Grandfield & Dodd LLC boosted its position in shares of Paychex Inc. (NASDAQ:PAYX) by 0.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 390,730 shares of the company’s stock after buying an additional 2,669 shares during the period. Paychex makes up approximately 3.3% of Grandfield & Dodd LLC’s portfolio, making the stock its 3rd largest position. Grandfield & Dodd LLC’s holdings in Paychex were worth $23,248,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. Financial Architects Inc increased its stake in Paychex by 0.7% in the second quarter. Financial Architects Inc now owns 1,838 shares of the company’s stock worth $109,000 after buying an additional 12 shares in the last quarter. Davis R M Inc. boosted its position in Paychex by 0.7% in the second quarter. Davis R M Inc. now owns 7,200 shares of the company’s stock worth $428,000 after buying an additional 50 shares during the last quarter. Pitcairn Co. boosted its position in Paychex by 0.5% in the second quarter. Pitcairn Co. now owns 9,851 shares of the company’s stock worth $586,000 after buying an additional 50 shares during the last quarter. Osborn Rohs Williams & Donohoe Ltd boosted its position in Paychex by 0.6% in the second quarter. Osborn Rohs Williams & Donohoe Ltd now owns 8,799 shares of the company’s stock worth $524,000 after buying an additional 54 shares during the last quarter. Finally, Cue Financial Group Inc. boosted its position in Paychex by 0.5% in the second quarter. Cue Financial Group Inc. now owns 16,427 shares of the company’s stock worth $977,000 after buying an additional 75 shares during the last quarter. 69.31% of the stock is owned by institutional investors and hedge funds.
Shares of Paychex Inc. (NASDAQ:PAYX) traded down 0.60% during midday trading on Monday, hitting $57.52. The stock had a trading volume of 1,991,568 shares. Paychex Inc. has a 12 month low of $45.76 and a 12 month high of $61.87. The stock has a market cap of $20.80 billion, a PE ratio of 27.26 and a beta of 0.88. The stock’s 50-day moving average is $59.81 and its 200-day moving average is $56.52.
Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, September 28th. The company reported $0.60 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.03. Paychex had a return on equity of 40.10% and a net margin of 25.38%. The firm had revenue of $785.50 million for the quarter, compared to analysts’ expectations of $782.80 million. During the same period in the previous year, the firm earned $0.52 earnings per share. The business’s revenue was up 8.6% compared to the same quarter last year. Equities analysts anticipate that Paychex Inc. will post $2.22 EPS for the current year.
PAYX has been the topic of a number of research analyst reports. Morgan Stanley restated an “underweight” rating and set a $49.00 price target on shares of Paychex in a report on Tuesday, August 23rd. Sanford C. Bernstein restated an “underperform” rating and set a $52.00 price target (up from $40.00) on shares of Paychex in a report on Tuesday, July 12th. Jefferies Group restated an “underperform” rating and set a $40.00 price target on shares of Paychex in a report on Tuesday, July 5th. Zacks Investment Research cut Paychex from a “buy” rating to a “hold” rating in a report on Saturday, July 2nd. Finally, Deutsche Bank AG restated a “hold” rating and set a $56.00 price target (up from $51.00) on shares of Paychex in a report on Wednesday, July 6th. Seven equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. Paychex currently has an average rating of “Hold” and a consensus price target of $54.00.
In related news, CEO Martin Mucci sold 65,965 shares of the company’s stock in a transaction on Thursday, July 7th. The stock was sold at an average price of $60.63, for a total value of $3,999,457.95. Following the sale, the chief executive officer now directly owns 246,516 shares of the company’s stock, valued at $14,946,265.08. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Efrain Rivera sold 7,235 shares of the company’s stock in a transaction on Friday, July 8th. The stock was sold at an average price of $61.33, for a total value of $443,722.55. The disclosure for this sale can be found here. 11.60% of the stock is owned by corporate insiders.
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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