Baxter Bros Inc. increased its position in Paychex, Inc. (NASDAQ:PAYX) by 4.6% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 102,125 shares of the business services provider’s stock after acquiring an additional 4,503 shares during the period. Paychex makes up about 1.9% of Baxter Bros Inc.’s investment portfolio, making the stock its 14th largest position. Baxter Bros Inc.’s holdings in Paychex were worth $6,980,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in PAYX. Select Equity Group L.P. lifted its holdings in shares of Paychex by 12.9% during the first quarter. Select Equity Group L.P. now owns 8,689,359 shares of the business services provider’s stock valued at $535,178,000 after purchasing an additional 995,527 shares during the last quarter. Millennium Management LLC purchased a new stake in shares of Paychex during the first quarter valued at $43,805,000. Smith Asset Management Group LP purchased a new stake in shares of Paychex during the first quarter valued at $26,952,000. Schwab Charles Investment Management Inc. lifted its holdings in shares of Paychex by 18.8% during the first quarter. Schwab Charles Investment Management Inc. now owns 1,935,855 shares of the business services provider’s stock valued at $119,230,000 after purchasing an additional 306,547 shares during the last quarter. Finally, BB&T Securities LLC lifted its holdings in shares of Paychex by 798.7% during the first quarter. BB&T Securities LLC now owns 302,947 shares of the business services provider’s stock valued at $18,658,000 after purchasing an additional 269,236 shares during the last quarter. Institutional investors and hedge funds own 68.48% of the company’s stock.
Paychex traded up $0.47, hitting $70.45, during mid-day trading on Tuesday, MarketBeat Ratings reports. The company’s stock had a trading volume of 149,425 shares, compared to its average volume of 2,394,579. The company has a market cap of $25.34 billion, a P/E ratio of 27.63, a P/E/G ratio of 3.03 and a beta of 0.99. Paychex, Inc. has a 52-week low of $54.20 and a 52-week high of $73.10.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 23rd. Investors of record on Wednesday, August 1st will be paid a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 3.18%. The ex-dividend date is Tuesday, July 31st. Paychex’s dividend payout ratio is currently 87.84%.
In other Paychex news, Director Joseph M. Velli sold 3,079 shares of the company’s stock in a transaction dated Friday, May 18th. The stock was sold at an average price of $65.00, for a total value of $200,135.00. Following the transaction, the director now directly owns 29,013 shares of the company’s stock, valued at approximately $1,885,845. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Mark Anthony Bottini sold 452 shares of the company’s stock in a transaction dated Thursday, July 12th. The stock was sold at an average price of $70.37, for a total value of $31,807.24. Following the completion of the transaction, the vice president now directly owns 50,219 shares in the company, valued at $3,533,911.03. The disclosure for this sale can be found here. Over the last three months, insiders sold 142,965 shares of company stock valued at $9,955,834. Company insiders own 11.70% of the company’s stock.
Several equities research analysts have recently commented on the company. Wolfe Research assumed coverage on Paychex in a report on Tuesday. They set a “market perform” rating for the company. ValuEngine raised Paychex from a “hold” rating to a “buy” rating in a report on Monday, July 2nd. Morgan Stanley upped their target price on Paychex from $66.00 to $67.00 and gave the company an “equal weight” rating in a report on Thursday, June 28th. Robert W. Baird upped their target price on Paychex from $67.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, June 28th. Finally, Wells Fargo & Co increased their price objective on Paychex from $64.00 to $67.00 and gave the stock a “market perform” rating in a research note on Thursday, June 28th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $67.40.
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Germany. The company offers payroll processing services that include payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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