Inc. lifted its position in Paychex by 4.3% during the first quarter. Pacer Advisors Inc. now owns 10,174 shares of the business services provider’s stock valued at $599,000 after acquiring an additional 417 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Paychex by 314.1% during the first quarter. JPMorgan Chase & Co. now owns 1,001,929 shares of the business services provider’s stock valued at $59,014,000 after acquiring an additional 759,973 shares during the last quarter. Shelton Capital Management lifted its position in Paychex by 72.6% during the first quarter. Shelton Capital Management now owns 102,276 shares of the business services provider’s stock valued at $6,024,000 after acquiring an additional 43,033 shares during the last quarter. Finally, Burney Co. lifted its position in Paychex by 28.9% during the first quarter. Burney Co. now owns 40,717 shares of the business services provider’s stock valued at $2,398,000 after acquiring an additional 9,135 shares during the last quarter. Hedge funds and other institutional investors own 67.33% of the company’s stock.
In other news, VP Mark Anthony Bottini sold 7,139 shares of the business’s stock in a transaction that occurred on Sunday, July 9th. The shares were sold at an average price of $57.39, for a total transaction of $409,707.21. Following the completion of the sale, the vice president now owns 46,548 shares in the company, valued at approximately $2,671,389.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Martin Mucci sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, July 13th. The stock was sold at an average price of $57.04, for a total transaction of $1,711,200.00. Following the sale, the chief executive officer now owns 237,754 shares of the company’s stock, valued at approximately $13,561,488.16. The disclosure for this sale can be found here. Insiders have sold a total of 92,497 shares of company stock valued at $5,300,889 in the last quarter. 11.60% of the stock is currently owned by company insiders.
A number of research firms recently commented on PAYX. Goldman Sachs Group, Inc. (The) cut shares of Paychex from a “buy” rating to a “neutral” rating and decreased their target price for the company from $68.00 to $64.00 in a research report on Tuesday, June 20th. Wedbush reissued a “neutral” rating and set a $61.25 target price (down previously from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. BidaskClub raised shares of Paychex from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. BMO Capital Markets reissued a “hold” rating and set a $60.00 target price on shares of Paychex in a research report on Thursday, June 29th. Finally, William Blair cut shares of Paychex from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and one has issued a buy rating to the company. Paychex presently has a consensus rating of “Hold” and a consensus price target of $59.28.
Paychex, Inc. (PAYX) traded up 0.62% on Monday, hitting $57.25. 171,153 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $56.37 and its 200-day moving average price is $58.55. The company has a market cap of $20.58 billion, a PE ratio of 25.44 and a beta of 0.96. Paychex, Inc. has a 12-month low of $52.78 and a 12-month high of $63.03.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. Paychex had a net margin of 25.93% and a return on equity of 42.48%. The company had revenue of $799 million during the quarter, compared to analysts’ expectations of $797.70 million. During the same quarter in the previous year, the business posted $0.49 EPS. The firm’s revenue was up 6.0% on a year-over-year basis. Analysts forecast that Paychex, Inc. will post $2.37 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.51%. The ex-dividend date of this dividend was Friday, July 28th. This is a boost from Paychex’s previous quarterly dividend of $0.46. Paychex’s payout ratio is 88.50%.
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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