Sumitomo Mitsui Asset Management Company LTD lowered its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 6.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,616 shares of the business services provider’s stock after selling 1,766 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Paychex were worth $1,458,000 as of its most recent SEC filing.
A number of other institutional investors also recently bought and sold shares of PAYX. Parkside Financial Bank & Trust raised its position in shares of Paychex by 23.8% in the first quarter. Parkside Financial Bank & Trust now owns 2,935 shares of the business services provider’s stock worth $173,000 after buying an additional 564 shares in the last quarter. Kernodle & Katon Asset Management Group LLC raised its position in shares of Paychex by 37.7% in the first quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock worth $186,000 after buying an additional 867 shares in the last quarter. Koshinski Asset Management Inc. acquired a new position in shares of Paychex during the second quarter worth $201,000. Denver Investment Advisors LLC raised its position in shares of Paychex by 7.7% in the first quarter. Denver Investment Advisors LLC now owns 3,791 shares of the business services provider’s stock worth $223,000 after buying an additional 271 shares in the last quarter. Finally, King Wealth Management Group LLC raised its position in shares of Paychex by 0.8% in the first quarter. King Wealth Management Group LLC now owns 3,793 shares of the business services provider’s stock worth $223,000 after buying an additional 30 shares in the last quarter. Institutional investors own 68.60% of the company’s stock.
Shares of Paychex, Inc. (PAYX) opened at 55.94 on Tuesday. The stock has a market capitalization of $20.10 billion, a P/E ratio of 24.86 and a beta of 0.96. The company has a 50-day moving average of $58.16 and a 200-day moving average of $59.28. Paychex, Inc. has a 52 week low of $52.78 and a 52 week high of $63.03.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.01. The company had revenue of $799 million during the quarter, compared to the consensus estimate of $797.70 million. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The firm’s revenue was up 6.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.49 EPS. On average, analysts anticipate that Paychex, Inc. will post $2.37 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Tuesday, August 1st will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, July 28th. This is an increase from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.58%.
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A number of equities analysts have weighed in on PAYX shares. BMO Capital Markets reiterated a “hold” rating and set a $60.00 target price on shares of Paychex in a research report on Thursday, June 29th. William Blair lowered shares of Paychex from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. Goldman Sachs Group, Inc. (The) lowered shares of Paychex from a “buy” rating to a “neutral” rating and cut their target price for the stock from $68.00 to $64.00 in a research report on Tuesday, June 20th. Wedbush reiterated a “neutral” rating and set a $61.25 target price (down previously from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. Finally, J P Morgan Chase & Co reiterated a “neutral” rating and set a $60.00 target price (down previously from $62.00) on shares of Paychex in a research report on Friday, June 30th. Five investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has issued a buy rating to the company. Paychex has an average rating of “Hold” and a consensus target price of $59.16.
In related news, insider Michael E. Gioja sold 7,343 shares of the business’s stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $57.40, for a total transaction of $421,488.20. Following the completion of the transaction, the insider now directly owns 55,632 shares in the company, valued at approximately $3,193,276.80. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Martin Mucci sold 33,294 shares of the business’s stock in a transaction that occurred on Sunday, July 9th. The shares were sold at an average price of $57.40, for a total value of $1,911,075.60. Following the transaction, the chief executive officer now owns 254,618 shares of the company’s stock, valued at $14,615,073.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 103,151 shares of company stock valued at $5,916,158. 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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