Great West Life Assurance Co. Can Sells 28,766 Shares of Paychex, Inc. (NASDAQ:PAYX)
Great West Life Assurance Co. Can lowered its stake in Paychex, Inc. (NASDAQ:PAYX) by 5.8% during the second quarter, Holdings Channel reports. The fund owned 470,324 shares of the business services provider’s stock after selling 28,766 shares during the period. Great West Life Assurance Co. Can’s holdings in Paychex were worth $26,747,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. boosted its position in shares of Paychex by 2,782.5% in the first quarter. BlackRock Inc. now owns 25,717,903 shares of the business services provider’s stock valued at $1,514,786,000 after buying an additional 24,825,695 shares during the last quarter. Ameriprise Financial Inc. boosted its position in shares of Paychex by 23.8% in the first quarter. Ameriprise Financial Inc. now owns 4,237,537 shares of the business services provider’s stock valued at $248,742,000 after buying an additional 813,930 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Paychex by 314.1% in the first quarter. JPMorgan Chase & Co. now owns 1,001,929 shares of the business services provider’s stock valued at $59,014,000 after buying an additional 759,973 shares during the last quarter. Morgan Stanley boosted its position in shares of Paychex by 27.5% in the first quarter. Morgan Stanley now owns 2,786,888 shares of the business services provider’s stock valued at $164,149,000 after buying an additional 601,496 shares during the last quarter. Finally, FMR LLC boosted its position in shares of Paychex by 6.3% in the first quarter. FMR LLC now owns 9,866,100 shares of the business services provider’s stock valued at $581,112,000 after buying an additional 588,027 shares during the last quarter. Institutional investors and hedge funds own 68.60% of the company’s stock.
Shares of Paychex, Inc. (NASDAQ:PAYX) opened at 54.91 on Thursday. The firm has a market cap of $19.73 billion, a PE ratio of 24.40 and a beta of 0.96. The firm has a 50-day moving average of $57.34 and a 200-day moving average of $59.08. Paychex, Inc. has a 52 week low of $52.78 and a 52 week high of $63.03.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.01. The firm had revenue of $799 million for the quarter, compared to the consensus estimate of $797.70 million. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The business’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.49 EPS. On average, analysts expect that Paychex, Inc. will post $2.37 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Tuesday, August 1st will be issued a $0.50 dividend. This is an increase from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.64%. The ex-dividend date of this dividend is Friday, July 28th.
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PAYX has been the subject of several recent research reports. Morgan Stanley reduced their target price 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. Wedbush restated a “neutral” rating and set a $61.25 target price (down previously from $65.00) on shares of Paychex in a report on Tuesday, June 6th. BidaskClub cut shares of Paychex from a “sell” rating to a “strong sell” rating in a report on Saturday, July 1st. J P Morgan Chase & Co restated a “neutral” rating and set a $60.00 target price (down previously from $62.00) on shares of Paychex in a report on Friday, June 30th. Finally, William Blair cut shares of Paychex from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. Five analysts have rated the stock with a sell rating, eleven have given a hold rating and one has assigned a buy rating to the stock. Paychex currently has a consensus rating of “Hold” and a consensus target price of $59.16.
In related news, CEO Martin Mucci sold 33,294 shares of the business’s stock in a transaction dated Sunday, July 9th. The shares were sold at an average price of $57.40, for a total value of $1,911,075.60. Following the transaction, the chief executive officer now directly owns 254,618 shares of the company’s stock, valued at approximately $14,615,073.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Michael E. Gioja sold 7,343 shares of the business’s stock in a transaction dated Thursday, July 6th. The stock was 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 directly owns 55,632 shares in the company, valued at $3,193,276.80. The disclosure for this sale can be found here. Insiders sold a total of 92,497 shares of company stock worth $5,300,889 over the last three months. 11.60% of the stock is owned by insiders.
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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