Grimes & Company Inc. Has $305,000 Stake in Paychex Inc. (PAYX)
Grimes & Company Inc. reduced its position in shares of Paychex Inc. (NASDAQ:PAYX) by 4.4% during the second quarter, Holdings Channel reports. The firm owned 5,129 shares of the company’s stock after selling 237 shares during the period. Grimes & Company Inc.’s holdings in Paychex were worth $305,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Investment House LLC increased its position in shares of Paychex by 0.8% in the second quarter. Investment House LLC now owns 126,991 shares of the company’s stock valued at $7,556,000 after buying an additional 985 shares during the last quarter. Pitcairn Co. increased its position in shares of Paychex by 0.5% in the second quarter. Pitcairn Co. now owns 9,851 shares of the company’s stock valued at $586,000 after buying an additional 50 shares during the last quarter. Callahan Advisors LLC increased its position in shares of Paychex by 3.4% in the second quarter. Callahan Advisors LLC now owns 125,911 shares of the company’s stock valued at $7,492,000 after buying an additional 4,168 shares during the last quarter. Bank of Montreal Can acquired a new position in shares of Paychex during the second quarter valued at about $18,437,000. Finally, MSI Financial Services Inc increased its position in shares of Paychex by 12.7% in the second quarter. MSI Financial Services Inc now owns 35,781 shares of the company’s stock valued at $2,129,000 after buying an additional 4,035 shares during the last quarter. 69.31% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Paychex Inc. (NASDAQ:PAYX) traded up 0.78% during trading on Wednesday, reaching $59.68. 1,561,022 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $59.86 and its 200 day moving average price is $56.22. Paychex Inc. has a 52 week low of $45.55 and a 52 week high of $61.87. The firm has a market capitalization of $21.52 billion, a PE ratio of 28.56 and a beta of 0.82.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Thursday, June 30th. The company reported $0.49 EPS for the quarter, meeting the consensus estimate of $0.49. Paychex had a return on equity of 39.54% and a net margin of 25.64%. The company had revenue of $753.90 million for the quarter. During the same quarter last year, the business earned $0.44 EPS. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. Analysts predict that Paychex Inc. will post $2.21 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 25th. Stockholders of record on Monday, August 1st were given a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 3.08%. This is a boost from Paychex’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Thursday, July 28th. Paychex’s dividend payout ratio is currently 88.04%.
Several research analysts have issued reports on the stock. Zacks Investment Research raised shares of Paychex from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a research report on Wednesday, June 15th. Sanford C. Bernstein upgraded shares of Paychex to a “sell” rating in a research note on Monday, July 11th. Argus restated a “buy” rating and issued a $70.00 target price (up previously from $59.50) on shares of Paychex in a research note on Friday, July 1st. BMO Capital Markets restated a “market perform” rating and issued a $58.00 target price (up previously from $55.00) on shares of Paychex in a research note on Tuesday, July 5th. Finally, Deutsche Bank AG restated a “hold” rating and issued a $56.00 target price (up previously from $51.00) on shares of Paychex in a research note on Wednesday, July 6th. Seven equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $54.00.
In other news, insider Stephanie L. Schaeffer sold 3,438 shares of the stock in a transaction that occurred on Friday, July 8th. The stock was sold at an average price of $61.33, for a total value of $210,852.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Martin Mucci sold 65,965 shares of the stock in a transaction that occurred on Thursday, July 7th. The shares were sold at an average price of $60.63, for a total value of $3,999,457.95. Following the completion of the sale, the chief executive officer now directly owns 246,516 shares of the company’s stock, valued at $14,946,265.08. The disclosure for this sale can be found here. 11.60% of the stock is owned by 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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