Laurion Capital Management LP Takes $3.02 Million Position in Paychex, Inc. (PAYX)
Laurion Capital Management LP purchased a new stake in shares of Paychex, Inc. (NASDAQ:PAYX) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 53,000 shares of the business services provider’s stock, valued at approximately $3,018,000.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Dupont Capital Management Corp acquired a new position in Paychex during the second quarter valued at approximately $129,000. Parkside Financial Bank & Trust boosted its position in Paychex by 23.8% during the first quarter. Parkside Financial Bank & Trust now owns 2,935 shares of the business services provider’s stock valued at $173,000 after purchasing an additional 564 shares during the last quarter. Kernodle & Katon Asset Management Group LLC boosted its position in Paychex by 37.7% during the first quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock valued at $186,000 after purchasing an additional 867 shares during the last quarter. Koshinski Asset Management Inc. acquired a new position in Paychex during the second quarter valued at approximately $201,000. Finally, Sfmg LLC acquired a new position in Paychex during the second quarter valued at approximately $203,000. 67.31% of the stock is owned by hedge funds and other institutional investors.
PAYX has been the subject of several recent research reports. Wedbush reissued a “neutral” rating and set a $61.25 price target (down from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. Goldman Sachs Group, Inc. (The) cut Paychex from a “buy” rating to a “neutral” rating and cut their price objective for the company from $68.00 to $64.00 in a research report on Tuesday, June 20th. BMO Capital Markets reaffirmed a “hold” rating and issued a $60.00 price objective on shares of Paychex in a research report on Thursday, June 29th. Robert W. Baird cut their price objective on Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, June 30th. Finally, Morgan Stanley cut their price objective on Paychex from $56.00 to $55.00 and set an “underweight” rating for the company in a research report on Friday, June 30th. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $59.28.
In related news, VP Mark Anthony Bottini sold 7,139 shares of the company’s stock in a transaction that occurred on Sunday, July 9th. The stock was sold at an average price of $57.39, for a total value of $409,707.21. Following the transaction, the vice president now owns 46,548 shares in the company, valued at $2,671,389.72. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Martin Mucci sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, July 13th. The shares were sold at an average price of $57.04, for a total value of $1,711,200.00. Following the completion of the transaction, the chief executive officer now owns 237,754 shares in the company, valued at approximately $13,561,488.16. The disclosure for this sale can be found here. In the last quarter, insiders sold 92,497 shares of company stock worth $5,300,889. 11.70% of the stock is owned by company insiders.
Paychex, Inc. (NASDAQ PAYX) opened at 58.065 on Tuesday. The stock’s 50 day moving average price is $56.38 and its 200-day moving average price is $58.38. The company has a market cap of $20.87 billion, a price-to-earnings ratio of 25.807 and a beta of 0.96. 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 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. Paychex had a return on equity of 42.48% and a net margin of 25.93%. The business had revenue of $799.00 million for the quarter, compared to the consensus estimate of $797.70 million. During the same quarter in the prior year, the business earned $0.49 earnings per share. Paychex’s revenue for the quarter was up 6.0% on a year-over-year basis. On average, equities research analysts forecast that Paychex, Inc. will post $2.37 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 24th. Investors of record on Tuesday, August 1st were paid a $0.50 dividend. This is an increase from Paychex’s previous quarterly dividend of $0.46. The ex-dividend date was Friday, July 28th. This represents a $2.00 annualized dividend and a yield of 3.44%. Paychex’s dividend payout ratio is presently 88.50%.
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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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