OmniStar Financial Group Inc. Reduces Position in Paychex, Inc. (PAYX)
OmniStar Financial Group Inc. lowered its holdings in Paychex, Inc. (NASDAQ:PAYX) by 7.0% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 25,652 shares of the business services provider’s stock after selling 1,935 shares during the period. Paychex makes up 1.7% of OmniStar Financial Group Inc.’s holdings, making the stock its 21st biggest holding. OmniStar Financial Group Inc.’s holdings in Paychex were worth $1,753,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of the stock. Advisors Preferred LLC grew its stake in shares of Paychex by 116.4% during the 2nd quarter. Advisors Preferred LLC now owns 1,567 shares of the business services provider’s stock worth $107,000 after purchasing an additional 843 shares during the period. Clarus Wealth Advisors acquired a new position in shares of Paychex during the 2nd quarter worth $109,000. Summit Trail Advisors LLC grew its stake in shares of Paychex by 17,216.0% during the 1st quarter. Summit Trail Advisors LLC now owns 116,537 shares of the business services provider’s stock worth $117,000 after purchasing an additional 115,864 shares during the period. Fort L.P. acquired a new position in shares of Paychex during the 2nd quarter worth $121,000. Finally, Financial Gravity Wealth Inc. acquired a new position in shares of Paychex during the 1st quarter worth $137,000. Institutional investors own 66.99% of the company’s stock.
A number of research firms have issued reports on PAYX. BidaskClub upgraded shares of Paychex from a “buy” rating to a “strong-buy” rating in a report on Saturday. Guggenheim began coverage on shares of Paychex in a report on Monday, August 20th. They issued a “neutral” rating and a $75.00 target price on the stock. JPMorgan Chase & Co. lowered shares of Paychex from a “neutral” rating to an “underweight” rating and set a $65.00 target price on the stock. in a report on Tuesday, August 14th. Credit Suisse Group began coverage on shares of Paychex in a report on Friday, August 10th. They issued a “neutral” rating and a $72.00 target price on the stock. Finally, Wolfe Research began coverage on shares of Paychex in a report on Tuesday, July 17th. They issued a “market perform” rating on the stock. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Paychex presently has a consensus rating of “Hold” and an average target price of $68.42.
Shares of PAYX stock opened at $74.04 on Monday. The stock has a market cap of $26.58 billion, a PE ratio of 29.04, a P/E/G ratio of 3.18 and a beta of 0.96. Paychex, Inc. has a 1-year low of $56.82 and a 1-year high of $74.74.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, June 27th. The business services provider reported $0.61 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by ($0.01). The company had revenue of $871.10 million for the quarter, compared to analysts’ expectations of $868.60 million. Paychex had a return on equity of 44.29% and a net margin of 27.62%. The company’s revenue was up 9.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.54 earnings per share. research analysts anticipate that Paychex, Inc. will post 2.84 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 23rd. Stockholders of record on Wednesday, August 1st were issued a dividend of $0.56 per share. The ex-dividend date was Tuesday, July 31st. This represents a $2.24 annualized dividend and a dividend yield of 3.03%. Paychex’s payout ratio is currently 87.84%.
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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