Pensionfund DSM Netherlands trimmed its stake in Paychex, Inc. (NASDAQ:PAYX) by 7.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 31,950 shares of the business services provider’s stock after selling 2,450 shares during the quarter. Pensionfund DSM Netherlands’ holdings in Paychex were worth $2,629,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Thomasville National Bank bought a new position in Paychex during the second quarter valued at about $203,000. First Financial Bank Trust Division raised its holdings in Paychex by 1.3% during the second quarter. First Financial Bank Trust Division now owns 73,949 shares of the business services provider’s stock valued at $6,085,000 after buying an additional 981 shares in the last quarter. Cox Capital Mgt LLC raised its holdings in Paychex by 1.3% during the second quarter. Cox Capital Mgt LLC now owns 16,083 shares of the business services provider’s stock valued at $1,323,000 after buying an additional 210 shares in the last quarter. Amundi Pioneer Asset Management Inc. raised its holdings in Paychex by 7.8% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 503,544 shares of the business services provider’s stock valued at $40,384,000 after buying an additional 36,460 shares in the last quarter. Finally, Horizon Investments LLC raised its holdings in Paychex by 66.5% during the first quarter. Horizon Investments LLC now owns 46,853 shares of the business services provider’s stock valued at $3,729,000 after buying an additional 18,719 shares in the last quarter. Institutional investors and hedge funds own 69.64% of the company’s stock.
In related news, VP Jennifer R. Vossler sold 10,000 shares of the business’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $84.24, for a total transaction of $842,400.00. Following the transaction, the vice president now directly owns 31,701 shares in the company, valued at $2,670,492.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David J. S. Flaschen sold 18,154 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $84.74, for a total value of $1,538,369.96. Following the transaction, the director now owns 34,223 shares in the company, valued at $2,900,057.02. The disclosure for this sale can be found here. Insiders have sold 112,735 shares of company stock worth $9,592,477 over the last 90 days. Corporate insiders own 11.80% of the company’s stock.
Shares of Paychex stock traded up $0.53 during trading on Tuesday, reaching $84.62. The company’s stock had a trading volume of 1,909,216 shares, compared to its average volume of 1,924,085. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.17. The stock has a fifty day moving average price of $85.50. The company has a market cap of $30.05 billion, a price-to-earnings ratio of 29.80, a price-to-earnings-growth ratio of 3.05 and a beta of 0.87. Paychex, Inc. has a one year low of $61.32 and a one year high of $88.43.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, June 26th. The business services provider reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.02). Paychex had a net margin of 27.42% and a return on equity of 40.99%. The firm had revenue of $980.40 million for the quarter, compared to the consensus estimate of $978.94 million. During the same quarter in the prior year, the firm earned $0.61 earnings per share. The company’s revenue was up 15.9% on a year-over-year basis. On average, equities research analysts anticipate that Paychex, Inc. will post 3.09 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Thursday, August 1st will be paid a dividend of $0.62 per share. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $2.48 annualized dividend and a yield of 2.93%. Paychex’s dividend payout ratio is 87.32%.
PAYX has been the topic of several recent research reports. BidaskClub lowered Paychex from a “buy” rating to a “hold” rating in a report on Sunday, June 30th. Barclays reiterated a “sell” rating on shares of easyJet in a research note on Monday, April 1st. Credit Suisse Group upgraded Mosaic from an “underperform” rating to a “neutral” rating and set a $27.49 price objective on the stock in a research note on Thursday, March 28th. Sanford C. Bernstein lowered Encana from an “outperform” rating to a “market perform” rating in a research note on Tuesday, April 30th. Finally, William Blair reiterated a “market perform” rating on shares of Paychex in a research note on Thursday, June 27th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has issued a buy rating to the stock. Paychex has a consensus rating of “Hold” and a consensus price target of $75.08.
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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