CWA Asset Management Group LLC raised its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 97.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 46,053 shares of the business services provider’s stock after purchasing an additional 22,698 shares during the period. CWA Asset Management Group LLC’s holdings in Paychex were worth $2,622,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of PAYX. BlackRock Inc. grew its stake in shares of Paychex by 2,782.5% during the first quarter. BlackRock Inc. now owns 25,717,903 shares of the business services provider’s stock valued at $1,514,786,000 after buying an additional 24,825,695 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of Paychex by 23.8% during the first quarter. Ameriprise Financial Inc. now owns 4,237,537 shares of the business services provider’s stock valued at $248,742,000 after buying an additional 813,930 shares during the last quarter. Mawer Investment Management Ltd. bought a new position in shares of Paychex during the second quarter valued at approximately $45,209,000. JPMorgan Chase & Co. grew its stake in shares of Paychex by 314.1% during the first quarter. JPMorgan Chase & Co. now owns 1,001,929 shares of the business services provider’s stock valued at $59,014,000 after buying an additional 759,973 shares during the last quarter. Finally, Morgan Stanley grew its stake in shares of Paychex by 27.5% during the first quarter. Morgan Stanley now owns 2,786,888 shares of the business services provider’s stock valued at $164,149,000 after buying an additional 601,496 shares during the last quarter. Institutional investors and hedge funds own 67.33% of the company’s stock.
Shares of Paychex, Inc. (NASDAQ PAYX) traded up 2.329% on Tuesday, reaching $58.665. The company had a trading volume of 712,387 shares. Paychex, Inc. has a 1-year low of $52.78 and a 1-year high of $63.03. The company’s 50 day moving average price is $56.37 and its 200-day moving average price is $58.54. The stock has a market capitalization of $21.08 billion, a P/E ratio of 26.073 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.01. The business had revenue of $799.00 million during the quarter, compared to the consensus estimate of $797.70 million. Paychex had a net margin of 25.93% and a return on equity of 42.48%. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.49 earnings per share. Equities analysts predict that Paychex, Inc. will post $2.37 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st were paid a $0.50 dividend. This is an increase from Paychex’s previous quarterly dividend of $0.46. The ex-dividend date was Friday, July 28th. This represents a $2.00 annualized dividend and a dividend yield of 3.49%. Paychex’s payout ratio is 88.50%.
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In other Paychex news, CEO Martin Mucci sold 30,000 shares of the business’s stock in a transaction on Thursday, July 13th. The shares were sold at an average price of $57.04, for a total value of $1,711,200.00. Following the completion of the transaction, the chief executive officer now owns 237,754 shares in the company, valued at $13,561,488.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Joseph M. Tucci sold 6,000 shares of the business’s stock in a transaction on Monday, July 10th. The stock was sold at an average price of $57.82, for a total transaction of $346,920.00. Following the completion of the transaction, the director now owns 53,621 shares of the company’s stock, valued at approximately $3,100,366.22. The disclosure for this sale can be found here. In the last 90 days, insiders sold 92,497 shares of company stock valued at $5,300,889. Insiders own 11.60% of the company’s stock.
A number of research firms have recently commented on PAYX. Stifel Nicolaus reaffirmed a “hold” rating and set a $61.00 target price on shares of Paychex in a research note on Friday, August 18th. Morgan Stanley raised Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 target price on the stock in a research note on Wednesday, August 16th. They noted that the move was a valuation call. BidaskClub cut Paychex from a “sell” rating to a “strong sell” rating in a research note on Sunday, August 6th. William Blair cut Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. Finally, J P Morgan Chase & Co reaffirmed a “neutral” rating and set a $60.00 target price (down previously from $62.00) on shares of Paychex in a research note on Friday, June 30th. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $59.28.
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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