Sabal Trust CO increased its stake in Paychex Inc. (NASDAQ:PAYX) by 1.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 432,155 shares of the company’s stock after buying an additional 7,236 shares during the period. Paychex makes up about 3.0% of Sabal Trust CO’s holdings, making the stock its 10th largest position. Sabal Trust CO’s holdings in Paychex were worth $25,713,000 as of its most recent filing with the SEC.
Other hedge funds also recently added to or reduced their stakes in the company. GW&K Investment Management LLC raised its stake in Paychex by 6.5% in the second quarter. GW&K Investment Management LLC now owns 515,086 shares of the company’s stock valued at $30,648,000 after buying an additional 31,217 shares in the last quarter. UMB Bank N A MO raised its stake in Paychex by 3.3% in the second quarter. UMB Bank N A MO now owns 378,956 shares of the company’s stock valued at $22,548,000 after buying an additional 11,964 shares in the last quarter. Adage Capital Partners GP L.L.C. acquired a new stake in Paychex during the first quarter valued at about $25,052,000. Shell Asset Management Co. raised its stake in Paychex by 0.4% in the second quarter. Shell Asset Management Co. now owns 247,375 shares of the company’s stock valued at $14,719,000 after buying an additional 1,006 shares in the last quarter. Finally, Confluence Investment Management LLC raised its stake in Paychex by 2.5% in the second quarter. Confluence Investment Management LLC now owns 1,117,828 shares of the company’s stock valued at $66,511,000 after buying an additional 27,350 shares in the last quarter. Institutional investors and hedge funds own 69.31% of the company’s stock.
Shares of Paychex Inc. (NASDAQ:PAYX) traded down 0.70% during midday trading on Tuesday, hitting $57.06. The company’s stock had a trading volume of 1,791,138 shares. Paychex Inc. has a 52-week low of $45.76 and a 52-week high of $61.87. The firm has a market cap of $20.64 billion, a P/E ratio of 27.04 and a beta of 0.88. The stock’s 50 day moving average is $59.74 and its 200-day moving average is $56.59.
Paychex (NASDAQ:PAYX) last announced its earnings results on Wednesday, September 28th. The company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $782.80 million. During the same quarter in the previous year, the business earned $0.52 EPS. The company’s revenue was up 8.6% compared to the same quarter last year. Equities analysts predict that Paychex Inc. will post $2.22 EPS for the current fiscal year.
A number of equities analysts have recently weighed in on PAYX shares. Zacks Investment Research lowered Paychex from a “buy” rating to a “hold” rating in a research note on Wednesday, June 8th. Argus reiterated a “buy” rating and set a $70.00 target price (up previously from $59.50) on shares of Paychex in a research note on Friday, July 1st. BMO Capital Markets reiterated a “market perform” rating and set a $58.00 target price (up previously from $55.00) on shares of Paychex in a research note on Tuesday, July 5th. Jefferies Group reiterated an “underperform” rating and set a $40.00 target price on shares of Paychex in a research note on Tuesday, July 5th. Finally, Deutsche Bank AG reiterated a “hold” rating and set a $56.00 target price (up previously from $51.00) on shares of Paychex in a research note on Wednesday, July 6th. Seven equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $54.00.
In related news, VP John B. Gibson sold 11,450 shares of Paychex stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $59.00, for a total value of $675,550.00. Following the sale, the vice president now owns 21,451 shares of the company’s stock, valued at approximately $1,265,609. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Martin Mucci sold 65,965 shares of Paychex stock in a transaction that occurred on Thursday, July 7th. The stock was sold at an average price of $60.63, for a total transaction of $3,999,457.95. Following the completion of the sale, the chief executive officer now directly owns 246,516 shares in the company, valued at approximately $14,946,265.08. The disclosure for this sale can be found here. 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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