793,980 Shares in Paychex, Inc. (PAYX) Acquired by Mawer Investment Management Ltd.
Mawer Investment Management Ltd. purchased a new position in Paychex, Inc. (NASDAQ:PAYX) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 793,980 shares of the business services provider’s stock, valued at approximately $45,209,000.
Several other institutional investors have also recently bought and sold shares of the company. Parkside Financial Bank & Trust raised its position in 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 during the last quarter. Kernodle & Katon Asset Management Group LLC raised its position in 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 during the last quarter. Koshinski Asset Management Inc. purchased a new position in Paychex during the second quarter worth $201,000. Denver Investment Advisors LLC raised its position in 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 during the last quarter. Finally, King Wealth Management Group LLC raised its position in 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 during the last quarter. Institutional investors and hedge funds own 68.60% of the company’s stock.
Shares of Paychex, Inc. (PAYX) opened at 54.24 on Friday. Paychex, Inc. has a 1-year low of $52.78 and a 1-year high of $63.03. The company’s 50-day moving average is $57.04 and its 200-day moving average is $59.00. The stock has a market cap of $19.49 billion, a P/E ratio of 24.11 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The business had revenue of $799 million for the quarter, compared to analyst estimates of $797.70 million. During the same quarter in the previous year, the firm earned $0.49 EPS. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. Equities analysts expect that Paychex, Inc. will post $2.37 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Tuesday, August 1st will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.69%. The ex-dividend date is Friday, July 28th. This is a positive change from Paychex’s previous quarterly dividend of $0.46.
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PAYX has been the subject of a number of recent analyst reports. BMO Capital Markets reiterated a “hold” rating and issued a $60.00 price target on shares of Paychex in a research report on Thursday, June 29th. William Blair downgraded shares of Paychex from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. Goldman Sachs Group, Inc. (The) downgraded shares of Paychex from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $68.00 to $64.00 in a report on Tuesday, June 20th. Wedbush reissued a “neutral” rating and issued a $61.25 target price (down previously from $65.00) on shares of Paychex in a report on Tuesday, June 6th. Finally, J P Morgan Chase & Co reissued a “neutral” rating and issued a $60.00 target price (down previously from $62.00) on shares of Paychex in a report on Friday, June 30th. Five investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the stock. Paychex presently has an average rating of “Hold” and an average price target of $59.16.
In related news, CEO Martin Mucci sold 30,000 shares of the business’s stock in a transaction dated Thursday, July 13th. The shares were sold at an average price of $57.04, for a total value of $1,711,200.00. Following the sale, the chief executive officer now directly owns 237,754 shares in the company, valued at approximately $13,561,488.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Joseph M. Tucci sold 6,000 shares of the business’s stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $57.82, for a total transaction of $346,920.00. Following the completion of the sale, the director now owns 53,621 shares in the company, valued at $3,100,366.22. The disclosure for this sale can be found here. In the last quarter, insiders have sold 92,497 shares of company stock worth $5,300,889. Insiders own 11.60% of the company’s stock.
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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