FCM Investments TX Has $866,000 Stake in Paychex, Inc. (NASDAQ:PAYX)
FCM Investments TX cut its stake in Paychex, Inc. (NASDAQ:PAYX) by 16.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,215 shares of the business services provider’s stock after selling 2,900 shares during the period. Paychex accounts for 0.7% of FCM Investments TX’s portfolio, making the stock its 24th largest position. FCM Investments TX’s holdings in Paychex were worth $866,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PAYX. Welch Investments LLC increased its position in Paychex by 6.7% in the second quarter. Welch Investments LLC now owns 74,239 shares of the business services provider’s stock valued at $4,227,000 after buying an additional 4,686 shares during the period. Grandfield & Dodd LLC increased its position in Paychex by 0.6% in the second quarter. Grandfield & Dodd LLC now owns 382,326 shares of the business services provider’s stock valued at $21,770,000 after buying an additional 2,310 shares during the period. Lee Financial Co increased its position in Paychex by 0.9% in the second quarter. Lee Financial Co now owns 22,209 shares of the business services provider’s stock valued at $1,264,000 after buying an additional 207 shares during the period. Rothschild Asset Management Inc. increased its position in Paychex by 20.1% in the second quarter. Rothschild Asset Management Inc. now owns 8,815 shares of the business services provider’s stock valued at $502,000 after buying an additional 1,474 shares during the period. Finally, Janney Montgomery Scott LLC increased its position in Paychex by 2.1% in the second quarter. Janney Montgomery Scott LLC now owns 126,614 shares of the business services provider’s stock valued at $7,209,000 after buying an additional 2,625 shares during the period. 68.60% of the stock is owned by institutional investors.
Shares of Paychex, Inc. (NASDAQ:PAYX) opened at 54.78 on Friday. The stock has a market capitalization of $19.69 billion, a PE ratio of 24.35 and a beta of 0.96. The firm has a 50-day moving average of $57.19 and a 200 day moving average of $59.04. Paychex, Inc. has a 1-year low of $52.78 and a 1-year high of $63.03.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.01. The business had revenue of $799 million during the quarter, compared to analyst estimates of $797.70 million. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The company’s revenue was up 6.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.49 earnings per share. Analysts predict that Paychex, Inc. will post $2.37 EPS for the current year.
The company 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. This is a positive change from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date of this dividend is Friday, July 28th.
Several research firms recently commented on PAYX. BidaskClub downgraded shares of Paychex from a “sell” rating to a “strong sell” rating in a report on Sunday, August 6th. William Blair downgraded 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 objective (down from $62.00) on shares of Paychex in a report on Friday, June 30th. Morgan Stanley cut their price objective on shares of Paychex from $56.00 to $55.00 and set an “underweight” rating for the company in a report on Friday, June 30th. Finally, Robert W. Baird lowered their target price on shares of Paychex from $63.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, June 30th. Five equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the stock. Paychex currently has an average rating of “Hold” and an average price target of $59.16.
In related news, insider Michael E. Gioja sold 7,343 shares of the company’s stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $57.40, for a total transaction of $421,488.20. Following the completion of the transaction, the insider now owns 55,632 shares in the company, valued at $3,193,276.80. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Martin Mucci sold 30,000 shares of the company’s stock in a transaction on Thursday, July 13th. The stock was sold at an average price of $57.04, for a total transaction of $1,711,200.00. Following the transaction, the chief executive officer now owns 237,754 shares of the company’s stock, valued at approximately $13,561,488.16. The disclosure for this sale can be found here. Over the last quarter, insiders sold 92,497 shares of company stock valued at $5,300,889. 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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