GSA Capital Partners LLP decreased its holdings in Paychex, Inc. (NASDAQ:PAYX) by 31.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,877 shares of the business services provider’s stock after selling 3,587 shares during the quarter. GSA Capital Partners LLP’s holdings in Paychex were worth $449,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in the company. BlackRock Inc. grew its stake in shares of Paychex by 2,782.5% in the first quarter. BlackRock Inc. now owns 25,717,903 shares of the business services provider’s stock worth $1,514,786,000 after purchasing an additional 24,825,695 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Paychex by 2.6% in the first quarter. Vanguard Group Inc. now owns 22,453,468 shares of the business services provider’s stock worth $1,322,509,000 after purchasing an additional 573,036 shares in the last quarter. State Street Corp grew its stake in shares of Paychex by 2.2% in the first quarter. State Street Corp now owns 14,205,592 shares of the business services provider’s stock worth $836,708,000 after purchasing an additional 309,889 shares in the last quarter. FMR LLC grew its stake in shares of Paychex by 6.3% in the first quarter. FMR LLC now owns 9,866,100 shares of the business services provider’s stock worth $581,112,000 after purchasing an additional 588,027 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Paychex by 5.6% in the first quarter. Geode Capital Management LLC now owns 3,805,670 shares of the business services provider’s stock worth $223,891,000 after purchasing an additional 203,332 shares in the last quarter. 67.31% of the stock is owned by institutional investors.
In related news, VP Laurie L. Zaucha sold 15,000 shares of Paychex stock in a transaction on Monday, September 25th. The stock was sold at an average price of $60.00, for a total transaction of $900,000.00. Following the completion of the sale, the vice president now directly owns 51,360 shares of the company’s stock, valued at $3,081,600. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Laurie L. Zaucha sold 17,354 shares of Paychex stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $64.00, for a total value of $1,110,656.00. The disclosure for this sale can be found here. Insiders sold a total of 88,395 shares of company stock valued at $5,532,183 over the last three months. Insiders own 11.70% of the company’s stock.
Several research analysts have recently issued reports on PAYX shares. Goldman Sachs Group, Inc. (The) cut Paychex from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $68.00 to $64.00 in a research note on Tuesday, June 20th. BMO Capital Markets reissued a “hold” rating and issued a $60.00 price target on shares of Paychex in a research note on Thursday, June 29th. Robert W. Baird decreased their price target on Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, June 30th. Morgan Stanley decreased their price target on Paychex from $56.00 to $55.00 and set an “underweight” rating for the company in a research note on Friday, June 30th. Finally, J P Morgan Chase & Co reissued a “neutral” rating and issued a $60.00 price target (down previously from $62.00) on shares of Paychex in a research note on Friday, June 30th. Five research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have assigned a buy rating to the company. Paychex has a consensus rating of “Hold” and an average target price of $60.07.
Paychex (NASDAQ:PAYX) last released its earnings results on Tuesday, October 3rd. The business services provider reported $0.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The company had revenue of $816.80 million during the quarter, compared to analysts’ expectations of $816.34 million. Paychex had a return on equity of 43.01% and a net margin of 26.01%. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period last year, the firm earned $0.60 EPS.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st will be paid a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $2.00 annualized dividend and a dividend yield of 3.10%. Paychex’s dividend payout ratio (DPR) is currently 87.34%.
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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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