NGAM Advisors L.P. Sells 837 Shares of Paychex, Inc. (PAYX)
NGAM Advisors L.P. decreased its position in Paychex, Inc. (NASDAQ:PAYX) by 3.9% during the second quarter, Holdings Channel reports. The fund owned 20,510 shares of the business services provider’s stock after selling 837 shares during the period. NGAM Advisors L.P.’s holdings in Paychex were worth $1,168,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in Paychex by 2,782.5% in the first quarter. BlackRock Inc. now owns 25,717,903 shares of the business services provider’s stock worth $1,514,786,000 after buying an additional 24,825,695 shares during the last quarter. Ameriprise Financial Inc. increased its stake in Paychex by 23.8% in the first quarter. Ameriprise Financial Inc. now owns 4,237,537 shares of the business services provider’s stock worth $248,742,000 after buying an additional 813,930 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Paychex by 314.1% in the first quarter. JPMorgan Chase & Co. now owns 1,001,929 shares of the business services provider’s stock worth $59,014,000 after buying an additional 759,973 shares during the last quarter. Morgan Stanley increased its stake in Paychex by 27.5% in the first quarter. Morgan Stanley now owns 2,786,888 shares of the business services provider’s stock worth $164,149,000 after buying an additional 601,496 shares during the last quarter. Finally, FMR LLC increased its stake in Paychex by 6.3% in the first quarter. FMR LLC now owns 9,866,100 shares of the business services provider’s stock worth $581,112,000 after buying an additional 588,027 shares during the last quarter. Institutional investors own 68.68% of the company’s stock.
Shares of Paychex, Inc. (NASDAQ PAYX) opened at 55.59 on Wednesday. The firm has a market capitalization of $19.98 billion, a PE ratio of 24.71 and a beta of 0.96. The company’s 50 day moving average price is $56.81 and its 200-day moving average price is $58.87. 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 for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.01. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The firm had revenue of $799 million during the quarter, compared to analyst estimates of $797.70 million. During the same period last year, the company posted $0.49 EPS. The business’s quarterly revenue was up 6.0% on a year-over-year basis. On average, equities research analysts expect that Paychex, Inc. will post $2.37 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Tuesday, August 1st will be given a $0.50 dividend. The ex-dividend date of this dividend is Friday, July 28th. This is a positive change from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 annualized dividend and a dividend yield of 3.60%.
PAYX has been the subject of a number of recent research reports. Morgan Stanley dropped their target price on Paychex from $56.00 to $55.00 and set an “underweight” rating for the company in a research 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 research report on Tuesday, June 6th. William Blair cut Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. BidaskClub cut Paychex from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 1st. Finally, J P Morgan Chase & Co reaffirmed a “neutral” rating and set a $60.00 price objective (down from $62.00) on shares of Paychex in a research note on Friday, June 30th. Five 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 company. The stock presently has a consensus rating of “Hold” and a consensus price target of $59.16.
In other news, VP Laurie L. Zaucha sold 2,884 shares of Paychex stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $57.39, for a total value of $165,512.76. Following the completion of the transaction, the vice president now directly owns 32,906 shares of the company’s stock, valued at approximately $1,888,475.34. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Mark Anthony Bottini sold 7,139 shares of Paychex stock in a transaction dated Sunday, July 9th. The stock was sold at an average price of $57.39, for a total value of $409,707.21. Following the completion of the transaction, the vice president now directly owns 46,548 shares of the company’s stock, valued at $2,671,389.72. The disclosure for this sale can be found here. Over the last three months, insiders sold 92,497 shares of company stock valued at $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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