DAVENPORT & Co LLC Sells 491 Shares of Paychex, Inc. (NASDAQ:PAYX)
DAVENPORT & Co LLC lessened its position in Paychex, Inc. (NASDAQ:PAYX) by 3.3% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 14,322 shares of the business services provider’s stock after selling 491 shares during the period. DAVENPORT & Co LLC’s holdings in Paychex were worth $1,085,000 as of its most recent filing with the SEC.
A number of other large investors have also recently modified their holdings of PAYX. Larson Financial Group LLC bought a new stake in Paychex in the second quarter valued at approximately $26,000. Bainco International Investors acquired a new position in shares of Paychex in the first quarter valued at approximately $32,000. Ellevest Inc. boosted its holdings in shares of Paychex by 217.9% in the first quarter. Ellevest Inc. now owns 534 shares of the business services provider’s stock valued at $34,000 after buying an additional 366 shares during the period. Tower Research Capital LLC TRC acquired a new position in shares of Paychex in the first quarter valued at approximately $35,000. Finally, Harwood Advisory Group LLC acquired a new position in shares of Paychex in the first quarter valued at approximately $36,000. 68.58% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have recently weighed in on the stock. Deutsche Bank reduced their price target on shares of Paychex from $80.00 to $75.00 and set a “hold” rating for the company in a report on Wednesday, May 20th. Citigroup increased their target price on shares of Paychex from $65.00 to $75.00 and gave the stock a “neutral” rating in a report on Wednesday, July 8th. Cowen increased their target price on shares of Paychex from $60.00 to $65.00 and gave the stock a “market perform” rating in a report on Wednesday, May 20th. Jefferies Financial Group increased their target price on shares of Paychex from $68.00 to $75.00 and gave the stock a “hold” rating in a report on Tuesday, July 7th. Finally, BidaskClub cut shares of Paychex from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the stock. Paychex has an average rating of “Hold” and a consensus price target of $72.50.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Tuesday, July 7th. The business services provider reported $0.61 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.01. The company had revenue of $915.10 million for the quarter, compared to analyst estimates of $910.68 million. Paychex had a net margin of 27.18% and a return on equity of 40.76%. The company’s revenue was down 6.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.63 earnings per share. Analysts predict that Paychex, Inc. will post 2.75 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Monday, August 3rd will be given a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 3.45%. The ex-dividend date of this dividend is Friday, July 31st. Paychex’s payout ratio is presently 82.67%.
In related news, CEO Martin Mucci sold 40,280 shares of the firm’s stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $73.30, for a total transaction of $2,952,524.00. Following the transaction, the chief executive officer now directly owns 358,702 shares of the company’s stock, valued at $26,292,856.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Stephanie L. Schaeffer sold 4,342 shares of the firm’s stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $73.30, for a total transaction of $318,268.60. Following the transaction, the insider now directly owns 58,591 shares in the company, valued at $4,294,720.30. The disclosure for this sale can be found here. Insiders sold 616,149 shares of company stock worth $45,164,779 over the last three months. Insiders own 11.70% of the company’s stock.
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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