Seaward Management Limited Partnership Has $875,000 Stake in Paychex Inc. (PAYX)
Seaward Management Limited Partnership continued to hold its stake in Paychex Inc. (NASDAQ:PAYX) during the second quarter, Holdings Channel reports. The institutional investor owned 14,712 shares of the company’s stock at the end of the second quarter. Seaward Management Limited Partnership’s holdings in Paychex were worth $875,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Adage Capital Partners GP L.L.C. acquired a new stake in Paychex during the first quarter valued at $25,052,000. Shell Asset Management Co. increased its stake in Paychex by 0.4% in the second quarter. Shell Asset Management Co. now owns 247,375 shares of the company’s stock valued at $14,719,000 after buying an additional 1,006 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in 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 valued at $495,975,000 after buying an additional 137,147 shares in the last quarter. Nuveen Asset Management LLC increased its stake in Paychex by 46.8% in the first quarter. Nuveen Asset Management LLC now owns 88,947 shares of the company’s stock valued at $4,804,000 after buying an additional 28,371 shares in the last quarter. Finally, Steinberg Global Asset Management increased its stake in Paychex by 1.9% in the first quarter. Steinberg Global Asset Management now owns 119,271 shares of the company’s stock valued at $6,442,000 after buying an additional 2,231 shares in the last quarter. 69.31% of the stock is owned by institutional investors.
Shares of Paychex Inc. (NASDAQ:PAYX) traded up 0.78% during trading on Wednesday, hitting $59.68. 1,561,022 shares of the company traded hands. The company has a market capitalization of $21.52 billion, a price-to-earnings ratio of 28.56 and a beta of 0.82. The company has a 50 day moving average price of $59.86 and a 200 day moving average price of $56.22. Paychex Inc. has a 52 week low of $45.55 and a 52 week high of $61.87.
Paychex (NASDAQ:PAYX) last posted its earnings results on Thursday, June 30th. The company reported $0.49 earnings per share (EPS) 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 firm earned $753.90 million during the quarter. During the same quarter in the prior year, the firm earned $0.44 earnings per share. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. On average, analysts expect that Paychex Inc. will post $2.21 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 25th. Shareholders of record on Monday, August 1st were given a dividend of $0.46 per share. The ex-dividend date of this dividend was Thursday, July 28th. This is a boost from Paychex’s previous quarterly dividend of $0.42. This represents a $1.84 dividend on an annualized basis and a yield of 3.08%. Paychex’s dividend payout ratio is currently 88.04%.
PAYX has been the subject of several recent research reports. Argus reissued a “buy” rating and issued a $70.00 price target (up from $59.50) on shares of Paychex in a research note on Friday, July 1st. Zacks Investment Research raised shares of Paychex from a “hold” rating to a “buy” rating and set a $61.00 price target for the company in a research note on Wednesday, June 15th. Deutsche Bank AG reissued a “hold” rating and issued a $56.00 price target (up from $51.00) on shares of Paychex in a research note on Wednesday, July 6th. BMO Capital Markets reissued a “market perform” rating and issued a $58.00 price target (up from $55.00) on shares of Paychex in a research note on Tuesday, July 5th. Finally, Wedbush initiated coverage on shares of Paychex in a research note on Thursday, September 8th. They issued a “neutral” rating and a $65.00 price target for the company. Seven equities research 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. Paychex has an average rating of “Hold” and an average target price of $54.00.
In other Paychex news, VP Mark Anthony Bottini sold 6,112 shares of the company’s stock in a transaction on Friday, July 8th. The shares were sold at an average price of $61.33, for a total transaction of $374,848.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Laurie L. Zaucha sold 26,605 shares of the company’s stock in a transaction on Thursday, June 30th. The stock was sold at an average price of $58.06, for a total transaction of $1,544,686.30. Following the transaction, the vice president now owns 42,599 shares of the company’s stock, valued at $2,473,297.94. The disclosure for this sale can be found here. Company insiders own 11.60% 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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