Nationwide Fund Advisors Sells 8,035 Shares of Paychex Inc. (PAYX)
Nationwide Fund Advisors decreased its position in Paychex Inc. (NASDAQ:PAYX) by 4.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 172,221 shares of the company’s stock after selling 8,035 shares during the period. Nationwide Fund Advisors’ holdings in Paychex were worth $10,247,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of PAYX. Norges Bank acquired a new stake in Paychex during the fourth quarter worth $140,438,000. 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 valued at $490,411,000 after buying an additional 963,893 shares during the last quarter. Glenmede Trust Co. NA increased its stake in shares of Paychex by 120.7% in the first quarter. Glenmede Trust Co. NA now owns 1,384,225 shares of the company’s stock valued at $74,761,000 after buying an additional 756,948 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Paychex by 8.8% in the second quarter. Bank of New York Mellon Corp now owns 9,321,275 shares of the company’s stock valued at $554,618,000 after buying an additional 751,220 shares during the last quarter. Finally, AGF Investments Inc. purchased a new stake in shares of Paychex during the second quarter valued at approximately $35,972,000. 69.61% of the stock is owned by institutional investors and hedge funds.
Paychex Inc. (NASDAQ:PAYX) opened at 58.23 on Friday. The company’s 50-day moving average is $60.00 and its 200 day moving average is $55.96. The firm has a market cap of $20.99 billion, a PE ratio of 27.86 and a beta of 0.82. Paychex Inc. has a one year low of $45.55 and a one year high of $61.87.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Thursday, June 30th. The company reported $0.49 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.49. The company had revenue of $753.90 million for the quarter. Paychex had a net margin of 25.64% and a return on equity of 39.54%. Paychex’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same period last year, the firm posted $0.44 earnings per share. Equities analysts anticipate that Paychex Inc. will post $2.21 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 25th. Investors of record on Monday, August 1st were issued a $0.46 dividend. This is an increase from Paychex’s previous quarterly dividend of $0.42. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date was Thursday, July 28th. Paychex’s payout ratio is 88.04%.
Several brokerages have commented on PAYX. Wedbush began coverage on shares of Paychex in a research note on Thursday, September 8th. They issued a “neutral” rating and a $65.00 target price for the company. Zacks Investment Research raised shares of Paychex from a “sell” rating to a “hold” rating in a research note on Tuesday, September 6th. Morgan Stanley reaffirmed an “underweight” rating and issued a $49.00 target price on shares of Paychex in a research note on Tuesday, August 23rd. Sanford C. Bernstein reaffirmed an “underperform” rating and issued a $52.00 target price (up previously from $40.00) on shares of Paychex in a research note on Tuesday, July 12th. Finally, Deutsche Bank AG reaffirmed 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 issued a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $54.00.
In other Paychex news, VP Laurie L. Zaucha sold 13,500 shares of the company’s stock in a transaction dated Monday, June 20th. The shares were sold at an average price of $55.50, for a total transaction of $749,250.00. Following the sale, the vice president now directly owns 44,319 shares of the company’s stock, valued at $2,459,704.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Martin Mucci sold 65,965 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 246,516 shares in the company, valued at $14,946,265.08. The disclosure for this sale can be found here. 11.30% of the stock is currently owned by corporate 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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