Nomura Holdings Inc. increased its position in Paychex, Inc. (NASDAQ:PAYX) by 415.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 47,394 shares of the business services provider’s stock after acquiring an additional 38,196 shares during the quarter. Nomura Holdings Inc.’s holdings in Paychex were worth $2,698,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Salem Investment Counselors Inc. grew its holdings in Paychex by 0.6% during the 2nd quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock valued at $102,000 after buying an additional 11 shares in the last quarter. Dupont Capital Management Corp purchased a new position in Paychex during the 2nd quarter valued at about $129,000. Sun Life Financial INC grew its holdings in Paychex by 23,260.0% during the 2nd quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock valued at $133,000 after buying an additional 2,326 shares in the last quarter. San Francisco Sentry Investment Group CA purchased a new position in Paychex during the 2nd quarter valued at about $145,000. Finally, Kernodle & Katon Asset Management Group LLC grew its holdings in Paychex by 37.7% during the 1st quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock valued at $186,000 after buying an additional 867 shares in the last quarter. 67.31% of the stock is owned by institutional investors.
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Shares of Paychex, Inc. (NASDAQ:PAYX) traded up 0.34% during mid-day trading on Friday, hitting $64.64. The stock had a trading volume of 274,465 shares. The company has a market cap of $23.23 billion, a PE ratio of 28.73 and a beta of 0.98. The stock’s 50-day moving average is $59.20 and its 200 day moving average is $58.30. Paychex, Inc. has a 12 month low of $52.78 and a 12 month high of $64.75.
Paychex (NASDAQ:PAYX) last released its earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.02. Paychex had a return on equity of 43.01% and a net margin of 26.01%. The firm had revenue of $816.80 million during the quarter, compared to analysts’ expectations of $816.34 million. During the same quarter last year, the business posted $0.60 earnings per share. The firm’s revenue was up 4.0% on a year-over-year basis. On average, equities research analysts forecast that Paychex, Inc. will post $2.38 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend is Tuesday, October 31st. Paychex’s dividend payout ratio is currently 87.34%.
In other Paychex news, VP Jennifer R. Vossler sold 11,155 shares of the firm’s stock in a transaction that occurred on Friday, October 6th. The stock was sold at an average price of $63.07, for a total transaction of $703,545.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Laurie L. Zaucha sold 17,354 shares of the firm’s stock in a transaction that occurred on Tuesday, October 10th. The shares were 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 have sold 88,395 shares of company stock valued at $5,532,183 in the last quarter. 11.70% of the stock is currently owned by company insiders.
A number of research analysts have weighed in on the company. Morgan Stanley reaffirmed an “equal weight” rating and set a $59.00 target price (up previously from $55.00) on shares of Paychex in a report on Wednesday, October 4th. Wells Fargo & Company lifted their target price on Paychex from $58.00 to $60.00 and gave the company a “market perform” rating in a report on Wednesday, October 4th. Bank of America Corporation lifted their target price on Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, October 4th. BMO Capital Markets reaffirmed a “market perform” rating and set a $62.00 target price (up previously from $60.00) on shares of Paychex in a report on Wednesday, October 4th. Finally, Royal Bank Of Canada reaffirmed an “underperform” rating and set a $57.00 target price (up previously from $54.00) on shares of Paychex in a report on Wednesday, October 4th. Five equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $60.07.
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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