Piedmont Investment Advisors LLC Has $1.83 Million Position in Paychex, Inc. (PAYX)
Piedmont Investment Advisors LLC increased its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 2.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 32,211 shares of the business services provider’s stock after acquiring an additional 851 shares during the period. Piedmont Investment Advisors LLC’s holdings in Paychex were worth $1,834,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently bought and sold shares of the company. Northwest Quadrant Wealth Management LLC increased its holdings in Paychex by 0.6% during the 1st quarter. Northwest Quadrant Wealth Management LLC now owns 3,923 shares of the business services provider’s stock worth $228,000 after acquiring an additional 24 shares during the period. Pacer Advisors Inc. increased its holdings in Paychex by 4.3% during the 1st quarter. Pacer Advisors Inc. now owns 10,174 shares of the business services provider’s stock worth $599,000 after acquiring an additional 417 shares during the period. Shelton Capital Management increased its holdings in Paychex by 72.6% during the 1st quarter. Shelton Capital Management now owns 102,276 shares of the business services provider’s stock worth $6,024,000 after acquiring an additional 43,033 shares during the period. JPMorgan Chase & Co. increased its holdings in Paychex by 314.1% during the 1st quarter. JPMorgan Chase & Co. now owns 1,001,929 shares of the business services provider’s stock worth $59,014,000 after acquiring an additional 759,973 shares during the period. Finally, Burney Co. increased its holdings in Paychex by 28.9% during the 1st quarter. Burney Co. now owns 40,717 shares of the business services provider’s stock worth $2,398,000 after acquiring an additional 9,135 shares during the period. 67.36% of the stock is currently owned by institutional investors and hedge funds.
Paychex, Inc. (NASDAQ PAYX) traded down 0.20% during trading on Monday, hitting $63.62. 106,611 shares of the company traded hands. Paychex, Inc. has a 52 week low of $52.78 and a 52 week high of $64.75. The company’s 50 day moving average is $59.53 and its 200-day moving average is $58.30. The stock has a market capitalization of $22.86 billion, a PE ratio of 28.28 and a beta of 0.98.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.02. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The company had revenue of $816.80 million for the quarter, compared to analysts’ expectations of $816.34 million. During the same quarter in the previous year, the business posted $0.60 earnings per share. Paychex’s quarterly revenue was up 4.0% on a year-over-year basis. Analysts predict that Paychex, Inc. will post $2.38 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend is Tuesday, October 31st. Paychex’s dividend payout ratio is presently 87.34%.
PAYX has been the topic of a number of analyst reports. Bank of America Corporation upped their target price on shares of Paychex from $64.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, October 4th. BidaskClub raised shares of Paychex from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. William Blair lowered shares of Paychex from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. 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. Finally, Morgan Stanley raised shares of Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 target price on the stock in a report on Wednesday, August 16th. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $60.07.
In related news, CEO Martin Mucci sold 29,786 shares of the business’s stock in a transaction on Thursday, October 5th. The shares were sold at an average price of $63.17, for a total value of $1,881,581.62. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Jennifer R. Vossler sold 11,155 shares of the business’s stock in a transaction on Friday, October 6th. The stock was sold at an average price of $63.07, for a total transaction of $703,545.85. The disclosure for this sale can be found here. Insiders sold 88,395 shares of company stock worth $5,532,183 in the last 90 days. 11.70% of the stock is currently owned by company 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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