Thrivent Financial For Lutherans increased its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 3.9% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 12,303 shares of the business services provider’s stock after purchasing an additional 463 shares during the quarter. Thrivent Financial For Lutherans’ holdings in Paychex were worth $701,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Dupont Capital Management Corp bought a new stake in Paychex during the 2nd quarter worth approximately $129,000. Kernodle & Katon Asset Management Group LLC increased its stake in Paychex by 37.7% during the 1st quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock worth $186,000 after purchasing an additional 867 shares in the last quarter. Koshinski Asset Management Inc. bought a new stake in Paychex during the 2nd quarter worth approximately $201,000. Sfmg LLC bought a new stake in Paychex during the 2nd quarter worth approximately $203,000. Finally, King Wealth Management Group LLC increased its stake in Paychex by 0.8% during the 1st quarter. King Wealth Management Group LLC now owns 3,793 shares of the business services provider’s stock worth $223,000 after purchasing an additional 30 shares in the last quarter. 67.31% of the stock is owned by institutional investors and hedge funds.
Shares of Paychex, Inc. (NASDAQ PAYX) opened at 63.48 on Thursday. The firm has a market cap of $22.81 billion, a P/E ratio of 28.21 and a beta of 0.98. Paychex, Inc. has a 12-month low of $52.78 and a 12-month high of $64.08. The stock has a 50 day moving average price of $58.95 and a 200 day moving average price of $58.26.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.02. Paychex had a return on equity of 43.01% and a net margin of 26.01%. The business had revenue of $816.80 million during the quarter, compared to the consensus estimate of $816.34 million. During the same quarter in the prior year, the company posted $0.60 earnings per share. Paychex’s revenue was up 4.0% compared to the same quarter last year. On average, equities analysts expect that Paychex, Inc. will post $2.38 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st will be issued a dividend of $0.50 per share. The ex-dividend date is Tuesday, October 31st. This represents a $2.00 annualized dividend and a yield of 3.15%. Paychex’s dividend payout ratio (DPR) is currently 87.34%.
A number of analysts recently issued reports on PAYX shares. BidaskClub cut Paychex from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 1st. Robert W. Baird reaffirmed a “hold” rating and set a $64.00 price target on shares of Paychex in a research report on Wednesday, October 4th. Morgan Stanley raised Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price target for the company in a research report on Wednesday, August 16th. They noted that the move was a valuation call. Stifel Nicolaus reaffirmed a “hold” rating and set a $61.00 price target on shares of Paychex in a research report on Friday, August 18th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $62.00 price target (up previously from $60.00) on shares of Paychex in a research report on Wednesday, October 4th. Five analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $60.07.
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In related news, VP Jennifer R. Vossler sold 11,155 shares of the company’s stock in a transaction on Friday, October 6th. The stock was sold at an average price of $63.07, for a total transaction of $703,545.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Laurie L. Zaucha sold 15,000 shares of the company’s stock in a transaction on Monday, September 25th. The stock was sold at an average price of $60.00, for a total value of $900,000.00. Following the sale, the vice president now owns 51,360 shares of the company’s stock, valued at approximately $3,081,600. The disclosure for this sale can be found here. Insiders have sold 88,395 shares of company stock valued at $5,532,183 in the last quarter. 11.70% of the stock is currently owned by corporate 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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