Executive Wealth Management LLC lifted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 6.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 47,335 shares of the business services provider’s stock after buying an additional 2,707 shares during the period. Executive Wealth Management LLC’s holdings in Paychex were worth $3,895,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently made changes to their positions in PAYX. Stephens Inc. AR raised its stake in shares of Paychex by 0.9% in the 2nd quarter. Stephens Inc. AR now owns 83,223 shares of the business services provider’s stock valued at $6,848,000 after acquiring an additional 755 shares during the period. TRUE Private Wealth Advisors purchased a new position in shares of Paychex in the 2nd quarter valued at $108,000. DekaBank Deutsche Girozentrale raised its stake in shares of Paychex by 74.4% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 248,610 shares of the business services provider’s stock valued at $20,489,000 after acquiring an additional 106,073 shares during the period. Sunbelt Securities Inc. raised its stake in shares of Paychex by 2.3% in the 2nd quarter. Sunbelt Securities Inc. now owns 10,625 shares of the business services provider’s stock valued at $874,000 after acquiring an additional 240 shares during the period. Finally, Sandy Spring Bank raised its stake in shares of Paychex by 100.0% in the 2nd quarter. Sandy Spring Bank now owns 600 shares of the business services provider’s stock valued at $50,000 after acquiring an additional 300 shares during the period. 69.85% of the stock is currently owned by institutional investors and hedge funds.
In other news, VP Robert L. Schrader sold 751 shares of Paychex stock in a transaction dated Saturday, August 3rd. The shares were sold at an average price of $83.89, for a total value of $63,001.39. Following the completion of the transaction, the vice president now directly owns 9,166 shares of the company’s stock, valued at approximately $768,935.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Stephanie L. Schaeffer sold 14,893 shares of Paychex stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $86.76, for a total transaction of $1,292,116.68. Following the completion of the transaction, the insider now directly owns 63,039 shares of the company’s stock, valued at $5,469,263.64. The disclosure for this sale can be found here. Insiders sold a total of 70,889 shares of company stock valued at $6,055,553 over the last ninety days. Company insiders own 11.80% of the company’s stock.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Wednesday, June 26th. The business services provider reported $0.63 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.65 by ($0.02). The firm had revenue of $980.40 million for the quarter, compared to analyst estimates of $978.94 million. Paychex had a net margin of 27.42% and a return on equity of 40.99%. Paychex’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.61 earnings per share. Analysts forecast that Paychex, Inc. will post 3.09 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 1st will be issued a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 2.96%. The ex-dividend date is Wednesday, July 31st. Paychex’s dividend payout ratio (DPR) is presently 87.32%.
PAYX has been the topic of a number of research reports. William Blair reissued a “market perform” rating on shares of Paychex in a research note on Thursday, June 27th. Bank of America lowered shares of Paychex from a “neutral” rating to an “underperform” rating in a report on Wednesday, June 26th. They noted that the move was a valuation call. Sanford C. Bernstein lowered shares of Paychex from a “market perform” rating to an “underperform” rating in a report on Tuesday, April 30th. Finally, BidaskClub raised shares of Paychex from a “hold” rating to a “buy” rating in a report on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $75.08.
Paychex Company Profile
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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