Vanguard Group Inc. Buys 324,184 Shares of Paychex Inc. (PAYX)
Vanguard Group Inc. increased its stake in shares of Paychex Inc. (NASDAQ:PAYX) by 1.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,591,789 shares of the company’s stock after buying an additional 324,184 shares during the period. Vanguard Group Inc. owned about 5.71% of Paychex worth $1,225,213,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp raised its position in 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 worth $554,618,000 after buying an additional 751,220 shares during the period. BlackRock Institutional Trust Company N.A. raised its position 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 worth $495,975,000 after buying an additional 137,147 shares during the period. BlackRock Fund Advisors raised its position in 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 period. BlackRock Group LTD raised its position in 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 period. Finally, Geode Capital Management LLC raised its position in 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 period. 69.61% of the stock is owned by institutional investors and hedge funds.
Shares of Paychex Inc. (NASDAQ:PAYX) traded up 1.13% during midday trading on Monday, hitting $58.89. The stock had a trading volume of 122,400 shares. The firm has a market cap of $21.23 billion, a price-to-earnings ratio of 28.18 and a beta of 0.82. The firm’s 50 day moving average price is $60.00 and its 200 day moving average price is $55.96. Paychex Inc. has a 52-week low of $45.55 and a 52-week high of $61.87.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Thursday, June 30th. The company reported $0.49 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.49. Paychex had a return on equity of 39.54% and a net margin of 25.64%. The firm earned $753.90 million during the quarter. During the same quarter in the prior year, the firm earned $0.44 EPS. Paychex’s revenue for the quarter was up 8.9% on a year-over-year basis. On average, equities research analysts expect that Paychex Inc. will post $2.21 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 25th. Investors of record on Monday, August 1st were paid a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 3.16%. The ex-dividend date of this dividend was Thursday, July 28th. This is a positive change from Paychex’s previous quarterly dividend of $0.42. Paychex’s payout ratio is currently 88.04%.
A number of equities analysts have recently weighed in on PAYX shares. Argus reaffirmed a “buy” rating and issued a $70.00 price objective (up previously from $59.50) on shares of Paychex in a research note on Friday, July 1st. Zacks Investment Research raised Paychex from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a research note on Wednesday, June 15th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $56.00 price objective (up previously from $51.00) on shares of Paychex in a research note on Wednesday, July 6th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $58.00 price objective (up previously from $55.00) on shares of Paychex in a research note on Tuesday, July 5th. Finally, Wedbush started coverage on Paychex in a research note on Thursday, September 8th. They issued a “neutral” rating and a $65.00 price objective for the company. 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’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $54.00.
In related news, VP Laurie L. Zaucha sold 26,605 shares of Paychex stock in a transaction dated 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 sale, the vice president now directly owns 42,599 shares in the company, valued at approximately $2,473,297.94. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Stephanie L. Schaeffer sold 3,438 shares of Paychex stock in a transaction dated Friday, July 8th. The stock was sold at an average price of $61.33, for a total value of $210,852.54. The disclosure for this sale can be found here. 11.30% of the stock is 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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