Cozad Asset Management Inc. Takes Position in Paychex, Inc. (PAYX)
Cozad Asset Management Inc. bought a new stake in shares of Paychex, Inc. (NASDAQ:PAYX) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 31,244 shares of the business services provider’s stock, valued at approximately $2,136,000.
A number of other institutional investors also recently added to or reduced their stakes in PAYX. Victory Capital Management Inc. increased its stake in Paychex by 8.4% during the 1st quarter. Victory Capital Management Inc. now owns 210,499 shares of the business services provider’s stock valued at $12,965,000 after buying an additional 16,360 shares during the period. Robeco Institutional Asset Management B.V. increased its stake in Paychex by 24.3% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 189,256 shares of the business services provider’s stock valued at $11,654,000 after buying an additional 37,053 shares during the period. Douglass Winthrop Advisors LLC acquired a new position in Paychex during the 1st quarter valued at about $1,454,000. Usca Ria LLC increased its stake in Paychex by 47.2% during the 1st quarter. Usca Ria LLC now owns 32,763 shares of the business services provider’s stock valued at $2,018,000 after buying an additional 10,501 shares during the period. Finally, Korea Investment CORP increased its stake in Paychex by 16.8% during the 1st quarter. Korea Investment CORP now owns 132,720 shares of the business services provider’s stock valued at $8,174,000 after buying an additional 19,100 shares during the period. 66.99% of the stock is currently owned by hedge funds and other institutional investors.
In other Paychex news, VP Jennifer R. Vossler sold 7,683 shares of the firm’s stock in a transaction dated Tuesday, July 10th. The shares were sold at an average price of $69.92, for a total value of $537,195.36. Following the completion of the transaction, the vice president now directly owns 16,536 shares in the company, valued at $1,156,197.12. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Joseph M. Tucci sold 6,250 shares of the firm’s stock in a transaction dated Thursday, July 5th. The stock was sold at an average price of $68.63, for a total transaction of $428,937.50. Following the completion of the transaction, the director now owns 55,010 shares of the company’s stock, valued at $3,775,336.30. The disclosure for this sale can be found here. Over the last quarter, insiders sold 248,559 shares of company stock valued at $17,599,054. Corporate insiders own 11.70% of the company’s stock.
Shares of PAYX opened at $74.64 on Friday. The company has a market capitalization of $26.61 billion, a PE ratio of 30.25, a price-to-earnings-growth ratio of 3.18 and a beta of 0.96. Paychex, Inc. has a 12-month low of $57.23 and a 12-month high of $74.92.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, June 27th. The business services provider reported $0.61 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by ($0.01). The business had revenue of $871.10 million during the quarter, compared to analyst estimates of $868.60 million. Paychex had a return on equity of 44.29% and a net margin of 27.62%. The business’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.54 EPS. research analysts expect that Paychex, Inc. will post 2.84 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 23rd. Shareholders of record on Wednesday, August 1st were issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend was Tuesday, July 31st. Paychex’s payout ratio is 87.84%.
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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