Integrated Wealth Management increased its position in Paychex Inc. (NASDAQ:PAYX) by 44.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,988 shares of the company’s stock after buying an additional 2,156 shares during the period. Integrated Wealth Management’s holdings in Paychex were worth $416,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of PAYX. Ensemble Capital Management LLC raised its position in Paychex by 14.8% in the first quarter. Ensemble Capital Management LLC now owns 39,580 shares of the company’s stock worth $2,138,000 after buying an additional 5,090 shares during the last quarter. Mariner Wealth Advisors LLC raised its position in Paychex by 70.9% in the first quarter. Mariner Wealth Advisors LLC now owns 22,154 shares of the company’s stock worth $1,197,000 after buying an additional 9,188 shares during the last quarter. Prudential PLC raised its position in Paychex by 31.3% in the first quarter. Prudential PLC now owns 23,900 shares of the company’s stock worth $1,291,000 after buying an additional 5,700 shares during the last quarter. Geode Capital Management LLC raised its position in Paychex by 5.9% in the first quarter. Geode Capital Management LLC now owns 3,289,199 shares of the company’s stock worth $177,365,000 after buying an additional 182,390 shares during the last quarter. Finally, Loomis Sayles & Co. L P raised its position in Paychex by 81.9% in the first quarter. Loomis Sayles & Co. L P now owns 3,217 shares of the company’s stock worth $174,000 after buying an additional 1,448 shares during the last quarter. 69.37% of the stock is owned by hedge funds and other institutional investors.
Paychex Inc. (NASDAQ:PAYX) traded up 0.34% on Wednesday, hitting $56.33. The stock had a trading volume of 509,476 shares. The firm has a market cap of $20.37 billion, a price-to-earnings ratio of 26.70 and a beta of 0.87. The company’s 50 day moving average price is $58.53 and its 200 day moving average price is $56.76. Paychex Inc. has a 52-week low of $45.76 and a 52-week high of $61.87.
Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, September 28th. The company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.03. The company earned $785.50 million during the quarter, compared to the consensus estimate of $782.80 million. Paychex had a net margin of 25.38% and a return on equity of 40.10%. Paychex’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.52 EPS. Analysts expect that Paychex Inc. will post $2.22 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 22nd. Investors of record on Tuesday, November 1st will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 3.28%. The ex-dividend date of this dividend is Friday, October 28th. Paychex’s dividend payout ratio is currently 87.20%.
A number of research firms have recently commented on PAYX. Sanford C. Bernstein raised Paychex to a “sell” rating in a report on Monday, July 11th. Zacks Investment Research raised Paychex from a “sell” rating to a “hold” rating in a research note on Tuesday, September 6th. Wedbush assumed coverage on Paychex in a research note on Thursday, September 8th. They set a “neutral” rating and a $65.00 price objective for the company. Morgan Stanley reissued an “underweight” rating and set a $49.00 price objective on shares of Paychex in a research note on Tuesday, August 23rd. Finally, Deutsche Bank AG reissued a “hold” rating and set a $56.00 price objective (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 assigned a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $54.00.
In related news, Director Joseph Doody sold 44,441 shares of the company’s stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $60.51, for a total value of $2,689,124.91. Following the completion of the transaction, the director now owns 19,158 shares of the company’s stock, valued at approximately $1,159,250.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP John B. Gibson sold 11,450 shares of the company’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $59.00, for a total transaction of $675,550.00. Following the completion of the transaction, the vice president now directly owns 21,451 shares of the company’s stock, valued at approximately $1,265,609. The disclosure for this sale can be found here. 11.60% of the stock is currently 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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