Jensen Investment Management Inc. Lowers Position in Paychex, Inc. (PAYX)
Jensen Investment Management Inc. lowered its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 1.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,700 shares of the business services provider’s stock after selling 185 shares during the period. Jensen Investment Management Inc.’s holdings in Paychex were worth $609,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in PAYX. Macquarie Group Ltd. boosted its stake in shares of Paychex by 46.1% in the fourth quarter. Macquarie Group Ltd. now owns 20,600 shares of the business services provider’s stock valued at $1,254,000 after buying an additional 6,500 shares in the last quarter. Nationwide Fund Advisors boosted its stake in shares of Paychex by 1.5% in the first quarter. Nationwide Fund Advisors now owns 114,123 shares of the business services provider’s stock valued at $6,722,000 after buying an additional 1,712 shares in the last quarter. Korea Investment CORP boosted its stake in shares of Paychex by 29.8% in the first quarter. Korea Investment CORP now owns 149,345 shares of the business services provider’s stock valued at $8,796,000 after buying an additional 34,262 shares in the last quarter. Acadian Asset Management LLC bought a new stake in shares of Paychex during the first quarter valued at about $225,000. Finally, Nikko Asset Management Americas Inc. boosted its stake in shares of Paychex by 334.7% in the first quarter. Nikko Asset Management Americas Inc. now owns 31,300 shares of the business services provider’s stock valued at $1,844,000 after buying an additional 24,100 shares in the last quarter. 67.30% of the stock is owned by institutional investors.
Shares of Paychex, Inc. (NASDAQ PAYX) traded up 0.30% during trading on Thursday, reaching $56.79. 235,085 shares of the company’s stock were exchanged. The firm has a market capitalization of $20.41 billion, a P/E ratio of 25.24 and a beta of 0.96. The company has a 50 day moving average of $56.48 and a 200 day moving average of $58.68. Paychex, Inc. has a 52-week low of $52.78 and a 52-week high of $63.03.
Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, June 28th. The business services provider reported $0.54 EPS for the quarter, beating 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 42.48%. The firm had revenue of $799 million for the quarter, compared to the consensus estimate of $797.70 million. During the same period in the previous year, the company earned $0.49 earnings per share. The company’s quarterly revenue was up 6.0% on a year-over-year basis. Equities analysts anticipate that Paychex, Inc. will post $2.37 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st were issued a $0.50 dividend. This is an increase from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 annualized dividend and a dividend yield of 3.53%. The ex-dividend date of this dividend was Friday, July 28th. Paychex’s payout ratio is currently 88.50%.
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Several analysts have recently issued reports on PAYX shares. Wedbush reissued a “neutral” rating and set a $61.25 price objective (down from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. Goldman Sachs Group Inc cut shares of Paychex from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $68.00 to $64.00 in a research note on Tuesday, June 20th. BMO Capital Markets restated a “hold” rating and set a $60.00 target price on shares of Paychex in a report on Thursday, June 29th. Robert W. Baird reduced their target price 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. Finally, Morgan Stanley reduced their target price 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. Four research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $59.28.
In other Paychex news, Director Joseph M. Tucci sold 6,000 shares of the company’s stock in a transaction on Monday, July 10th. The shares were sold at an average price of $57.82, for a total value of $346,920.00. Following the transaction, the director now directly owns 53,621 shares in the company, valued at $3,100,366.22. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Mark Anthony Bottini sold 7,139 shares of the company’s stock in a transaction on Sunday, July 9th. The shares were sold at an average price of $57.39, for a total transaction of $409,707.21. Following the completion of the transaction, the vice president now owns 46,548 shares in the company, valued at $2,671,389.72. The disclosure for this sale can be found here. Over the last quarter, insiders sold 92,497 shares of company stock worth $5,300,889. Corporate 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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