American Capital Management Inc. Reduces Stake in Paychex, Inc. (NASDAQ:PAYX)
American Capital Management Inc. cut its position in Paychex, Inc. (NASDAQ:PAYX) by 15.9% during the second quarter, Holdings Channel reports. The firm owned 60,437 shares of the business services provider’s stock after selling 11,462 shares during the period. American Capital Management Inc.’s holdings in Paychex were worth $3,441,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. Texas Capital Bancshares Inc. TX bought a new stake in Paychex during the second quarter worth approximately $350,000. IBM Retirement Fund boosted its stake in Paychex by 119.8% in the second quarter. IBM Retirement Fund now owns 7,892 shares of the business services provider’s stock worth $501,000 after buying an additional 4,301 shares during the period. Eastern Bank boosted its stake in Paychex by 2.7% in the second quarter. Eastern Bank now owns 45,615 shares of the business services provider’s stock worth $2,597,000 after buying an additional 1,203 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in Paychex by 15.1% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 59,130 shares of the business services provider’s stock worth $3,394,000 after buying an additional 7,779 shares during the period. Finally, Park Avenue Securities LLC bought a new stake in Paychex during the second quarter worth approximately $395,000. 68.60% of the stock is currently owned by institutional investors.
Shares of Paychex, Inc. (NASDAQ:PAYX) opened at 54.91 on Thursday. Paychex, Inc. has a one year low of $52.78 and a one year high of $63.03. The firm’s 50-day moving average is $57.34 and its 200-day moving average is $59.08. The company has a market cap of $19.73 billion, a PE ratio of 24.40 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.01. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The business had revenue of $799 million for the quarter, compared to the consensus estimate of $797.70 million. During the same period last year, the firm earned $0.49 earnings per share. The company’s quarterly revenue was up 6.0% on a year-over-year basis. On average, equities analysts anticipate that Paychex, Inc. will post $2.37 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st will be given a $0.50 dividend. The ex-dividend date is Friday, July 28th. This is an increase from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 annualized dividend and a yield of 3.64%.
A number of research firms recently commented on PAYX. BidaskClub cut shares of Paychex from a “sell” rating to a “strong sell” rating in a report on Sunday. William Blair cut shares of Paychex from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. J P Morgan Chase & Co reaffirmed a “neutral” rating and issued a $60.00 price target (down previously from $62.00) on shares of Paychex in a report on Friday, June 30th. Morgan Stanley lowered their price target on shares of Paychex from $56.00 to $55.00 and set an “underweight” rating on the stock in a report on Friday, June 30th. Finally, Robert W. Baird lowered their price target on shares of Paychex from $63.00 to $60.00 and set a “neutral” rating on the stock in a report on Friday, June 30th. Five analysts have rated the stock with a sell rating, eleven have given a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $59.16.
In other Paychex news, CEO Martin Mucci sold 30,000 shares of the stock in a transaction that occurred on Thursday, July 13th. The shares were sold at an average price of $57.04, for a total value of $1,711,200.00. Following the transaction, the chief executive officer now directly owns 237,754 shares in the company, valued at $13,561,488.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph M. Tucci sold 6,000 shares of the stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $57.82, for a total transaction of $346,920.00. Following the completion of the transaction, the director now owns 53,621 shares in the company, valued at $3,100,366.22. The disclosure for this sale can be found here. Insiders sold 92,497 shares of company stock worth $5,300,889 over the last quarter. Insiders own 11.60% of the company’s stock.
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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