Dai Ichi Life Insurance Company Ltd grew its holdings in Paychex, Inc. (NASDAQ:PAYX) by 8.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 106,974 shares of the business services provider’s stock after purchasing an additional 8,229 shares during the quarter. Dai Ichi Life Insurance Company Ltd’s holdings in Paychex were worth $8,103,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of PAYX. Geode Capital Management LLC boosted its stake in shares of Paychex by 2.2% during the 1st quarter. Geode Capital Management LLC now owns 6,247,886 shares of the business services provider’s stock valued at $392,816,000 after buying an additional 136,294 shares during the period. Bahl & Gaynor Inc. raised its holdings in shares of Paychex by 1.3% during the 1st quarter. Bahl & Gaynor Inc. now owns 2,818,784 shares of the business services provider’s stock valued at $177,358,000 after purchasing an additional 35,197 shares in the last quarter. California Public Employees Retirement System lifted its stake in shares of Paychex by 0.9% in the 1st quarter. California Public Employees Retirement System now owns 2,717,390 shares of the business services provider’s stock valued at $170,978,000 after purchasing an additional 24,376 shares during the last quarter. Legal & General Group Plc boosted its holdings in Paychex by 2.9% in the first quarter. Legal & General Group Plc now owns 2,545,506 shares of the business services provider’s stock worth $160,343,000 after purchasing an additional 72,092 shares in the last quarter. Finally, Troy Asset Management Ltd increased its position in Paychex by 39.9% during the second quarter. Troy Asset Management Ltd now owns 2,346,240 shares of the business services provider’s stock worth $177,728,000 after buying an additional 668,577 shares during the last quarter. 69.85% of the stock is owned by institutional investors and hedge funds.
A number of research analysts have recently commented on PAYX shares. Goldman Sachs Group began coverage on Paychex in a report on Tuesday, July 14th. They set a “sell” rating and a $64.00 price objective on the stock. BMO Capital Markets lifted their price target on shares of Paychex from $70.00 to $74.00 and gave the company a “market perform” rating in a research report on Wednesday, July 8th. JPMorgan Chase & Co. upped their price objective on shares of Paychex from $72.00 to $78.00 and gave the stock an “underweight” rating in a report on Monday, August 17th. Deutsche Bank lowered their target price on shares of Paychex from $80.00 to $75.00 and set a “hold” rating on the stock in a research note on Wednesday, May 20th. Finally, BidaskClub raised shares of Paychex from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 20th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the company. Paychex presently has an average rating of “Hold” and a consensus target price of $73.17.
Shares of NASDAQ PAYX traded down $0.78 during mid-day trading on Monday, hitting $76.53. The company had a trading volume of 12,856 shares, compared to its average volume of 2,323,371. Paychex, Inc. has a 12 month low of $47.87 and a 12 month high of $90.54. The firm has a market cap of $27.74 billion, a P/E ratio of 25.43, a PEG ratio of 3.52 and a beta of 0.92. The business’s 50-day simple moving average is $73.50 and its 200-day simple moving average is $72.20. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.23 and a quick ratio of 1.23.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Tuesday, July 7th. The business services provider reported $0.61 EPS for the quarter, beating the consensus estimate of $0.60 by $0.01. Paychex had a return on equity of 40.76% and a net margin of 27.18%. The firm had revenue of $915.10 million during the quarter, compared to analysts’ expectations of $910.68 million. During the same quarter in the prior year, the firm posted $0.63 EPS. The company’s revenue for the quarter was down 6.7% on a year-over-year basis. As a group, sell-side analysts predict that Paychex, Inc. will post 2.75 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Monday, August 3rd were paid a dividend of $0.62 per share. The ex-dividend date was Friday, July 31st. This represents a $2.48 dividend on an annualized basis and a yield of 3.24%. Paychex’s dividend payout ratio is currently 82.67%.
In other Paychex news, CFO Efrain Rivera sold 396,355 shares of Paychex stock in a transaction that occurred on Monday, July 13th. The stock was sold at an average price of $73.36, for a total transaction of $29,076,602.80. Following the sale, the chief financial officer now directly owns 60,767 shares of the company’s stock, valued at $4,457,867.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stephanie L. Schaeffer sold 4,342 shares of the company’s stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $73.30, for a total value of $318,268.60. Following the completion of the sale, the insider now owns 58,591 shares in the company, valued at $4,294,720.30. The disclosure for this sale can be found here. Insiders sold a total of 616,149 shares of company stock worth $45,164,779 in the last three months. Insiders own 11.70% of the company’s stock.
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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