HL Financial Services LLC Acquires 808 Shares of Paychex Inc. (PAYX)
HL Financial Services LLC raised its stake in shares of Paychex Inc. (NASDAQ:PAYX) by 0.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 183,280 shares of the company’s stock after buying an additional 808 shares during the period. HL Financial Services LLC’s holdings in Paychex were worth $10,905,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the stock. BlackRock Institutional Trust Company N.A. increased its stake in shares of Paychex by 1.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 9,183,027 shares of the company’s stock worth $495,975,000 after buying an additional 137,147 shares during the last quarter. BlackRock Fund Advisors increased its stake in shares of Paychex by 11.9% in the first quarter. BlackRock Fund Advisors now owns 9,080,005 shares of the company’s stock worth $490,411,000 after buying an additional 963,893 shares during the last quarter. BlackRock Group LTD increased its stake in shares of Paychex by 12.9% in the first quarter. BlackRock Group LTD now owns 3,682,306 shares of the company’s stock worth $198,881,000 after buying an additional 420,762 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Paychex by 5.9% in the first quarter. Geode Capital Management LLC now owns 3,289,199 shares of the company’s stock worth $177,365,000 after buying an additional 182,390 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Paychex during the fourth quarter worth about $140,438,000. Institutional investors and hedge funds own 69.61% of the company’s stock.
Paychex Inc. (NASDAQ:PAYX) traded up 1.04% during midday trading on Tuesday, hitting $59.22. 1,610,475 shares of the stock were exchanged. The company has a market capitalization of $21.35 billion, a P/E ratio of 28.33 and a beta of 0.82. Paychex Inc. has a 1-year low of $45.55 and a 1-year high of $61.87. The company’s 50 day moving average is $59.84 and its 200 day moving average is $56.20.
Paychex (NASDAQ:PAYX) last announced its earnings results on Thursday, June 30th. The company reported $0.49 EPS for the quarter, meeting analysts’ consensus estimates of $0.49. The company earned $753.90 million during the quarter. Paychex had a return on equity of 39.54% and a net margin of 25.64%. Paychex’s revenue was up 8.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.44 EPS. Analysts predict that Paychex Inc. will post $2.21 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 25th. Investors of record on Monday, August 1st were issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date was Thursday, July 28th. This is an increase from Paychex’s previous quarterly dividend of $0.42. Paychex’s dividend payout ratio is currently 88.04%.
A number of equities research analysts have issued reports on PAYX shares. Jefferies Group reiterated an “underperform” rating and set a $40.00 price objective on shares of Paychex in a research note on Tuesday, July 5th. Zacks Investment Research downgraded shares of Paychex from a “hold” rating to a “sell” rating in a research note on Wednesday, August 31st. Wedbush started coverage on shares of Paychex in a research note on Thursday, September 8th. They set a “neutral” rating and a $65.00 price objective on the stock. Morgan Stanley reiterated an “underweight” rating and set a $49.00 price objective on shares of Paychex in a research note on Tuesday, August 23rd. Finally, Deutsche Bank AG reiterated a “hold” rating and set a $56.00 price objective (up from $51.00) on shares of Paychex in a research note on Wednesday, July 6th. Seven analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $54.00.
In other Paychex news, VP Laurie L. Zaucha sold 26,605 shares of the stock in a transaction on Thursday, June 30th. The stock was sold at an average price of $58.06, for a total value of $1,544,686.30. Following the completion of the transaction, the vice president now owns 42,599 shares in the company, valued at $2,473,297.94. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP John B. Gibson sold 11,450 shares of the stock in a transaction on Friday, July 29th. The stock was sold at an average price of $59.00, for a total value of $675,550.00. Following the completion of the transaction, the vice president now owns 21,451 shares of the company’s stock, valued at approximately $1,265,609. The disclosure for this sale can be found here. 11.30% of the stock is owned by company insiders.
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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