FTB Advisors Inc. lowered its stake in Paychex Inc. (NASDAQ:PAYX) by 7.4% during the second quarter, Holdings Channel reports. The institutional investor owned 13,097 shares of the company’s stock after selling 1,043 shares during the period. FTB Advisors Inc.’s holdings in Paychex were worth $778,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Jolley Asset Management LLC raised its stake in Paychex by 19.5% in the second quarter. Jolley Asset Management LLC now owns 1,835 shares of the company’s stock valued at $109,000 after buying an additional 300 shares in the last quarter. Financial Architects Inc raised its stake in Paychex by 0.7% in the second quarter. Financial Architects Inc now owns 1,838 shares of the company’s stock valued at $109,000 after buying an additional 12 shares in the last quarter. Americafirst Capital Management LLC purchased a new stake in Paychex during the second quarter valued at about $111,000. Washington Trust Bank raised its stake in Paychex by 15.3% in the second quarter. Washington Trust Bank now owns 2,086 shares of the company’s stock valued at $124,000 after buying an additional 277 shares in the last quarter. Finally, Loomis Sayles & Co. L P raised its stake in Paychex by 81.9% in the first quarter. Loomis Sayles & Co. L P now owns 3,217 shares of the company’s stock valued at $174,000 after buying an additional 1,448 shares in the last quarter. Institutional investors and hedge funds own 69.33% of the company’s stock.
Paychex Inc. (NASDAQ:PAYX) traded down 0.07% during midday trading on Friday, hitting $56.20. 1,071,355 shares of the stock traded hands. Paychex Inc. has a 52 week low of $45.76 and a 52 week high of $61.87. The company has a market capitalization of $20.32 billion, a price-to-earnings ratio of 26.64 and a beta of 0.87. The stock’s 50-day moving average price is $58.80 and its 200 day moving average price is $56.69.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Wednesday, September 28th. The company reported $0.60 EPS for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.03. Paychex had a net margin of 25.38% and a return on equity of 40.10%. The business earned $785.50 million during the quarter, compared to analysts’ expectations of $782.80 million. During the same quarter in the previous year, the company earned $0.52 EPS. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. On average, equities research analysts predict that Paychex Inc. will post $2.22 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 22nd. Shareholders of record on Tuesday, November 1st will be paid a $0.46 dividend. The ex-dividend date of this dividend is Friday, October 28th. This represents a $1.84 dividend on an annualized basis and a yield of 3.27%. Paychex’s dividend payout ratio is presently 87.20%.
PAYX has been the topic of several analyst reports. Argus reiterated a “buy” rating and set a $70.00 price target (up previously from $59.50) on shares of Paychex in a research report on Friday, July 1st. Zacks Investment Research downgraded shares of Paychex from a “buy” rating to a “hold” rating in a research note on Saturday, July 2nd. Deutsche Bank AG reissued a “hold” rating and issued a $56.00 price objective (up previously from $51.00) on shares of Paychex in a research note on Wednesday, July 6th. BMO Capital Markets reissued a “market perform” rating and issued a $58.00 price objective (up previously from $55.00) on shares of Paychex in a research note on Tuesday, July 5th. Finally, Wedbush began coverage on shares of Paychex in a research note on Thursday, September 8th. They issued a “neutral” rating and a $65.00 price objective for the company. Seven investment 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. The stock has a consensus rating of “Hold” and a consensus price target of $54.00.
In other news, VP John B. Gibson sold 11,450 shares of the business’s 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 completion of the sale, the vice president now directly owns 21,451 shares in the company, valued at approximately $1,265,609. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Joseph Doody sold 44,441 shares of the business’s stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $60.51, for a total transaction of $2,689,124.91. Following the completion of the sale, the director now owns 19,158 shares of the company’s stock, valued at $1,159,250.58. The disclosure for this sale can be found here. 11.60% of the stock is currently owned by company 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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