Mizuho Asset Management Co. Ltd. Boosts Position in Paychex Inc. (PAYX)
Mizuho Asset Management Co. Ltd. raised its stake in shares of Paychex Inc. (NASDAQ:PAYX) by 53.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,839 shares of the company’s stock after buying an additional 1,345 shares during the period. Mizuho Asset Management Co. Ltd.’s holdings in Paychex were worth $228,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of PAYX. Vanguard Group Inc. raised its stake in Paychex by 1.6% in the second quarter. Vanguard Group Inc. now owns 20,591,789 shares of the company’s stock valued at $1,225,213,000 after buying an additional 324,184 shares during the period. Brown Advisory Inc. raised its stake in Paychex by 2.4% in the second quarter. Brown Advisory Inc. now owns 61,082 shares of the company’s stock valued at $3,634,000 after buying an additional 1,439 shares during the period. Prudential Financial Inc. raised its stake in Paychex by 13.0% in the second quarter. Prudential Financial Inc. now owns 452,547 shares of the company’s stock valued at $26,927,000 after buying an additional 51,935 shares during the period. Private Advisor Group LLC raised its stake in Paychex by 57.1% in the second quarter. Private Advisor Group LLC now owns 41,431 shares of the company’s stock valued at $2,520,000 after buying an additional 15,064 shares during the period. Finally, Schmidt P J Investment Management Inc. raised its stake in Paychex by 17.9% in the second quarter. Schmidt P J Investment Management Inc. now owns 6,065 shares of the company’s stock valued at $361,000 after buying an additional 920 shares during the period. 69.61% of the stock is currently owned by institutional investors.
Shares of Paychex Inc. (NASDAQ:PAYX) traded up 1.01% during midday trading on Tuesday, hitting $59.20. 144,655 shares of the stock were exchanged. The company has a market capitalization of $21.34 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 firm has a 50-day moving average of $59.84 and a 200-day moving average of $56.15.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Thursday, June 30th. The company reported $0.49 earnings per share for the quarter, meeting the consensus estimate of $0.49. Paychex had a net margin of 25.64% and a return on equity of 39.54%. The business had revenue of $753.90 million for the quarter. During the same period in the prior year, the firm earned $0.44 EPS. Paychex’s revenue for the quarter was up 8.9% compared to the same quarter last year. On average, equities analysts expect that Paychex Inc. will post $2.21 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 25th. Shareholders of record on Monday, August 1st were issued a dividend of $0.46 per share. The ex-dividend date was Thursday, July 28th. This represents a $1.84 annualized dividend and a yield of 3.14%. This is an increase from Paychex’s previous quarterly dividend of $0.42. Paychex’s payout ratio is currently 88.04%.
Several analysts have recently issued reports on the stock. Wedbush assumed coverage on shares of Paychex in a research report on Thursday, September 8th. They issued a “neutral” rating and a $65.00 price target on the stock. Zacks Investment Research raised shares of Paychex from a “sell” rating to a “hold” rating in a report on Tuesday, September 6th. Morgan Stanley reaffirmed an “underweight” rating and set a $49.00 target price on shares of Paychex in a report on Tuesday, August 23rd. Sanford C. Bernstein reaffirmed an “underperform” rating and set a $52.00 target price (up previously from $40.00) on shares of Paychex in a report on Tuesday, July 12th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and set a $56.00 target price (up previously from $51.00) on shares of Paychex in a report on Wednesday, July 6th. Seven research analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $54.00.
In other Paychex news, CEO Martin Mucci sold 65,965 shares of Paychex stock in a transaction that occurred on Thursday, July 7th. The shares were sold at an average price of $60.63, for a total transaction of $3,999,457.95. Following the transaction, the chief executive officer now owns 246,516 shares of the company’s stock, valued at $14,946,265.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Laurie L. Zaucha sold 26,605 shares of Paychex stock in a transaction that occurred on Thursday, June 30th. The shares were sold at an average price of $58.06, for a total transaction of $1,544,686.30. Following the transaction, the vice president now directly owns 42,599 shares in the company, valued at approximately $2,473,297.94. The disclosure for this sale can be found here. Company insiders own 11.30% of the company’s stock.
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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