Dai Ichi Life Insurance Company Ltd lifted its stake in Paychex, Inc. (NASDAQ:PAYX) by 8.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 204,893 shares of the business services provider’s stock after purchasing an additional 15,275 shares during the quarter. Dai Ichi Life Insurance Company Ltd owned about 0.06% of Paychex worth $11,667,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also bought and sold shares of PAYX. Weatherstone Capital Management acquired a new stake in shares of Paychex during the 2nd quarter worth approximately $231,000. Jackson Wealth Management LLC grew its stake in Paychex by 8.0% in the 2nd quarter. Jackson Wealth Management LLC now owns 45,625 shares of the business services provider’s stock valued at $2,592,000 after acquiring an additional 3,395 shares during the period. Aberdeen Asset Management PLC UK grew its stake in Paychex by 6.9% in the 2nd quarter. Aberdeen Asset Management PLC UK now owns 302,126 shares of the business services provider’s stock valued at $17,202,000 after acquiring an additional 19,614 shares during the period. Northwest Quadrant Wealth Management LLC boosted its stake in Paychex by 0.6% during the 2nd quarter. Northwest Quadrant Wealth Management LLC now owns 3,948 shares of the business services provider’s stock worth $217,000 after purchasing an additional 25 shares during the last quarter. Finally, HPM Partners LLC boosted its stake in Paychex by 228.5% during the 2nd quarter. HPM Partners LLC now owns 145,838 shares of the business services provider’s stock worth $8,304,000 after purchasing an additional 101,440 shares during the last quarter. 67.33% of the stock is owned by institutional investors.
Paychex, Inc. (PAYX) traded up 0.59% during midday trading on Friday, hitting $57.85. The stock had a trading volume of 2,076,263 shares. Paychex, Inc. has a one year low of $52.78 and a one year high of $63.03. The stock has a 50-day moving average price of $56.37 and a 200 day moving average price of $58.47. The firm has a market cap of $20.79 billion, a PE ratio of 25.71 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, June 28th. The business services provider reported $0.54 EPS for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.01. The firm had revenue of $799.00 million for the quarter, compared to analyst estimates of $797.70 million. Paychex had a return on equity of 42.48% and a net margin of 25.93%. The business’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same period last year, the company earned $0.49 EPS. On average, analysts predict that Paychex, Inc. will post $2.37 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 24th. Stockholders of record on Tuesday, August 1st were paid a $0.50 dividend. The ex-dividend date of this dividend was Friday, July 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.46%. This is an increase from Paychex’s previous quarterly dividend of $0.46. Paychex’s dividend payout ratio is 88.50%.
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In related news, insider Michael E. Gioja sold 7,343 shares of the firm’s stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $57.40, for a total transaction of $421,488.20. Following the sale, the insider now owns 55,632 shares of the company’s stock, valued at approximately $3,193,276.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Martin Mucci sold 30,000 shares of the firm’s stock in a transaction on Thursday, July 13th. The stock was 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 disclosure for this sale can be found here. In the last three months, insiders sold 92,497 shares of company stock worth $5,300,889. 11.60% of the stock is currently owned by company insiders.
Several analysts recently issued reports on PAYX shares. Stifel Nicolaus restated a “hold” rating and issued a $61.00 price objective on shares of Paychex in a report on Friday, August 18th. Morgan Stanley upgraded shares of Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price objective on the stock in a report on Wednesday, August 16th. They noted that the move was a valuation call. BidaskClub lowered shares of Paychex from a “sell” rating to a “strong sell” rating in a research note on Sunday, August 6th. William Blair lowered shares of Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. Finally, J P Morgan Chase & Co reiterated a “neutral” rating and set a $60.00 price target (down from $62.00) on shares of Paychex in a research note on Friday, June 30th. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $59.28.
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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